Fundamental Interactions (FI), a global provider of enterprise exchange technology, today announced it has partnered with Zortag, to include its optical fingerprint authentication cards as a checkpoint for accessing the FI Custody Solution.
The solution merges best security practices not only for the management and storage of private keys, but also for ensuring only authorized persons are permitted to approve operations in the custody platform.
Velocity Ledger Use Case
Velocity Ledger Technology, which deploys the FI Custody solution, has implemented Zortag to strengthen access security controls over settlement and withdrawal processes. Velocity Ledger provides a global solution supporting token issuance, trading, and settlement. Approved users are required to scan and authenticate their identity with the Zortag fingerprint in order to sign wallet transactions before tokens can be removed from cold storage.
FI Custody Solution with Zortag
The FI Custody Solution stores 100% of tokens in cold storage in segregated accounts. It creates public and private wallets for each firm or user of the platform. When participants deposit tokens, those tokens are transferred to segregated cold storage wallets on the public network.
The platform credits the user’s wallet on the private blockchain with representative proxy tokens that can be traded on the platform. The system has a settlement window when the market is brought offline and token transfers are authorized in a multi-key Zortag authorization process. Settlement transfers are then sent to segregated cold wallet accounts on the public network and the market is brought back online for trading.
Zortag has invented and patented a unique technology that combines a 2-dimensional (2D) barcode or RFID chip with randomly distributed 3-dimensional (3D) colored particles in the form of an optical fingerprint. The optical fingerprint is embedded in a card that is distributed to authorized users of the custody system.
The number of possible combinations of randomly distributed 3D particles used in generating the 3D optical fingerprint exceeds 10 to the 60th power, putting it in the same class as human DNA. Requiring authentication from a physical Zortag card ensures that the person accessing the system not only has possession of the phone registered to the account, but also the unique Zortag card. The Zortag service further regulates the authentication by time of day and geolocation, thus limiting it to specific physical locations and times.
“Zortag’s solution provides the unparalleled power and capability for FI customers to securely access their digital assets. By partnering with FI we are able to bring the benefits of Zortag’s patented technology to their customers.”
– Dr. Satya Sharma, CEO of Zortag