A Canadian bank is using blockchain to build a global digital vault
VersaVault promises impenetrable security and total privacy through the use of blockchain encryption.
VersaBank, a branchless digital bank based in Canada, has revealed that it is developing a blockchain-based safety deposit box that will allow customers to securely store digital property, such as cryptocurrencies.
The VersaVault will be designed by Gurpreet Sahota and a team of of software engineers. VersaBank brought on Sahota, who was previously employed by Blackberry, as its new chief architect of cyber security.
The vault will act like a regular safety deposit box, except for the fact that it will only house digital contents. These include land title deeds, legal documents, wills and testaments, sensitive images and other digital assets, for example, bitcoin, Ethereum, Ripple, Stellar Lumens, Bitcoin Cash, Monero, NEO and Litecoin.
VersaBank anticipates that the VersaVault will be made available to customers globally.
“No storage device or commercial cloud service is completely safe, and most blockchain-based secure storage is only for cryptocurrency,” an introduction on VersaVault’s website says.
VersaVault promises impenetrable security and absolute privacy through the use of blockchain encryption. However, at this stage there is no set date for the launch of VersaVault, other than it is “coming soon”.
VersaBank makes residential development and commercial mortgages it obtains through a network of brokers and via direct contact with its lending staff. VersaBank’s common shares trade on the Toronto Stock Exchange.
Way back in 2005 Cyber-Ark Software director Calum MacLeod wrote a contributor post explaining digital vaults on Help Net Security and provided a simple acid test to apply to anything claiming to be a digital vault.
Privacy is a key issue in the realm of digital assets.
This week, South Korea’s communications regulator slapped eight domestic cryptocurrency exchanges with penalties totaling US$130,000 for having “very weak” personal information protection policies in place.
Additionally, some of the most well-known app stores in the world are housing malicious bitcoin apps. These apps are built with the sole intention of stealing personal data and money from the associated hacker’s targets.