By Peertec (https://peertec.com/), blockchain fintech company, announced on October 29, 2019, that it has filed patent for its cryptocurrency wallet private key technology. With the new technology, the company spurs growth in the blockchain custody business.
Peertec’s private key technology is designed with an encryption algorithm that uses real-time digital signature. Yet with its algorithm, the private key does not have to be stored in the database. The automatic private key encryption engine changes password in real-time, preventing the risk of being hacked even when the key gets stolen as it becomes invalid.
As a result, the key management technology overcomes the limitations of digital asset management including hacking accidents, embezzlements, and cases of asset misappropriation.
“Demands and needs of digital asset custody service is growing. Peertec will secure our customers’ assets with our utmost secured custody service that can be applied for any type of digital assets based on our own blockchain-powered, patent-based, and hack-free key management technology,” said Ash Han, CEO of Peertec.
The technology has been already applied to Peertec’s derivatives service “GDAC GROW,” which was launched in July. GDAC GROW is the world’s first blockchain-based derivative product for tokenized asset management.
Peertec has filed a number of patents especially for its fintech services. Peertec also developed and filed patent for “PeerPay,” which is the first and only blockchain payment infrastructure in Korea. Peertec is currently providing the PeerPay service to B2B partners and its own cryptocurrency exchange GDAC’s GDAC Mall.
Peertec is a blockchain fintech company that operates a cryptocurrency exchange platform GDAC (https://gdac.com/), asset management and custody services, and a B2B payment platform.
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