Digital agreements security firm OneSpan has agreed to acquire Australian blockhain tech firm ProvenDB for an undisclosed fee.
According to OneSpan, the acquired firm will provide an industry-leading trust model for high assurance contracts and documents.
The firm said ProvenDB will also extend the capabilities of OneSpan’s Transaction Cloud Platform to both public and private blockchains and serve as a modern technological foundation for high assurance business processes for Web3.
ProvenDB leverages blockchain technology that adds a layer of security to prevent data tampering or alteration of documents. When information is added to ProvenDB, digital signatures are created and posted to an immutable public blockchain. ProvenDB’s secure storage and vaulting solutions provide proof of the integrity, ownership and creation date of critical information.
With this acquisition, OneSpan plans to combine ProvenDB’s technology with OneSpan’s Transaction Cloud Platform to provide an integrated end-to-end assurance model which includes a secure repository for documents and artifacts that require the highest levels of compliance and assurance.
This highly complementary acquisition expands OneSpan’s addressable market, solves customers’ secure vaulting needs, and accelerates OneSpan’s leadership in securing digital agreements throughout the customer transaction lifecycle.
OneSpan CEO and president Matthew Moynahan said, “Digital artifacts are simply too easy to fabricate, tamper, or delete in the era of Web3 leading to security breaches and loss of trust in digital information. In this world of evidence tampering and deep fakes, it is critical that we have non-repudiation and copies of the original artifact with an immutable chain of custody throughout the entire customer journey.
“Securing business processes end-to-end leveraging blockchain technology will play an increasingly critical role in preserving the integrity of digital transactions and agreements to fuel this modern digital era. We have an ambitious plan to disrupt the digital agreement market and ProvenDB will accelerate that plan.
“OneSpan’s mission, the focus of our entire go-to-market strategy, is to restore trust and confidence in today’s most critical customer experiences, such as revenue-generating transactions or customer and vendor onboarding, and ensure that their integrity is never in question.”
Back in September 2021, OneSpan deployed its technology into BankID to help improve customer experiences.
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