Cybersecurity startup Rivetz has partnered with Sentinel Protocol, a crowdsourced threat intelligence platform built on blockchain technology, to implement the Sentinel Protocol threat intelligence platform as an oracle for the Rivetz Network. The integration will help develop more sophisticated cybersecurity policies within the Rivetz Network and will focus on creating synergies with regards to the two companies’ blockchain-based cybersecurity ecosystems, the two companies said on Tuesday.
Rivetz has developed an ecosystem of security products and services powered by the Rivet (RvT) token, an ERC20 token used for the delivery of automated device-to-device payment for the consumption of cybersecurity services, as well as the delivery of software and service licenses. The company focuses on digital assets security.
Some of the tools and services available in the Rivetz ecosystem include Chadder, a secure chat application using the Rivetz Network as an optional security addition, Authenticator, a simpler, safer two-authentication using a device’s trusted hardware, and Confirm, a service that integrates with an app or service to securely notify users of actions they must verify.
Commenting on his company’s new partnership with Sentinel Protocol, Steven Sprague, founder and CEO of Rivetz, said:
“Digital currencies have become an increasingly attractive target for cyber criminals. Sentinel Protocol and Rivetz are committed to raising security awareness. Together we are taking the steps to deliver blockchain innovations and provide a more seamless customer experience in securing digital assets and sensitive information.”
Sentinel Protocol is a fraud prevention blockchain project developed by Singapore-headquartered Uppsala Foundation. The blockchain-based threat intelligence platform aims to defend users against hacks, scams and fraud using crowdsourced threat data collected from sources including cryptocurrency exchanges, wallets, payment services, along with IT and security companies. The company provides the UPPward Chrome and Firefox extensions which protect individual users by allowing them to verify the authenticity of wallet addresses, social media accounts and web addresses.
Sentinel Protocol raised US$8 million in an initial coin offering (ICO) in May 2018.
Bitcoin’s popularity and the emergence of more than 1,600 tokens have drawn more hackers into the cryptocurrency space, expanding opportunities for crime and fraud. Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to US$927 million in the first nine months of 2018, up nearly 250% from the level seen in 2017, according to a report from US-based cybersecurity firm CipherTrace released in October 2018.