Point Zero Forum 2024: FailSafe Unveils a New Standard in Smart Contract Security Technology

FailSafe Guard: Advanced Security Solution to Prevent Unauthorised Smart Contract Operations

FailSafe, a leader in blockchain-based security solutions, announces the release of its latest innovation, FailSafe Guard, an advanced access control tool designed to enhance the operational security of smart contracts, including contracts responsible for issuing and storing high-value digital assets. Already utilised by major stablecoin issuers, the decentralised security solution ensures that privileged operations are executed exclusively by authorised personnel.

Solving Security for Stablecoin and RWA Issuers

The biggest threat to the stability and security of any token-issuing enterprise is the exploitation of the contract’s private keys, which is typically obtained by cybercriminals through phishing, hacking, or internal collusion. Once the attacker has the administrator key, they will mint unlimited tokens and sell them into exchanges, causing severe devaluation, loss of investor confidence, and potentially irreparable damage to the project’s reputation and financial stability.

Unveiling FailSafe Guard: Advancing Trust in Blockchain Technology

Aneirin Flynn, CEO of FailSafe, says, “We are proud to announce the release of FailSafe Guard at Point Zero Forum, aligning with the shared mission of advancing global financial systems. This annual gathering of the world’s financial innovators, regulators, and policymakers provides the perfect platform for exhibiting FailSafe’s commitment to enhancing security and trust within the financial ecosystem.”

At its core, FailSafe Guard performs critical security checks when a new transaction or operation is proposed. These checks ensure that anyone attempting to access the smart contract is verified through a comprehensive range of security parameters, leveraging tried-and-true strategies from the last four decades of digital cybersecurity development. These security checks include:

• Geolocation Verification: Confirms the physical location of signatories to ensure they are in authorised regions.

• Threat Intelligence Analysis: Monitors for anomalous transaction patterns that may indicate malicious activity or stolen private keys.

• Device Authentication: Validates the devices used by signatories to confirm they are secure and recognized.

• Transaction Windows: Enforces specific time windows for transaction execution to prevent unauthorised actions.

FailSafe Guard facilitates the enforcement of these checks, blocking transactions that do not meet the security criteria before they are broadcasted, ensuring that only legitimate transactions are executed. The innovation lies in integrating these sophisticated security mechanisms into blockchain environments, enhancing the trust and security of smart contracts in a rapidly evolving digital landscape.

Click here for more details on how FailSafe can support your compliance needs, or download our free mini-guidebook to navigating the new regulations for Singapore payment service providers.