Cybersecurity technology company OneSpan Inc has agreed to acquire ProvenDB, an Australia-based startup that delivers secure storage and vaulting for documents based on blockchain technology, the company has announced.
ProvenDB will extend the capabilities of OneSpan’s Transaction Cloud Platform to both public and private blockchains and serve as a technological foundation for high assurance business processes for Web3.
Its secure storage leveraged with blockchain technology helps add 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, providing proof of ownership and creation date of critical information.
“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,” said Matthew Moynahan, President and CEO at OneSpan in a statement.
He added, “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.”
With this acquisition, OneSpan said it plans to combine ProvenDB’s technology with OneSpan’s Transaction Cloud Platform to provide an integrated end-to-end assurance model with the highest levels of security and storage.
Terms of the agreement were not disclosed, and the transaction is anticipated to close during the first quarter of 2023, subject to customary closing conditions.
