Curated by the Institute of Blockchain Technology (IBCT) as a highly efficient next-gen blockchain solution, LEDGIS has announced the news about its collaboration with another blockchain-powered firm, MonsterCube. The two renowned entities will put in their joint efforts as a team to create a Decentralized Identifier (DID) and Key Management Service (KMS).
LEDGIS is a robust network of blockchain technology that enriches the customers with a golden opportunity to employ a revolutionary suite of services across the public and private domains, irrespective of the boundaries of the chain. The news was circulated in the crypto arena through a post on the official Twitter handle of the firm. It read:
As per the reports, as part of the integration, both the firms will strive to find effective solutions to the issues related to private key management, which are pre-dominantly reeling in the blockchain sector. Presently, the investors need to boggle their minds in remembering the complex private key made up of letters and numbers while using a cryptocurrency wallet. This drawback of password management often troubles the users, restrains them from switching to blockchain networks, and eventually stopping mass adoption of the decentralized modules. In response to this, IBCT will aspire to use its highly-acclaimed DID technological expertise along with KMS to enhance the user experience and security standards.
The new DID-based KMS will be implemented on BitBerry’s existing 170k users as well as new users in the initial phase. Later, the service will be expanded to Soda Play, making the overall customer base touching the 1M mark.
Martin Lee, from IBCT stated,
With this partnership, we will combine both side’s technology and marketing competencies to lead the industry in DID-based KMS.
MonsterCube is the operating platform of blockchain-powered dining recommendation DApp, “Soda Play,” which has a huge customer base of nearly 700k on global parlance. The firm recently acquired RootOne, which is the operator of the cryptocurrency wallet service provider, BitBerry, which boasts of a client base of 170k users. The acquisition was channelized to set-up MonsterCube as a blockchain-based financial service providing entity.
On the other hand, IBCT has successfully employed the Defense Acquisition Program Administration’s blockchain solution via the 2020 Blockchain Public demonstration Pilot Project. It shines as one of the first platforms to be chosen by the TIPS program. It also has a strong partnership with the KAIST Delta Research center. It is considered as a potential platform in the crypto arena.