OneSpan to buy blockchain platform ProvenDB for secured digital transactions
OneSpan, a US-based digital agreements security company, will acquire Australia-based startup ProvenDB to improve its Transaction Cloud Platform capabilities.
The terms of the agreement have not been disclosed.
The transaction is anticipated to serve as a foundational architecture for future blockchain-based digital transaction solutions for Web3.
OneSpan anticipates to integrate ProvenDB’s technology with its Transaction Cloud Platform to offer a comprehensive end-to-end assurance model for documents and contracts.
The Melbourne-based ProvenDB develops secure storage and vaulting solutions for documents, leveraging blockchain technology, to prevent document alteration or data tampering.
Matthew Moynahan — OneSpan President and CEO 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.”
Subject to customary closing conditions, the acquisition is expected to complete during the first quarter of 2023.
OneSpan processes millions of digital agreements and billions of transactions in 100-plus countries every year.