TCS enhances Quartz for enabling more secure Crypto and Digital Assets transactions; Stock rises 1%

Quartz leverages Thales Luna Hardware Security Modules that provide secure encryption, signing and authentication services to protect cryptographic keys against compromise.

Jun 30, 2021 11:06 IST India Infoline News Service

Tata-Consultancy-Services1
Tata Consultancy Services (TCS) on Wednesday announced that Quartz has successfully integrated its ledger management solutions with Thales to provide customers with best-in-class security for custody, trading and settlement transactions across a diverse range of crypto and digital assets.

“We have been making continuous investments in our Quartz solutions to provide best-in-class, enterprise-grade security features to our clients. The enhanced solution will help fast-track our customers’ journeys into the crypto/tokenized economy in a secure manner. Wallets store private keys that are used to digitally sign transactions, and their application goes beyond the trustless economy – for self-sovereign identity, enabling restricted access to private information including medical information, vaccination status, educational records among others,” said R Vivekanand, Global Head, Quartz, TCS. “Our collaboration with Thales will offer purpose-driven solutions that can deliver the comfort of enterprise-class security and create compelling value for our customers.”

Todd Moore, Vice President, Encryption Products, Thales, said, “We are delighted with the successful integration of Thales with Quartz solutions, which will help organizations in extending their product portfolio to the exciting world of crypto and digital fungible and non-fungible assets. The integrated offering with
Quartz enables trust by protecting keys that are the bedrock of digital tokens representing goods, financial assets and securities.”

In its regulatory filing, TCS highlighted that while crypto and digital assets are fueling the creation of a tokenized economy, secure custody of these assets continues to be an area of concern in the face of an explosion of digital threats and the risk of theft. Quartz leverages Thales Luna Hardware Security Modules that provide secure encryption, signing and authentication services to protect cryptographic keys against compromise.

Further, targeted at banks, brokers, custodians, marketplaces, and investors in a diverse range of digital assets, the enhanced Quartz will enable robust security, trust and governance and the end-to-end management of digital assets. With these fully automated and highly-secure authentication services, wallet service providers, token and crypto exchanges and marketplaces can customize authentication to meet their unique needs. Quartz solutions leverage Thales’ FIPS140-2 Level-3 certified HSMs to safeguard critical operations including address generation, encoding, and transaction signing in a secure device, delivering a multi-layered governance model to ensure safety and resilience in digital asset transactions.

Quartz solutions are designed to enable institutional grade, secure custody and transaction management for crypto and digital assets. The solutions support a range of business services including wallet operations, exchange and off-market trading, transfer of cryptocurrencies, token issuance and the entire lifecycle of digital assets, with transaction monitoring, compliance, and audit integrated within each service.

At around 11.23 AM, TCS was trading at Rs3378.25 per piece up by 1.2% on Sensex. The stock has touched an intraday high of Rs3382 per piece that was just a couple of rupees away from the 52-week high of Rs3,399 per piece.

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