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Covata Ltd

Covata shares surge after launching blockchain solution for data protection

Covata has also launched a unique enterprise security console along with the launch of the blockchain solution.

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The company’s shares are trading about 35% higher intra-day

Covata Ltd (ASX:CVT) has added blockchain capability to its secure collaboration product SafeShare, which is currently used by more than 27 government agencies.

The company has partnered with UK based ByzGen Limited to leverage ByzGen’s next-generation blockchain fabric called Skipchain.

This technology will make the data history immutable and enable the blockchain to be the point of trust for access control, ensuring the data is not tampered with.

 

Covata’s new solution has use cases such as securing analytical reports and source documents for investigations and litigation, as well as government use cases relating to security vetting and credentials.

An early adopter version is available immediately for trial.

Covata Enterprise Security Console

Covata has also developed a unique Enterprise Security Console that provides CEOs, business owners and IT administrators with a single pane of glass to discover and understand where sensitive data is stored and whether it is appropriately secured.

This knowledge allows the user to classify, protect and control that data.

The new product incorporates the Covata Security Index that rates security readiness. Trials will start shortly with partner customers.

Key market differentiators for Covata

Covata Enterprise Security Console is intended to satisfy use cases where an organisation wishes to assess the degree to which it is ready to meet its internal data security policies and also compliance, for example under European GDPR requirements.

Separately, Covata has also extended the controls available in its Eclipse product to cover protection of email and attachments in Microsoft Exchange & Exchange365.

Covata chief commercial officer Derek Brown said: “Covata is pleased to announce these exciting developments, which provide us with key differentiators in the market and will open doors to new customers and partners.”

Quick facts: Covata Ltd

Price: $0.02

Market: ASX
Market Cap: $10.1 m
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