We are rapidly evolving into a digital and decentralized society, where private keys on mobile devices will play a critical and indispensable role in ensuring the safety of our daily transactions and securing our digital identities. FIX Network are aiming to revolutionize the blockchain and cellular industries by providing mobile device users with innovative key holder and transaction security, coupled with a practical user experience.
The underlying technology for securing the user’s private keys are the SIM cards used by mobile operators, enabled by the FIX Network open-source application residing on those SIM cards. This standard SIM hardware, together with blockchain-powered, distributed policy engines that govern end-user transactions, form the architectural backbone of the FIX Network security solution.
This solution introduces the concept of a pool of SIM cards, enhancing security, and at the same time, eliminating the possibility of a single point of failure. Multiple SIM cards may be used for storing private key fragments, and may be included as essential components for authorizing transactions.
The segmentation (also called sharding) and encryption of private keys over a number of trusted devices containing SIM cards is an important advancement in the security and safety of key storage. The complete private key is only assembled during transactions, with inter-SIM communications taking place over the cellular signaling network, with no exposure to the public network. Key fragmentation also allows for the recovery of a private key if a device is lost or damaged.
FIX Network views this private key-holder solution as a compelling, revolutionary and transformative initiative. To this end, all platform interfaces will be published and released as open-source, encouraging the participation of the global development community and the integration of third-party applications such 2FA (two-factor authentication) and crypto-wallets. In addition, there is an extensive existing and rapidly growing potential user-base for this solution, encompassing subscribers of SIM-based connectivity, whether that be smartphones or IoT (Interned of Things) devices.
MNOs (Mobile Network Operators) and MVNOs (Mobile Virtual Network Operators) are the ideal partners for the FIX Network go-to-market strategy so as to ensure the rapid adoption of this security platform. The FIX Network platform will enable mobile operators to deliver value-added service such as digital identity and global number portability, thus expanding their subscriber base and increasing their revenue-generating opportunities.
Importantly, these global, highly regulated operators currently provide secure authentication, employ KYC (Know Your Customer) procedures, and many hold banking licenses, favourably positioning them to efficiently deliver a diverse array of vertical applications such as payment and other secure services.