Tackling Access Control with NEM’s Multisignature Authentication
Whilst the rise of blockchain technology has afforded us many benefits, information security and access control still prevail as a central issue in the industry. Taking the importance of investor and company private information to the highest level, AI-powered sentiment analysis company — WatermelonBlock, is implementing NEM’s multisignature function across its product suite.
As the first blockchain with built-in multisignature access, the NEM platform makes it easy for users to control who has access to data or tokens, whilst limiting access to chosen cryptocurrencies, tokens and records that are tracked on the NEM blockchain. The multisignature function allows creators to specify the total number of signatures required to access accounts — called the N of M signatures.
NEM’s multi-signature contracts work out of the box, ready to go with a push of a button and are universal, meaning they are built into the platform of the blockchain. This unlocks various advantages and interesting possibilities for the user. The contract enables several people to administrate the activity of an account, control assets such as XEM from one account, other mosaics, or create additional contracts like when creating a new token.
NEM’s multi-signature makes a contract that assigns rights and powers of a certain account to other accounts; this contract can be edited to suit most any needs. The contract converts a chosen regular account to a special multi-signature account. This account cannot send funds on its own but is bound by the contract and administered accordingly to the contract via designated affiliated persons, i.e., cosigners.
Commenting on NEM’s multisignature use, WatermelonBlock Founder and CEO, Elliot Rothfield, sees this function as critical in developing investor and stakeholder confidence.
“For our users, specifically those in private firms engaging with WatermelonSeed — our B2B Sentiment Analysis technology, NEM’s Multisignature will help to guarantee their information is safe, and therefore instil a stronger sense of trust in our relationships”.
WatermelonSeed is scheduled for release in Q1 of 2019.