Beginning by servicing wallet providers, Bitgo now allows companies to integrate cryptocurrencies directly into their existing financial service systems, through a fork of the Bitcoin blockchain. Currently, they are working with the British Royal Mint and the Chicago Mercantile exchange to token the trading of gold and other assets all over the world.
By using the bitcoin blockchain to replace low-level auditing procedures, the entire trading history of the gold can be verified, without having to physically touch the gold. To accomplish this, Bitgo has created a multi-signature software called Prova, which breaks private keys into 3 parts, and distributes them to the user, Bitgo, and an offline back-up key.
Users need 2 out of 3 keys in order to initiate transactions, greatly increasing user’s security. In the future, they hope to add the ability to make atomic swaps, and will continue to work on improving the Prova software.
For more information, visit www.bitgo.com.