Zcloak Network, a privacy-preserving computing platform, announced a strategic partnership with IOTA, an open-source distributed ledger technology network specialized in executing secure transactions between machines in the IoT ecosystem. Based on this collaboration, as disclosed today, Zcloak integrated IOTA into its Zcloak.Money wallet to advance the functionality of the on-chain self-custody enterprise multi-signature wallet.
zCloak.Money is an on-chain non-custodial institutional multi-signature wallet, developed by zCloak Network, designed to offer institutional customers auditable, transparent, and secure on-chain asset management solutions.
What This Partnership Means for zClock
The integration of IOTA ’s trust framework into zCloak.Money wallet makes it easier and more secure for institutional users of the on-chain non-custodial enterprise multi-signature wallet to prove who they are when engaging in on-chain transactions. Using its advanced cryptography, IOTA is recognized for keeping smart contract transactions secure.
As per the data illustrated above, zClock is looking at how its zCloak.Money wallet can introduce a secure, verifiable digital identity to global digital transactions. The collaboration enabled the integration of zClock’s on-chain enterprise multi-signature wallet with IOTA’s DLT infrastructure, which is a decentralized and secure approach to record and share data.
The incorporation of IOTA ensures that zClock’s on-chain enterprise multi-signature wallet facilitates verifiable and real-time data sharing and settles transactions in a more inclusive, secure, and rapid manner through interoperable ecosystems. With this technology, businesses engaging in on-chain trades in the zClock.Money wallet and supported blockchain ecosystems can now instantly prove their identity online, and their cross-border payments processed more rapidly, securely, and transparently with less fraud.
Digital Identity: Boosting Trust and Trade Efficiency
The partnership between IOTA and zClock highlights the significance of organization identity verification, which is a requirement by all global legislations. The collaboration shows that two platforms share a common belief that corporate identity and verification are crucial for making international trade more inclusive, transparent, and effective, which can be efficiently achieved through open-source, decentralized infrastructures. While the partnership showcases the importance of connecting complementary systems, it’s another step toward the digitization of international trade.
With the integration, zClock can deliver organizational identities directly to digital transaction processes. This helps simplify compliance, decrease friction, and create new opportunities for businesses of all types to engage in the Web3 global environment.
