- Advanced cryptography
- Unprecedented speed and scalability
- Enhanced confidentiality
- Cost effective implementation and operation
What SoLVBL Solutions does:
With the average toll of data breaches costing a company $4 million, it has become increasingly important for businesses to protect their data.
SoLVBL Solutions aims to provide companies with an array of tools to safeguard their data, while being able to interact and do business with customers.
As much of the global workforce pivoted to remote workplaces, criminals were out in droves, with cyber-attacks reaching an all-time high during the pandemic.
Q by SoLVBL is an innovative, proprietary data authentication protocol, featuring advanced cryptography for greater data authenticity/integrity protection against data substitution or corruption and man-in-the-middle attacks.
SoLVBL’s Q also offers unprecedented speed and scalability allowing companies to move at the speed of business. The system can host over 150,000 transactions per second and provides enhanced confidentiality.
Q is cost effective to implement and operate allowing for an array of applications including Finance, NG 911, pharmaceutical verification, advertising audits and supply chain tracing.
Another distinctive function of Q is its ability to produce a unique digital seal for each submitted record.
This seal, in correlation with the record for which it was issued, can be used to; Prove the record has not been altered since the seal was issued, link the record to the possessor of a private signing key, and determine relative ordering of records sealed in this manner.
Data is digital gold, and SoLVBL aims to give users the tools to protect and manage their data in real time, while also being able to rapidly respond to any threats or issues that may arise.
How is it doing?
In mid-September the company received a notice of allowance from the United States Patent and Trademark Office (USPTO).
The company's US Patent Application No: 16/745,664 relates to its Q by SoLVBL innovation and is described as a method and system for authentication seal development in immutable transactions.
The notice of allowance is issued prior to the full patent but indicates the USPTO examiner feels an invention qualifies for a patent.
SoLVBL filed for a second provisional patent with the United States Patent and Trademark Office in 2020. The application encompasses an adapted and optimized, well-known and time-tested cryptographic algorithm. According to the firm the algorithm has been adapted to reduce latency in data stream applications.
On September 9, SoLVBL Solutions reported the completion of independent validations of its flagship cryptographic cybersecurity product, Q by SoLVBL. The independent testing was conducted by Sonam Devgan Kaul, Ph.D., an independent cryptography expert based in Toronto.
According to SoLVBL, the thorough vetting process confirms the system is existentially unforgeable and marks a major milestone for the data protection firm.
Kaul who holds a PH.D. in cryptography and is currently an assistant professor of the Mathematical and Computational Sciences Department at University of Toronto, undertook an independent, extensive, in-depth and thorough review of the product.
Additionally, Kaul has verified mathematically and cryptographically SoLVBL’s claims around the identity, integrity, completeness, portability, attribution and confidentiality of the product.
In mid second quarter 2021, SoLVBL won the proposal for a non-fungible tokenization product and the associated licensing of Q by SoLVBL to a private non-disclosed international company.
According to the company statement, SoLVBL’s winning proposal complied with the technical specifications set out in the request for proposal (RFP) by the private company. As such, the private company then decided that SoLVBL embodied the required technical experience to provide the technology solutions it needs for its product offerings.
On the financial front, the data protection firm closed an oversubscribed brokered private placement in late July, raising $3 million. In exchange for the monies, the company issued 50 million units priced at $0.06 each and the private placement.
A week later (July 30), a second brokered private placement was closed. A total of 13,333,333 units priced $0.075 each were issued for gross proceeds of $1 million. The private placement was led by Research Capital Corporation, which served as sole agent and sole bookrunner for both July private placements.
Inflection points:
- Increasing demand for data protection
- Approval of pending patents
- Cyber security sector growth expected to reach $345 billion by 2026
What the boss says:
While commenting on the independent validation completed in September, SoLVBL CEO Ray Pomroy said in a recent statement: "We are delighted with the outcome of Ms Kaul's analysis. This is one more step — and an incredibly significant step — in establishing Q by SoLVBL's credentials. Any organization with data worth forging should be using Q by SoLVBL.”
Pomroy continued: "This is a key development in SoLVBL's journey to being a highly successful business in today's ever-changing technology world. SoLVBL has successfully raised $4 million recently, which will fund its ambitious growth plans. The company is actively adding to its talent pool as it continues to bolster its team.”
Contact the writer at georgia@proactiveinvestors.com
Follow her on Twitter @MissInformd