CyberTrust offers secure digital infrastructure to allow arbitrary digital asset data to be stored on computers in a highly secure way and be transmitted between computers via a new highly secure network. CyberTrust uses post-quantum cryptography that is not expected to be broken for the foreseeable future.

CyberTrust expects this new network will be the best choice to hold digital assets for the entire market. This secure network and supporting software will be offered Platform-As-A-Service to the banking sector, government, and corporate clients. This network supports CyberTrust’s objective to serve as trustee and custodian of digital and real assets.

Digital native assets are different from digitally recorded database entries in that the digital representation of the asset is also the asset itself. The existence of a car can be recorded in a database. If the database entry is lost or corrupted, the car still exists and can be re-recorded. But if digital native asset data is corrupted, it may never be recovered. Digital assets of this unforgiving type demand a far more secure kind of computer network to store, process, and transmit digital data. A new secure network is critically needed. The banks of the Federal Reserve System need secure software to take custody over and manage $2 trillion in private sector-developed crypto and digital assets. This $2 trillion market will expand by orders of magnitude as governments and central banks roll out Central Bank Digital Currencies (CBDCs). The Federal Reserve Bank of Boston is pilot testing four versions of a digital dollar and plans to issue digital dollars to consumers by 2024.

Many people will not have the skills or computer technology to handle their own digital currencies, so they will need the assistance of trust company trustees. Trust companies and bank trust departments are ideal managers of digital assets of all kinds. Children, elderly, incapacitated, or missing people need accountable trustees to manage digital assets on their behalf. Even people who do not require trustees to manage their affairs still need institutional trustees to unlock their digital wallets when necessary. Many people have lost access to their digital assets because they forgot their password. The digital asset may be lost forever if compromised by a hacking attack or lost password. Due to cryptographic key management problems, institutional trust-based digital asset management is critical for the proper functioning of a digital economy and digital financial system.

Banks still lack the software tools to safely hold custody of digital assets. CyberTrust’s software framework is a highly profitable “blue ocean” for entrepreneurial financial institutions. Nearly every digital wallet on the market now is insecure. Hackers can easily break into digital wallets to recover passwords and private keys that are stored in software only, provided that they have access to the customer’s operating system through ordinary hacking tools. CyberTrust as built a new class of digital infrastructure called a Firmware Secure Communication (FSC network), in concert with digital trust management for banks. This FSC network for crypto assets is analogous to the physical cash distribution network that conveys physical bills from the Federal Reserve to bank vaults to armored trucks to ATM machines to household safes. This secure network will permit individuals to securely send and receive digital currency and passwords between and among their computers and their financial institutions.

CyberTrust has identified the software development teams that have developed the constituent components of this FSC network.

CyberTrust will request a license from Office of Comptroller of the Currency to take custody of digital assets and operate as trustee of digital assets for the general public. The combination of CyberTrust’s software and its trust license will enable CyberTrust to offer a Platform-As-A-Service to other banks. Those banks and their trust departments will not have to update their business plan with regulators to service clients who need a trustee for their digital assets. They can delegate custodianship and primary trusteeship of the digital assets to CyberTrust and maintain trusteeship over the relationship with their clients. CyberTrust will hold digital assets within the FSC network in a legal trust network on behalf of bank trust companies and their consumers. Funds held in these “digital vaults” and “digital armored trucks” will be under CyberTrust’s custodianship and trusteeship. The legal trusteeship will also be structured as a network in which other banks will have a delegated trusteeship from CyberTrust. Trust departments will receive cryptographic keys to the FSC digital vaults, along with the cryptographic keys to the digital wallets held within the vaults. Consumers will have keys to their own digital wallets.