{"id":2493,"date":"2022-11-15T09:05:05","date_gmt":"2022-11-15T09:05:05","guid":{"rendered":"https:\/\/blogs.napier.ac.uk\/rie\/?p=2493"},"modified":"2022-11-15T09:05:11","modified_gmt":"2022-11-15T09:05:11","slug":"funding-boost-for-edinburgh-napier-cyber-project-lastingasset","status":"publish","type":"post","link":"https:\/\/blogs.napier.ac.uk\/rie\/funding-boost-for-edinburgh-napier-cyber-project-lastingasset\/","title":{"rendered":"Funding Boost for Edinburgh Napier Cyber Project, LastingAsset"},"content":{"rendered":"

Napier future spin-out sets out to enhance security on crypto assets<\/strong><\/h3>\n

\u00a0<\/p>\n

\"\"<\/a><\/p>\n

An innovative crypto asset security project from the School of Computing, Engineering and the Built Environment (SCEBE)<\/a> at Edinburgh Napier University (ENU), has secured \u00a374,948 in funding from Scottish Enterprise’s High Growth Spin Out Programme<\/a>.<\/p>\n

LastingAsset is building a decentralised institutional custody solution, which aims to help users securely store digital assets like cryptocurrencies or NFTs \u2013 which can often otherwise be lost.<\/p>\n

This latest support will allow the technical team to build an initial proof of their concept, and follows awards of \u00a329,516 and \u00a359,958 from Phase 1 and Phase 2 of Innovate UK\u2019s highly competitive CyberASAP programme<\/a>. It paves the way for the first patent to be submitted this year.<\/p>\n

Leading innovation<\/h3>\n

The technical team working on the innovation has been led by Dr Zakwan Jaroucheh and supported by Professor Bill Buchanan OBE and Dr Baraq Ghaleb. The commercial team has been led by Nanik Ramchandani of Imagine Ventures, and Matthew Burdge, Head of CPD and Consulting at ENU.<\/p>\n

\"\"<\/a>Dr Jaroucheh said:<\/p>\n

\u201cCrypto assets are popularized by cryptocurrencies but there are other assets also available, for example – NFTs, stablecoins, and security tokens.<\/p>\n

\u201cI believe that secure custodial solutions are a core building block for the development of an overall crypto assets’ ecosystem for the future tokenized economy.\u201d<\/p>\n

Custody plays a fundamental role for organisations seeking to access crypto assets and decentralised finance (DeFi) applications.
Custodians store private keys \u2013 which are used to access crypto assets \u2013 and approve and sign transactions.<\/p>\n

Striking a balance between usability and safety\u00a0<\/h3>\n

Dr Jaroucheh added: \u201cOne of the main challenges crypto asset custodians face is to strike the correct balance between usability and safety.<\/p>\n

\u201cIn current custodian platforms, security, or private key protection, is introduced at the expense of other essential aspects such as cost, scalability, governance policy flexibility, and convenience. LastingAsset\u2019s innovation, substantially improves on this.\u201d<\/p>\n

Mr Ramchandani said:<\/p>\n

\"\"<\/a>\u201cAn estimated 20% of all coins mined to date have been lost. The key challenge of the utopian vision Web3, a decentralised system where users control their own assets, has been the inability to securely store one\u2019s assets.<\/p>\n

\u201cThis is a critical area where further innovation is required, and we are very excited about the potential impact of this project in securing digital assets.\u201d<\/p>\n

Building trust, privacy and security into our digital world<\/h3>\n

Professor Buchanan commented:<\/p>\n

\"\"<\/a>“Around three years ago, we created the first identity lab in the world (the Blockpass ID Lab), and which has attracted some of the best talent around.<\/p>\n

\u201cThe work in the lab has generally focused on creating more trustworthy systems, and which has a strong focus on creating systems which move towards a tokenized economy.<\/p>\n

\u201cThis new potential spin-out highlights this drive, and, especially in building trust, privacy and security into our digital world.\u201d<\/p>\n

Supporting the creation of university spin-out businesses that make a difference\u00a0<\/h3>\n

\"\"<\/a>Fiona Mason, Head of Business Engagement and IP Commercialisation at Edinburgh Napier University, commented:<\/p>\n

\u201cWe are delighted to see another of our Napier IP projects supported by Scottish Enterprise. The High Growth Spin Out Programme<\/a> is truly excellent in its support for developing university research into economically beneficial industry impact. We are excited by the opportunities ahead for LastingAsset.\u201d<\/p>\n

Leah Pape, Head of High Growth Services at Scottish Enterprise, added:<\/p>\n

\n

\u201cLastingAsset is an innovative spinout breaking new ground in the growing field of digital asset security. It\u2019s great to see this young company taking its next steps towards proof of concept with our support. Edinburgh Napier University\u2019s School of Computing, Engineering and the Built Environment is one of Scotland\u2019s many world-leading innovation assets and is an incredible breeding ground for the high-growth companies of the future. We look forward to working more with LastingAsset as the company develops.\u201d<\/p>\n<\/blockquote>\n

For further information on the LastingAsset project, or the Research, Innovation and Enterprise activities and business support offered at Edinburgh Napier University, please visit our website<\/a>\u00a0or contact our Business Engagement Team, at\u00a0BETeam@napier.ac.uk<\/a><\/strong><\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Napier future spin-out sets out to enhance security on crypto assets \u00a0 An innovative crypto asset security project from the School of Computing, Engineering and the Built Environment (SCEBE) at Edinburgh Napier University (ENU), has secured \u00a374,948 in funding from…
Read more<\/a><\/p>\n","protected":false},"author":370,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[13,10],"tags":[100,126],"class_list":["post-2493","post","type-post","status-publish","format-standard","hentry","category-external-funding","category-funding","tag-innovation-and-enterprise","tag-spin-out-business"],"yoast_head":"\nFunding Boost for Edinburgh Napier Cyber Project, LastingAsset - 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