UPDATED 11:51 EDT / JULY 15 2022

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Slalom and Broadridge join forces in Web3 project to launch a ‘wallet of wallets’

Slalom LLC and Broadridge Financial Solutions Inc. have decades of collective experience in providing consulting and critical infrastructure services to financial clients around the world. Now the two companies have combined efforts to solve an age-old problem in the Web3 world: how a user can find all of their digital assets.

With the growth of fintech, the number of people owning digital assets has risen concurrently. A report from Insider Intelligence places the number of U.S. citizens owning cryptocurrency at 34 million and rising.

Digital assets need secure storage and as the numbers have expanded, so too has the challenge of keeping track. This has led Slalom and Broadridge to jointly develop a “wallet of wallets,” a way to consolidate digital assets held in different platforms and provide the user with control over sharing of information.

“I’m managing eight different wallets, and it’s difficult to figure where all of my assets are,” said Chris Thomas (pictured, left), chief technology officer of Slalom Element Labs. “Having a tool like this will allow me to visualize and aggregate those assets and maybe even recombine them in unique ways.”

Thomas spoke with theCUBE industry analyst John Furrier at the AWS Summit New York event, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. He was joined by Rob Krugman (pictured, right), chief digital officer of Broadridge, and they discussed development of the digital wallet solution and current challenges faced by the Web3 world. (* Disclosure below.)

Built on serverless cloud

The joint project is slated to begin beta testing this summer, with a potential release in the fall, according to the two technology officers. It has been built in the cloud, leveraging serverless solutions from Amazon Web Services Inc.

“We’re building a decentralized application, but it is built on top of AWS,” Thomas said. “We have a serverless architecture that scales as our business scales, built on things like S3, Lambda, DynamoDB and using security principles like Cognito and Amazon API Gateway. We’re building an architecture of Web3 on top of the Web2 basics in the cloud.”

The two companies envision a solution that can be used by consumers for more than just crypto assets. Personal data casts a wide net in today’s digital world, and the need to share sensitive information while maintaining control will likely become more critical.

“In this disparate decentralized ecosystem, you need some mechanism to be able to control what’s happening at the consumer level,” Krugman said. “Think about identity information and healthcare records. All of that is going to become part of this ecosystem. Imagine being able to go someplace and saying: ‘Oh, you need my information? Well, I’m going to give it to you off my phone and for the next 24 hours, you can use it but after that you’ll have no access to it.’”

For Krugman’s vision to become reality, it will require simplification of existing technology that surrounds Web3.

“The thing that’s missing and what we are trying to work on is experience; this stuff is not easy to use today, and that’s got to be satisfied,” Krugman said. “You need to do something, so if it’s the 85-year-old grandma who wants to participate in these markets, not only can they feel comfortable, but they actually know how to do it. I think the industry, as it grows up, will satisfy a lot of those issues.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of the AWS Summit New York event:

(* Disclosure: Slalom LLC sponsored this segment of theCUBE. Neither Slalom nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE

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