Blockfenders reels in $1.5M for its blockchain-powered secure data sharing platform

Blockfenders Inc., a startup with a blockchain-powered platform that guarantees to assist firms share information extra securely with each other, has raised $1.5 million in pre-seed funding.

The Palo Alto, California-based startup introduced the funding this morning. Greater than a dozen enterprise capital corporations and angel traders participated. Co-founder and Chief Government Viraj Phanse has labored at Amazon Internet Companies Inc., Oracle Corp., Persistent Methods Inc. and Aerospike Inc., and co-founder and Chief Expertise Officer Niranjan Ingale led engineering groups at AllScripts Healthcare LLC and Persistent.

Organizations usually share information with each other to assist enterprise initiatives. Two startups working to combine their software-as-a-service functions, for instance, may share sure supply code. In accordance with Blockfenders, conventional approaches to sharing enterprise information usually contain a big quantity of guide work and require specialised technical know-how.

Blockfenders’ namesake platform allows firms to share info via a no-code interface. In accordance with the startup, its platform makes it doable to create a software program workflow for sharing data between organizations in a couple of minutes. The result’s that information analytics initiatives could be launched sooner.

The corporate additionally guarantees to enhance information safety within the course of by utilizing blockchain know-how to guard the knowledge that clients share with each other. Earlier than an organization shares info with an exterior get together, it could actually use the platform to hold out information masking. That’s the time period for a cybersecurity methodology designed to cut back the chance posed by cyberattacks. Utilizing information masking, an organization can substitute delicate info in a file with a placeholder that doesn’t develop into a cybersecurity threat if the file is stolen by hackers.

Blockfenders secures the datasets it processes with end-to-end encryption. Information are encrypted earlier than they’re despatched over the community and might solely be decrypted by the recipient.

In accordance with the corporate, its platform makes use of good contracts to manage consumer entry to shared datasets. Good contracts are packages that run on a blockchain and perform a predefined motion when sure circumstances are met. Such packages can, for instance, decrypt a dataset protected by end-to-end encryption after figuring out {that a} consumer entry request is legit.

For added measure, Blockfenders shops an immutable log of knowledge entry requests processed by its platform. The log can’t be modified, which prevents hackers from hiding makes an attempt to steal or change enterprise info. The platform’s options allow the recipients of a dataset to constantly confirm its integrity.

“We’re democratizing information sharing by enabling enterprise, analysis and non-technical of us to share information from their very own atmosphere with out writing any code or worrying about privateness, safety and implementation,” stated Ingale. “Now organizations can simply set up a single supply of fact of knowledge and share information in a fine-grained method whereas assembly stringent rules and compliances.”

Blockfenders detailed right now {that a} digital healthcare firm centered on eye care and a “international worker engagement platform supplier” are at the moment piloting its platform. Moreover, the startup says its platform has drawn curiosity from two main banks. It can use its new funding spherical to develop its market presence within the healthcare, monetary companies and know-how sectors.

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