Tierion Raises $1 Million for Blockchain Verification Platform

The blockchain startup Tierion has raised $1 million in a seed funding round to continue developing its platform which verifies the integrity of a file, data, or business protocol through distributed ledger technology. The investment round was led by Blockchain Capital, Fenbushi Capital, and the Digital Currency Group. Tierion says its software gives developers the tools for building applications tethered to the blockchain.

Also read: Nobody Cares About Your Early Bitcoin Adopter Status

Tierion’s Platform Raises $ 1 Million from Blockchain Capital, DCG, and Fenbushi Capital

Tierion had made headlines earlier this year when it partnered with Philips Blockchain Lab to innovate medical data with digital ledger consensus. The company headquartered in Hartford, Connecticut was founded in 2015 by Wayne Vaughan and Jason Bukowski. With the firms Chainpoint software, users can “anchor” millions of records housed within a single transaction on the blockchain. Tierion says, “Blockchain receipts can be shared with other systems and used to independently verify the integrity and authenticity of any file, data, or business process.” All of its processes verify without trusting a third party or relying on centralized arbitration. Wayne Vaughan, Tierion’s CEO and Co-Founder stated in the announcement:

“We’re thrilled with the creative uses we’ve seen for Tierion. At one end of the spectrum, one of the world’s largest healthcare companies is using Tierion to record the maintenance and usage history of industrial medical equipment. At the other end, we’re seeing a legal cannabis dispensary use Tierion to create immutable records of their inventory and transactions.”

The startup says there is a broad range of use cases when it comes to distributed ledger technology, and the company’s software is ready to encompass many of them. The very foundation of Tierion is a scalable engine for cryptographically ensured data so that businesses around the world can anchor with the blockchain. Vitalik Buterin, Ethereum founder and Partner at Fenbushi Capital, says Tierion makes immutable records and proof-of-existence “easy” and believes the company displays an “interesting approach” to anchoring. Another Investor of the project Bart Stephens, Managing Partner of Blockchain Capital explains Tierion’s advantages saying:

“Blockchain technology has tremendous potential beyond payments. Tierion’s platform gives any enterprise easy access to the blockchain to verify any document or business process. This is a powerful tool for companies operating in a regulated environment like financial services, healthcare, insurance, or government services.”

The software Tierion and partners have assembled Chainpoint will allow developers to get hands on with blockchain technology and notarize certain data. The hope is to build an automated and standardized process for enterprise applications meeting both financial solutions and other use cases. Barry Silbert, CEO of Digital Currency Group also believes in the Tierion team and says in the announcement, “We are excited to see the Tierion team leveraging the core innovation of blockchain technology to secure data and ensure it cannot be tampered with. Their open protocol will enable those new to this technology to easily create data management tools to track the history of one of the most valuable assets of any organization – information.”

Images courtesy of Tierion’s Website, and Shutterstock

Standard Chartered & DBS Work on Blockchain Tech for Trade Finance

London-based Standard Chartered and Singapore-based bank DBS have partnered together to develop a distributed ledger for trade finance in Singapore after successfully testing the technology among each other.

As reported by Bloomberg, the two banks are coming together to work and develop a distributed ledger in order to make transactions simpler and more transparent in trade finance.

The publication adds that the two banks have tested the distributed ledger between themselves, successfully, and will invite other companies to collaborate with the now proof-of-concept system in 2016.

The collaboration represents the latest effort in banks investing into their own distributed ledgers, borrowing from the technology that underpins bitcoin, the blockchain. Banks are also known to join blockchain consortiums such as R3 or invest in their own research, or both.

The platform developed by Standard Chartered and DBS will allow the banks to transform invoices into digital assets with identities on a distributed, decentralized ledger. The new proof-of-concept shows that the innovation is likely to boost the trade finance industry – one traditionally swamped with paperwork due to the participation of distributors, suppliers, exporters and importers, insurers and more – with cost-cutting, increased transparency and lowering the margin of error.

In a press release, Lum Yin Fong, global head of client management and implementation at DBS said:

This could revolutionize and transform trade operations, enhancing risk mitigation and creating more efficient processes for both corporates and banks.

The trade finance industry in the southeast part of Asia needs a boost as labored economic growth in China and dip in commodity prices has affected the region. As revealed by Bloomberg, the value of trade loans offered by banks in Hong Kong and Singapore has dipped 38 percent from a high of $145 billion last year.

Discarding Doubt

A distributed ledger shared among banks could also save millions, as evidenced by a recent case of fraud where banks lost millions.

London-based Standard Chartered had to write-off $193 million last year after a metals warehouse company committed fraud against the UK bank and other banks including Citigroup and Standard Bank Group. The Chinese company reportedly pledged the same metal stockpiles to different banks multiple times for loans.

The flaw in the current system is easy to see. Currently, trade finance transactions only exist between a borrower and a bank. Shirish Wadivkar, head of payables and receivables at Standard Chartered points to their proof-of-concept distributed ledger that would reveal every recorded transaction between the ledger’s participants. He also added that the transaction, once recorded, cannot be erased from the system.

Invoice financing is advantageous to customers seeking short-term loans for working capital. The risk, however  shows that the invoice could be used to facilitate loans from multiple banks, resulting in several loans issued against it.

Ripple Tech

As revealed by GTR, the project between the two banks makes use of Ripple’s distributed ledger technology. The San Francisco-based blockchain technology company recently made headlinesafter joining Microsoft’s Azure Blockchain platform, as a means to offer tools and services for the software giant’s cloud customers.

Gautam Jain, global head of digitization at Standard Chartered adds:

It was essential to choose an open-source, consensus-based protocol for our proof-of-concept.

Costs for the yet-unnamed project between planning and production that lasted six months haven’t been disclosed. Jain revealed a majority of costs went into building the distributed ledger as a common platform and its interface, along with maintenance and efficiency controls.

Furthermore, Singapore’s central bank – the Monetary Authority of Singapore and the nation’s telecom and IT authority, Infocomm Development Authority of Singapore were both involved in the project.

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