TransitNet Launches Blockchain Protocol to Protect Digital Assets
CapLinked, an enterprise software company specializing in secure information sharing, today announced TransitNet™, an open and unified blockchain framework for protecting digital assets and permanently recording data access during enterprise transactions. The TransitNet protocol will be accessible via an API and used to apply protections and activity tracking for information exchanging hands during business deals. Transactions such as financing, licensing, M&A, asset sales, business development, manufacturing orders—as well as related issues of compliance, regulatory review, and audit—mean that enterprises are constantly sharing information with outside parties, making security protections and automated tracking on an immutable ledger vital to successful business operations.
“Enterprise transactions are full of friction and risk. While Ripple and other decentralized technologies are addressing payments, the transfer of funds is only a small part of a B2B transaction,” said CapLinked CEO Eric M. Jackson. “Companies have to exchange information before, during, and after a transaction, raising many challenges around the security, control, and tracking of digital assets. That’s why we’re building TransitNet, a decentralized protocol to protect digital assets and permanently record data access.”
TransitNet leverages CapLinked’s experience in providing software solutions for enterprise transactions. The company’s software-as-a-service platform has been used by clients to protect, track, and recall access to millions of files sent to outside parties during business deals and other projects. Its clients include Ernst & Young, DaVita Healthcare Partners, Roche, Hess, FTI Consulting, and Brookline Bank. CapLinked was founded in 2010 by Eric M. Jackson (PayPal’s first head of US marketing) and Christopher Grey (former private equity and investment banking executive), and its investors include Founders Fund, PayPal co-founder Peter Thiel, 500 Startups, and Indicator Ventures.
Globally, the average enterprise shares information with almost 900 outside organizations each month, carrying out day-to-day business operations. They involve the transfer of highly sensitive, proprietary, and confidential information to outside parties. However, the centralized nature of enterprise transactions are also inefficient and potentially risky, creating challenges for companies trying to track, protect, and secure their digital assets in motion. Blockchain technology is superior to the current centralized, cloud-based databases for recording digital asset transfer and access by third parties. Unlike centralized databases, a blockchain solution is permanent, immutable, trust-free and perpetually accessible, thus providing risk mitigation. Should the shared information be stolen, or should liability arise over a question of disclosure, having a detailed and indisputable record of past activity will be extremely critical.
TransitNet will tackle integral enterprise transaction needs head on with an open, global distributed ledger. TransitNet’s decentralized application (dApp / API) will allow users to apply protections and track their digital assets when they’re transferred to third parties. They’ll be able to encrypt, watermark, and set access parameters for digital assets being moved and track their movement on an immutable decentralized ledger, which provides undeniable proof of access—an invaluable resource should a subsequent dispute arise. TransitNet will be an indispensable component for the execution of transactional interactions. An ecosystem of applications, computer nodes, and developers will foster the utilization of the protocol and TransitNet’s native token.
Arons Lee, Chief Technology Officer at CapLinked, said: “Blockchain, in its peer-to-peer, distributed nature, will offer a distinct set of benefits to the most urgent needs for secure enterprise file sharing. Blockchain’s permanence and immutability means that there is very little risk that a malicious act or business failure will result in loss of data or manipulation. A distributed ledger brings process integrity to an ecosystem of stakeholders and prospective users who will be able to trust the technological backbone that is far more secure that any current cloud-based applications in existence.”
Co-founder & COO at CapLinked, Christopher Grey, said: “We have a proven track record and a profitable business with industry leading technology that has already been used to share millions of digital assets involving billions of dollars of transactions in financial services, healthcare, energy, and technology.”
The announcement of TransitNet follows CapLinked’s recent partnership with decentralized cloud storage provider Storj Labs to host confidential business documents and transactions using blockchain technology, providing its clients the option to leverage a decentralized peer-to-peer network to store files. With TransitNet, CapLinked’s vision is to apply its core competency of information control to build a blockchain-based decentralized protocol needed to facilitate secure enterprise transactions and meet the demand for information exchange caused by business process automation.