CapLinked, a secure information sharing company founded by PayPal’s first US head of marketing Eric M. Jackson, announced this week the launch of its new blockchain framework TransitNet, which will be used to protect and record enterprise transactions. According to CapLinked, the TransitNet protocol will be accessible through 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.”
While sharing details about TransitNet, Jackson stated:
“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. 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.”
CapLinked also reported that 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.
Arons Lee, Chief Technology Officer at CapLinked, commented:
“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, noted:
“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.”
CapLinked added that the announcement of TransitNet follows its 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.