Enterprise software company CapLinked is rolling out a way to secure data stored on blockchain platforms.
This week, the company announced the launch of TransitNet, a blockchain framework to protect digital assets and data stored on blockchain for enterprise clients. Companies can deploy the protocol via application program interface (API), CapLinked explained in a blog post, to secure transactions and data surrounding key enterprise deals like M&A, licensing, financing and more.
The solution can also safeguard information linked to compliance, auditing and regulatory review, the company noted.
“Enterprise transactions are full of friction and risk,” said CapLinked CEO Eric M. Jackson. “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.”
According to CapLinked, whose Software-as-a-Service (SaaS) solutions specialize in securing B2B transaction data, companies share information with an average of nearly 900 other businesses every month. The company warned that this creates significant security threats to the companies as they share sensitive and confidential data.
“Blockchain technology is superior to the current centralized, cloud-based databases for recording digital asset transfer and access by third parties,” the company stated. “Unlike centralized databases, a blockchain solution is permanent, immutable, trust-free and perpetually accessible, thus providing risk mitigation.”
Companies using TransitNet can watermark, encrypt and establish access parameters for digital assets, the firm explained.
“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,” added Arons Lee, chief technology officer at CapLinked. “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.”