BRD, a $100 million startup, recently revealed that it was collaborating with leading firms in the crypto space that would work with their enterprise blockchain solutions. Through the partnerships, the company will release a new set of tools that will allow major enterprises to create blockchain applications.
The Mission of BRD
BRD has been focusing its efforts on leading firms in the financial world such as Fidelity Investments, Deloitte, and KPMG. These companies use the Blockset platform to create the crypto infrastructure needed by large financial institutions.
The tools announced by BRD come a few months after the US Office of the Comptroller of Currency announced that US banks could hold crypto for their customers. Since then, various companies have turned to Blockset to build the infrastructure needed to enable them to offer these services. BRD’s mission is to make crypto more accessible on a global scale.
The Launch of Blockset
BRD launched the Blockset platform in January 2020. It is designed for large enterprises that want to use the blockchain to securely move and store data. The company recently revealed that it was collaborating with major players in the crypto sector to boost the robustness of these tools.
New Partnerships
On Blockset, companies can use the API to enable them to use the blockchain for things such as securing land title registrations or funds transfers. The company is collaborating with leading firms in the crypto space such as Unbound Tech, CipherTrace, Chainalysis, and Elliptic. It will allow firms to integrate AML technology, thus helping them remain compliant.
During an interview with Business Insider, Adam Traidman, the BRD CEO, said that users of the BRD platform would be able to create blockchain tools that they can offer their customers.
According to him, the goal of BRD is to have the tools developed within Blockset platform act as the building blocks of the technology these firms use to create blockchain solutions for their customers
Why Enterprises Would Want Blockchain Solutions
There are numerous reasons why enterprises would want to deploy blockchain solutions. One of them is security. Companies can use the technology to securely share data or initiate funds transfers. Besides that, they can use the technology to track art pieces and music, ensuring there are no copyright violations. Another application could be preventing voter fraud. The USPS has already filed a patent for voting technology that leverages blockchain technology.
One of the companies already using BRD’s tools is KPMG. The company is creating a product known as Chain Fusion. The solution allows financial firms to manage the crypto holdings of their clients securely, which includes fraud litigation.
With the tools developed by BRD, KPMG could enjoy the benefits of the blockchain without the need for hiring domain experts and starting the process from ground level. As more companies form partnerships with firms working on the blockchain, it will help to make blockchain technology the norm in all aspects of normal life.
How the BRD Business Model Works
Companies that wish to use BRD’s tools pay for a monthly subscription. For each API call, BRD charges firms a penny. Thus far, over a thousand developers have signed up for the Blockset platform since its launch in January 2020.
Image Source: Blockset Twitter
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.