Blockchain startup Tierion has raised $1 million in a seed round led by Blockchain Capital and Fenbushi Capital, with participation from Digital Currency Group. Tierion utilizes the blockchain as a global platform for verifying the integrity of any data, file, or business process.
Wayne Vaughan, Tierion’s CEO and Co-Founder, commented:
“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.”
Tierion utilizes at the heart of its platform a scalable engine for cryptographically linking data to the blockchain and generating blockchain receipts. This process, called anchoring, enables millions of records to be connected to a single transaction on the blockchain. Blockchain receipts can be shared with other systems and used to independently verify the integrity and authenticity of any file, data, or business process.
Bart Stephens, Managing Partner of Blockchain Capital, noted:
“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.”
Vitalik Buterin, Ethereum founder and Partner at Fenbushi Capital, added:
“Tierion makes it easy for developers to integrate proof-of-existence and immutable records into existing applications. It’s an interesting approach that demonstrates the advantages of anchoring data to the blockchain instead of storing data on the blockchain.”
Tierion and its partners have developed an open specification called Chainpoint for anchoring data to the blockchain. Developers can use Tierion to build applications that notarize documents or more sophisticated applications that automate business processes and create an audit trail that can be verified using the blockchain.
Barry Silbert, CEO of Digital Currency Group, commented on the investment:
“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.”
Tierion was the first company to offer pricing for time-stamping records on the Bitcoin blockchain.