What’s Going On?
A US security company emerged from stealth mode this week with a blockchain-based platform designed to tackle a multi-trillion dollar threat to online business.
Why Does It Matter?
Altr Solutions announced the $15m funding this week as well as its intent to to grow a blockchain cybersecurity platform, reported the Austin Business Journal. Altr’s CEO is David Sikora, a software industry veteran and former executive chair at Stratfor, which developed a leading geopolitical intelligence platform.
The Austin-based company uses what it calls Altrchain to monitor, access and store sensitive data. It says it has developed the first commercial software solution to bring the benefits of blockchain to cybersecurity.
Do We Need This?
The team has assembled at a critical time, reported Chipin. New data threats emerge every day and cybercrime is expected to be a $8 trillion business by 2022.
CEO Sikora is known for carrying out the first internet software IPO in Texas with the ForeFront Group. In an email to VentureBeat Sikora explained: “Blockchain provides highly secure storage for data itself. Altr’s proprietary blockchain technology has been optimised for this purpose, and that is where most of the company’s patent portfolio is focused.
“It also provides an immutable log of all data-access requests and responses, administrative changes and anomalies – ‘digital truth’ that everyone who is accountable for data can be trusted.”