vchain-new-equity-financing

vChain Inc the Immutable Data Specialist Announces New Equity Financing

Houston, September 15, 2020

vChain Inc, the leading Open Source company for tamperproof ledger solutions, today announces the closing of a USD 4 million equity round, bringing the total raised in the last six months to over USD 11 million.

New and existing investors have participated in this over-subscribed capital increase.

vChain's immutable and tamper-evident database solution restores trust and integrity in today's digital applications by giving developers an easy and secure way to store data secure from changes or tampering.

"The need for tamperproof transaction ledgers is an overriding requirement for any modern business," said Moshe Bar, CEO and co-founder.

"Being able to prove irrefutably, and with cryptographic verification, who, when, and how executed a digital transaction is a top priority for any CIO. We created CodeNotary Ledger Compliance® because traditional data stores and ledger solutions are not able to give IT organizations the peace of mind about the safety of their data."

With CodeNotary Ledger Compliance®, organizations can track changes to sensitive data in their core applications, such as bank or credit card transactions, and then record those changes permanently, in an immutable, auditable, and secure database, guaranteed by the same cryptographic verification of traditional distributed ledger solutions.

"CodeNotary Ledger Compliance® is today able to indelibly record millions of transactions a second, and therefore keep up with our most demanding core enterprise transactional environments. We run it on-premise, and in our cloud." said a top 10 US Bank IT executive.

The core engine of CodeNotary Ledger Compliance® is immudb, an innovative, immutable ledger database, which was released earlier this year to the public under the Apache version 2.0 license.

Lightweight, and extremely fast, the immudb database for systems and applications is the first Open Source offering of this kind today. The Open Source community at large, as well as customers and partners, have received immudb with great enthusiasm, making it one of the top 10 trending projects on GitHub daily and weekly.

vChain will use the new funds to further expand sales operations in the U.S. and Europe, and to continue further development on its CodeNotary Ledger Compliance® solution, along with continued development for the Open Source immudb database.

About vChain

The company was founded in late 2018 by Moshe Bar, and CTO Dennis Zimmer. Moshe Bar was previously a founder of Qumranet (acquired by Red Hat) which created the industry standard KVM hypervisor, and of XenSource, the makers of the Xen hypervisor (acquired by Citrix).

vChain employs a team with deep expertise in trust and integrity technology, cryptography, distributed ledger technologies, immutable databases, and certificate management. vChain is headquartered in Houston, TX, USA, with a team distributed in over 10 different countries.

Contact: amelie@codenotary.com for press inquiries or job openings

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Use Case - Tamper-resistant Clinical Trials

Goal:

Blockchain PoCs were unsuccessful due to complexity and lack of developers.

Still the goal of data immutability as well as client verification is a crucial. Furthermore, the system needs to be easy to use and operate (allowing backup, maintenance windows aso.).

Implementation:

immudb is running in different datacenters across the globe. All clinical trial information is stored in immudb either as transactions or the pdf documents as a whole.

Having that single source of truth with versioned, timestamped, and cryptographically verifiable records, enables a whole new way of transparency and trust.

Use Case - Finance

Goal:

Store the source data, the decision and the rule base for financial support from governments timestamped, verifiable.

A very important functionality is the ability to compare the historic decision (based on the past rulebase) with the rulebase at a different date. Fully cryptographic verifiable Time Travel queries are required to be able to achieve that comparison.

Implementation:

While the source data, rulebase and the documented decision are stored in verifiable Blobs in immudb, the transaction is stored using the relational layer of immudb.

That allows the use of immudb’s time travel capabilities to retrieve verified historic data and recalculate with the most recent rulebase.

Use Case - eCommerce and NFT marketplace

Goal:

No matter if it’s an eCommerce platform or NFT marketplace, the goals are similar:

  • High amount of transactions (potentially millions a second)
  • Ability to read and write multiple records within one transaction
  • prevent overwrite or updates on transactions
  • comply with regulations (PCI, GDPR, …)


Implementation:

immudb is typically scaled out using Hyperscaler (i. e. AWS, Google Cloud, Microsoft Azure) distributed across the Globe. Auditors are also distributed to track the verification proof over time. Additionally, the shop or marketplace applications store immudb cryptographic state information. That high level of integrity and tamper-evidence while maintaining a very high transaction speed is key for companies to chose immudb.

Use Case - IoT Sensor Data

Goal:

IoT sensor data received by devices collecting environment data needs to be stored locally in a cryptographically verifiable manner until the data is transferred to a central datacenter. The data integrity needs to be verifiable at any given point in time and while in transit.

Implementation:

immudb runs embedded on the IoT device itself and is consistently audited by external probes. The data transfer to audit is minimal and works even with minimum bandwidth and unreliable connections.

Whenever the IoT devices are connected to a high bandwidth, the data transfer happens to a data center (large immudb deployment) and the source and destination date integrity is fully verified.

Use Case - DevOps Evidence

Goal:

CI/CD and application build logs need to be stored auditable and tamper-evident.
A very high Performance is required as the system should not slow down any build process.
Scalability is key as billions of artifacts are expected within the next years.
Next to a possibility of integrity validation, data needs to be retrievable by pipeline job id or digital asset checksum.

Implementation:

As part of the CI/CD audit functionality, data is stored within immudb using the Key/Value functionality. Key is either the CI/CD job id (i. e. Jenkins or GitLab) or the checksum of the resulting build or container image.

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