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Start-up blockchain focused on data Dispatch has launched a new round of financing from Fenbushi Digital in China to create fast decentralized applications with zero transaction costs. The company had raised $ 12 million previously and is now adding another $ 6 million to the round.
Dispatch is the creator of the Dispatch Protocol, which allows developers to create data-intensive blockchain applications or exploit transparent and secure distributed registry technology. The company claims that this technology allows you to perform data transactions without compromising user privacy.
Dispatch created its Zero Knowledge Analytics technology and DAPoS technology (Deletated Asynchronous Proof of Stake) to enable companies to create fast and secure blockchain solutions with zero transaction costs backward-compatible with the Ethereum cryptocurrency network.
Early blockchain technologies have been slow in part because they have used decentralized technology to verify blockchain data and the costs of this technology have become more expensive over time.
Dispatch said its enhanced technology offers increased speed, data privacy and data sovereignty for use cases such as healthcare, autonomous vehicles, AI markets and smart city Internet of Things deployments.
"We have found tremendous support for this idea from a wide range of investors," said Patrik Wijkstrom, operations manager at Dispatch, in an interview with VentureBeat. "We have been building for 11 months now."
He claimed that shipping protocol-based applications comply with laws such as HIPAA Health-Oriented in the United States and the European Data Protection Regulation. Dispatch has launched several versions of his book distributed testnet, mobile wallet, smart contracts and software development kits, and will launch its 3.0 mainnet in the fourth quarter of 2018. The company's CEO is Matt McGraw.
Above: shipping CEO Matt McGraw
Image credit: shipping
Dispatch has a number of proprietary and patented technologies. Dispatch Zero-Knowledge Analytics is the data management solution that stores encrypted data in its data distribution network (DAN), enabling companies of all sizes to comply with numerous regulations and responsibly store personal information.
Fenbushi Digital and its affiliated Fenbushi Capital fund have been ranked among the top five blockchain venture capital companies in the world by CB Insights, and the fund invests in blockchain-based protocols and solutions that can democratize global opportunities.
With its new investment, Dispatch will work closely with Fenbushi and its partners to engage and capitalize on key strategic opportunities throughout Asia.
Above: the Dispatch ecosystem
Image credit: shipping
"Dispatch is uniquely positioned to help entrepreneurs and businesses in various industries as they create blockchain applications that are impactful and data intensive," said Bo Shen, a founding partner of Fenbushi, in a statement. "Dispatch's team and their data-centric protocol enable us to work together to build a global community and cultivate ideas into real blockchain solutions."
The company was founded in January 2018 with the aim of helping artists and developers to keep more of the money they generate, rather than losing high percentages for transaction costs.
Blockchain can also remove much of human interaction leading to fraud, theft, errors and manipulation of consumer data. Basically, transactions occur when an actor on the blockchain interacts directly with another actor on the network and all transactions are validated using a consent algorithm.
"We killed the transaction fee," said Wijkstrom. "We wanted to create a system that would allow application developers to not have to worry about transaction fees, which can make us much more competitive than the credit card industry, we're leveraging the blockchain to do that."
Above: shipping logo
Image credit: shipping
Companies have made a lot of money with tracking and using personal information. However, people have begun to realize that these "data brokers" are not always reliable partners and have therefore demanded new regulatory protections.
Data is a commodity created by billions of people who now feel uncomfortable for companies that apparently retain data on their behalf. The public has become increasingly dismayed by incidents in which their data has been compromised by companies like Equifax, Facebook, Amazon, Google and Target, just to name a few. As more violations reveal, these companies find it difficult to defend their centralized data systems.
The shipment is following a completely different approach. Wijkstrom said the company is enabling data management without relying on centralized silos. On the contrary, the company uses the technology of the generalized register (blockchain), together with the analysis that preserves and improves the company's ability to acquire important information that can help it conduct business without compromising integrity consumer data, using what Dispatch calls Zero Knowledge Analytics.
It substantially eliminates the need for a company to store data information with critical information that "knows" about each customer before generating useful analysis. By removing that "knowledge" requirement, Dispatch creates a solution that protects users and helps companies better understand their operations, thus reducing responsibility on both sides.
Above: shipping is working on multiple technologies.
Image credit: shipping
A series of new privacy-related policies, such as the European GDPR, are starting to change the cards based on data brokers. Now, all the data these companies hold are becoming a liability rather than a resource.
The removal of the intermediary through blockchain guarantees that the transactions are transparent, immutable and accurate, allowing relations between two parties to be fast and credible. For companies, decentralized accounting books offer the opportunity to interact with customers without being directly responsible for data stored in a network distributed by the community.
At the same time, analyzes for access to user information on the blockchain can allow companies to easily query archived data to obtain useful information about their sales, supply chain and other key operational domains. without compromising the integrity of personal information.
Above: Dispatch wants to tackle more problems.
Image credit: shipping
Dispatch created Zero-Knowledge Analytics to stratify the key promises of the blockchain, combining the inherent strengths of decentralized registers with the responsible power of data to enable companies to access information about search and search data without compromising the integrity of personal data. The user information is encrypted and stored on the shipping item network (DAN) and Dispatch allows parts of the network to access information without disclosing personal data.
To do this, Zero-Knowledge Analytics uses a combination of homomorphic homings and re-encryption of the proxy. Once a transaction or information has been added to the distributed ledger, it is validated using the consent proof of Stake (DAPoS) asynchronous delegate and added to the DAN. When companies query information, they are able to access encrypted data without compromising data sovereignty.
"It's really a very smart math," said Wijkstrom.
A case of use for this is on social media platforms, which have the advantage of being free for users but costly in terms of lost privacy. With Dispatch, there would be a direct relationship with others in a community, and every person on the network would have control over their data. Individuals would also be able to be compensated for the use of their information, giving control of data sovereignty to the creator or owner of the content and distributing or sharing wealth throughout the community.
Above: the Dispatch roadmap
Image credit: shipping
Meanwhile, medical research is one of the largest industries in the world, but many of the companies, colleges and researchers in the field can not share their findings to help the community solve health problems faster. Much of the research is hidden in the silos and can not be shared, due to the sensitivity of such personal information. This enigma would be alleviated if researchers were able to share results without the responsibility of sharing details that personally identify individual patients.
With the Zero-Knowledge analysis on the Dispatch protocol, distributed application developers (dApps) can be responsible citizens using data without disclosing personal information.
They can even build untrustworthy communities by incentivising or sharing profits with community members. Think about travel sharing apps or search engines that pay users to play on their networks, giving back control over the business to the user.
Wijkstrom said 10 partners are testing the technology now, including one doing medical research.
