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Two of the most interesting technologies that open in 2019 are blockchain and cloud. Combine the two to provide next-generation enterprise identity management solutions and you'll have an impact.
Transmute aims to do just that. The Austin, Texas-based company enables companies to integrate the advanced security of ledger technology deployed in the existing cloud architecture, regardless of whether they are on Google Cloud, Azure or AWS, with the result that organizations Businesses can leverage cryptography to the state of art without sacrificing the scalability of cloud computing.
The founders bring an interesting combination of skills to transmute. Ms. Fowler led the business growth in the life sciences that included the marketing of high-tech biotechnologies and semi-conductors. At the beginning it saw the application of blockchain technology for supply chains.
Mr. Steele brings a background in software engineering and identity management and user control solutions. Once he immersed himself in blockchain technology, he quickly saw the socio-political implications of Ethereum's smart contracts. He said he was also enthusiastic about public-key cryptography and how it could be incorporated in tandem with the registries deployed in a company's existing cloud infrastructure.
There are so many new and interesting technologies that can potentially impact the business, but their effects will be mitigated if the entrepreneurs will not look far enough down the road and direct the roadblocks to implementation, Mrs. Fowler began. And when it comes to decentralized apps, entrepreneurs can not use incompatible clouds, so the Transmute team tried to develop a method by which companies could add the advanced security of the distributed LEDger technology to the existing cloud infrastructure, which whether it's Google Cloud, Azure or AWS. In solving this problem, users could essentially have access to a universal cloud.
Several problems should be addressed before the solution can be implemented. Most companies use centralized identity management systems that make them vulnerable to attack.
Transmute has a solution for this.
"The main challenge we are solving is the pairing of centralized identity providers with decentralized accounting technologies," said Steele.
Transmute attacks this problem with different tactics,
"We are eliminating the complexities and making a workforce accessible," said Mrs. Fowler.
Identity technology is critical to any successful business technology, explained Steele. Because so much technology is built on it and depends on it, keeping it safe is critical to a company's success.
"It's a bridgehead market, but also a fundamental application," Mrs. Fowler said.
Once the identity security problem is solved, we move on to the next issue, which benefits from cloud scalability while taking advantage of advanced cryptography. Companies often suffer because their initial apps are not easily configurable, said Ms. Fowler.
"That was the moment of the light bulb," Mrs. Fowler said, of the decision to marry compatibility and scalability.
This is the challenge of the business, but from the developer's point of view many have remained, said Steele.
"The main challenge in space is the immaturity of the infrastructure," he explained.
Building a business application in a more consolidated space is often easier because you use tools and support services that have benefited from years of testing and review. Bitcoin and Ethereum software solutions are relatively immature, with less than one year of age.
But the distributed ledger technology has established some clear advantages over that short period of time. The proof of existence, for example, creates a safe way for companies that believe that something has existed in a certain time. Simple hashes are stored on the blockchain, which Transmute is exploiting as the central point of many business use cases. Hashes allow the user to try when the data was created, the signed documents or a completed sale at a specific price. It is also highly modular, which is convenient in this GDPR era where companies need to delete data at the request of a user, an impossible task to do on many early blockchain configurations.
"Our modular javascript framework helps Transmute customize the way business data can be securely anchored to distributed accounting books." Steele said. "Our event sourcing framework increases the efficiency of developers, allowing them to spend more time resolving business critical issues."
Transmute is the only blockchain technology company among the six participants in North America's first cloud acceleration program. Among the advantages, the access to global customers over 430,000 of Oracle in addition to partners and investors.
"There was a mutual attraction point," Mrs. Fowler said. "Oracle & # 39; s is great on a hybrid cloud where on prem is associated with cloud technology. Add access to distributed ledger technology and you can create portable apps.
"It is strategic: we are trying to develop relationships with organizations that need big companies on the supply and demand side".
The key to these relationships will show that technology produces an immutable footprint on a shared public document, a result that these companies will find extremely valuable, said Steele. Normally there is no way of knowing when a signature has actually been created, but the distributed ledger technology adds that value.
"This type of security is what is added when Transmute ID is integrated with an existing identity system," said Ms. Fowler.
The first key sectors include healthcare, biotechnology, supply chains and financial services, areas where event procurement and the need to confirm identity are important, said Steele. Participating companies and individual employees could earn tokens for good behavior, with those registers available to the companies authorized in the chain. They benefit from an honest and successful job and those who hire them have added quality assurance. If the experience is negative, this information can be added to the network, so employees and companies that are hired are encouraged to maintain that good behavior.
"If a number of sellers acquire a reputation with provenance, there is a corporate value of interaction and a transactional value," said Ms. Fowler.
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