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Tierion Raises $1M in Funding: Further Proof of Blockchain Ascendancy

Reading Time: 2 minutes by on April 30, 2016 Business, News, Tech

More and more, companies are utilizing an existing blockchain or creating their own distributed ledgers for writing, verifying, and keeping information transparent, as they discover that the technology can provide numerous advantages compared to other data management services.

Factom — “A Scalable Data Layer for the Blockchain” — has multiple solutions to secure data using the blockchain. Among other projects, Factom announced this time last year that they forged a partnership with HealthNautica, a medical records and services solutions provider.

More recently, BitFury, a company better known for its mining hardware, has expanded into providing a more holistic Bitcoin service, and made headlines by announcing their partnership with the Republic of Georgia, in which land titles will be registered using the blockchain.

Further evidence of this growing interest in blockchain tech came this week when Tierion, a startup that turns the blockchain into a global platform for verifying any data, file, or business process, announced that it had raised $1 million in a seed funding round led by Blockchain Capital and Fenbushi Capital, with participation from Digital Currency Group as well.

Tierion was the first blockchain company to partner with Philips Blockchain Lab to use blockchain technology to secure patient data and medical records; many medical records are still mostly paper, and the electronic management systems that do exist are antiquated and inadequate. This week, Philips announced that it was also partnering with Gem to launch Gem Health.

“We’re thrilled with the creative uses we’ve seen for Tierion.” said Wayne Vaughan, Tierion’s CEO and Co-Founder. “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 the blockchain to create a platform that allows users to create a verifiable record of any data or transaction of their choosing, where it is stored on the blockchain. Through their open specification, Chainpoint, Tierion will provide a blockchain receipt that users can use to verify data without relying on a trusted third party, maintaining the decentralization values that makes cryptocurrency unique.

“Tierion makes it easy for developers to integrate proof-of-existence and immutable records into existing applications,” said Vitalik Buterin, Ethereum founder and Partner at Fenbushi Capital, in a statement. “It’s an interesting approach that demonstrates the advantages of anchoring data to the blockchain instead of storing data on the blockchain.”

Developers can use Tierion’s API to build simple applications that notarize documents or more sophisticated applications that automate business processes and create an audit trail that can be verified using the blockchain. Thus far, companies are using Tierion to create applications in healthcare, insurance, financial services, and technology.

As concerns over the security and privacy of data continue to mount, companies that allow for developers to expand their blockchain solutions are likely to continue to be at the fore of innovation and investment.

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