FiO Technology, a startup that claims to be focused on functioning as a Blockchain-as-a-Service (BaaS) platform for enterprises, has announced the launch of its new business model powered by Hyperledger. The firm aims to promote commercialization of distributed ledger technology (DLT) by enabling enterprises to easily integrate and manage digital assets and analyze user behavior with blockchain technology, reports Digitimes on September 12, 2019.
FiO Unveils New Business Model
Per sources close to the matter, FIO Technology, a Blockchain-as-a-Service (BaaS) startup, has formulated a new business model that would enable users to enjoy rewards from business transfers without putting their secret business data at risk.
FiO says its primary objective is to drive broader adoption and commercialization of the revolutionary blockchain technology in the business environment by helping enterprises integrate digital assets into their processes, and analyze distributed user behavior with DLT.
While the nascent blockchain technology has started gaining significant traction in various sectors of the global economy, including healthcare, supply chains, and financial technology (fintech) ecosystems, some firms still find it a herculean task integrating DLT.
FiO Fostering Wider DLT Integration
FiO, which is the short form of “figure it out,” has hinted that it plans to help more businesses to explore the potential of blockchain technology in a convenient and cost-efficient way, while also facilitating their international expansions.
The firm says its BaaS platform will enable enterprises to plug its application programming interface (API) into their applications or websites and take advantage of its blockchain infrastructure without having to spend huge amounts of money on developing their own blockchain systems from scratch or disrupt their existing computer systems.
FiO claims its BaaS platform combines both public and private chains to form a hybrid blockchain that makes it possible for businesses to load “only risk-free” data onto the network. Notably, the company has collaborated with IBM to develop patented bottom-layer solutions powered by the open Hyperledger Fabric architecture.
FiO leverages the Hyperledger Indy decentralized identity distributed ledger to provide enterprises with a highly functional solution that enables them to effectively gather data about their consumers without taking their sensitive personal data.
Though FiO has succeeded in attracting investments from Forbes Digital Asset and Infinity Leadway, the startup is reportedly hatching plans to raise $10-20 million from potential partners in Asia.
In related news, earlier in July 2019, BTCManager informed that the New York Times plans to use the Hyperledger Fabric in developing a proof of concept to fight fake news