Can Bitfury Group replicate its success in enterprise blockchain?
Long a leader in the lucrative bitcoin transaction processing sector, this has been an open question since the startup expanded its mission in a bid to win the trust – and business – of the world's biggest financial firms, governments and institutions. But it's also a question that now has new context, as Bitfury is today making public an enterprise blockchain initiative that has long been in development in the lab.
Revealed exclusively to CoinDesk, Bitfury Group is open-sourcing its first private blockchain framework, though it's one that offers a twist on the established idea. Called Exonum, the software aims to distinguish itself from DLT solutions by enabling users to secure data using the bitcoin blockchain.
As explained by Valery Vavilov, the CEO of Bitfury Group, despite uncertainty surrounding the protocol's technical roadmap, potential clients are actually becoming more aware of bitcoin's strength as the longest-running and most secure blockchain in the world.
Vavilov told CoinDesk:"What we observe is a lot of companies and institutions becoming more and more comfortable using the bitcoin blockchain. Those monitoring the system know bitcoin has been around for 8–9 years, that it hasn't been hacked and that it is offering security that doesn't exist anywhere else."
Alexander Shevchenko, head of Exonum, further stressed how the notion of adding cryptographic data from private, permissioned blockchains into the public bitcoin blockchain would strengthen the assurances of even trusted parties and networks.
"Anchoring brings security to the solution. Even if all the validators collude and want to go back in time and rewrite an Exonom blockchain, they can't do this," he said.
As evidence of interest, the software is also already in use in Bitfury Group's ongoing projects – including its land title trial in Georgia,...