Blockchain Foundry Inc., a blockchain development company based in Toronto, is working on a new web-based e-commerce platform that leverages blockchain technology to remove the middlemen from the buying and selling process, giving customer a “true peer-to-peer marketplace.”
Blockchain Foundry‘s Blockmarket is built on the company’s Syscoin network. Blockmarket is currently undergoing Microsoft certification to be added into the Azure Marketplace platform, the company said in a press release.
“We are working with our partners at Microsoft to obtain product certifications on the Azure Marketplace platform, making Blockchain Foundry’s product the first bitcoin-derived offering to be Microsoft Azure certified,” said Dan Wasyluk, president and CEO of Blockchain Foundry. “We are excited about the immense potential blockchain technology has to transform and disrupt many different markets.”
Wasyluk said that his team has been “working hard to complete the Blockmarket platform as expeditiously as possible.” He further said that the announcement marked “an important milestone in our development as a maturing fintech organization.”
Syscoin, Blockchain Foundry’s first public blockchain initiative released in August 2014, is a platform and cryptocurrency intended for businesses. It allows them to trade goods, assets, digital certificates and data, securely. Syscoin has already partnered with Microsoft as a member of Microsoft Azure’s Blockchain-as-a-Service (“BaaS”) platform.
Syscoin 2.0 Final Beta was released in March. The new version came with a suite of decentralized functions and a built-in marketplace. The integrated system includes encrypted messaging, integration of smart contracts via the combination of certificates and its decentralized marketplace, an affiliate program, aliases, certificates, fiat to Syscoin price-pegging, and enabling Bitcoin Payments as an option.
Newly incorporated Blockchain Foundry will help build credibility and trust with new business partners.
“What became clear is that these entities outside of the small sliver of the Internet that is familiar with ‘altcoins’ aren’t comfortable or willing to work with ‘a general partnership of open-source developers,’” the company wrote in a blog post. “They require a corporate entity to interact with in order to proceed with any sort of formal agreement, partnership, investment, or plan we may be working towards.”
Blockchain Foundry said it will focus on building solutions for end users that won’t require them to understand or know that blockchain technology is powering their experience.
The company is currently in talks with investors and is working to complete a seed funding round in the coming months.