New York, 28th November – An all-star team of serial entrepreneurs, blockchain engineers, and leading academic scholars is pleased to announce Insolar, an open source, enterprise-focused blockchain platform and ecosystem that helps companies rapidly and affordably deploy distributed business networks.
Insolar’s 4th generation, blockchain-based cloud architecture is made to solve urgent real-world business needs. With it, the company is poised to bring the promises of blockchain cost cutting, revenue generation, and business model transformation to life.
Its announcement comes at a pressing moment when businesses are struggling to keep pace with increased data sharing demands. According to Accenture, 36% of companies are connecting to and sharing data with twice as many stakeholders than they were just two years ago. Existing systems, which are centralised and siloed, simply were not built for this velocity of interactions, causing companies to waste resources connecting systems together, transporting, processing, and verifying data, hiring intermediaries, and resolving inevitable discrepancies.
Insolar’s distributed business networks are the solution. Its open source platform delegates trust to a shared data network. It connects with existing enterprise systems so that organizations large and small can connect seamlessly. And it runs on blockchain-based clouds, so companies do not need to make expensive upfront investments in IT labor and infrastructure.
“We’re building Insolar to solve real business needs, today,” says Insolar CEO, Andrey Zhulin, “its requirements were informed by decades of industrial experience and validated by field research across multiple verticals: supply chain, consumer goods, energy, finance, and manufacturing. Insolar also has the benefit of hindsight, building off the successes and shortcomings of our predecessors.”
Insolar is powered by a team of more than 60 people across North America and Europe, with an expansion into Asia coming soon. It is led by experienced enterprise and technology executives and boasts a technical group comprising 35 full-time engineers with industrial and blockchain expertise and 10 academic blockchain researchers from leading institutions (York University, ETH Zurich, and Princeton).
Insolar is a significant brand and mission expansion of its previous identity, INS Ecosystem. It was developed to meet INS’s enterprise requirements and then dramatically expanded in scope following extensive market validation with 100 C-Suite executives across different business verticals.
Insolar’s open source platform is a generational leap forward from existing blockchain solutions. It is an order of magnitude faster, can be run on a federation of blockchain-based clouds, meets compliance and governance standards, supports smart contracts and hybrid, public and private networks, and introduces dozens of innovations, including industry-size node networks and large and long-running transactions. Insolar will be the first platform to offer solutions which truly fit the needs of enterprise interactions at a practical scale.
“Insolar is a state-of-the-art blockchain platform, and more”, says Zhulin. “It’s a full-service ecosystem that will help any organisation, of any size, profit from blockchain technology — from proof of concept, to production — and give them the tools they need to innovate and build the transformative business models of tomorrow.”