CapLinked, a provider of secure virtual data rooms and document sharing for enterprises, has announced TransitNet, “an open and unified blockchain framework for protecting digital assets and permanently recording data access during enterprise transactions.”
The TransitNet protocol features an API that gives companies the ability to protect and track information that is exchanged in business deals. CapLinked says that companies, on average, share information with nearly 900 third parties each month, and that TransitNet can be used for third party transactions related to corporate activities such as financing, licensing, mergers and acquisitions and business development.
According to Arons Lee, CapLinked’s CTO, “Blockchain, in its peer-to-peer, distributed nature, will offer a distinct set of benefits to the most urgent needs for secure enterprise file sharing. Blockchain’s permanence and immutability means that there is very little risk that a malicious act or business failure will result in loss of data or manipulation. A distributed ledger brings process integrity to an ecosystem of stakeholders and prospective users who will be able to trust the technological backbone that is far more secure that any current cloud-based applications in existence.”
Using the TransitNet API, companies can apply protections, such as encryption, watermarking and permissions, to digital assets they transfer to third parties. Because their movement is tracked on an immutable decentralized ledger, the blockchain, CapLinked says that TransitNet will provide “undeniable proof of access—an invaluable resource should a subsequent dispute arise.”
Like most blockchain-based protocols, TransitNet will employ a token which is used to pay for the usage of the protocol and block creation.