Data sharing in businesses is broken and current mechanisms are not secure, resulting in data breaches, insider threats, ransomware attacks and unauthorized access. Addressing this impasse, data analytics startup Blockfenders is today announcing a $1.5m pre-seed funding round from a range of institutional and angel investors* to remedy the problem and enable businesses to achieve their goals.
Blockfenders has removed the burden on IT and data engineering teams to enable complete data sharing with its enterprise-grade, no-code platform in a zero trust environment while preserving data privacy. It combines the best of blockchain, cloud and distributed ledger technologies (DLT) like Hedera and Hyperledger to create an enterprise data exchange network that simplifies fine-grained and controlled data exchange between multiple parties without revealing raw data.
Without any code and just using the Blockfenders user interface, companies can establish data exchange channels with their internal or external partners so that they can start sharing data securely and granularly with zero trust from any data source including databases, data warehouses and other data platforms. Zero trust which is central to Blockfenders enables protecting the actual data resource instead of perimeter of security, adds tamper evident data verifiability and lineage, and allows data owners to control on-demand or scheduled data access using smart contracts and a cryptography based passwordless access control. It automates data workflows and expedites transparent data agreements. Blockfenders minimizes liabilities associated with data sharing using end-to-end encryption, tamper proofness of raw data, and increases data utility at 80% lower costs
According to Gartner, companies that encourage data sharing will surpass their competitors in terms of business performance. However, Gartner also predicts that only a small fraction (less than 5%) of data sharing initiatives will be successful in identifying and accessing trustworthy data sources. Further, in a recent survey of Chief Data Officers, Forrester Research found that more than 70% of global data and analytics decision-makers are increasing their capacity to utilize external data.
Blockfenders co-founder & CEO Viraj Phanse commented: “Data sharing has been limited to direct access to data sources, data views, APIs, sending data via emails and ETLing. Each of these mechanisms are resource intensive, cost prohibitive and technically complex to implement, thus increasing the dependency on IT and data engineering teams. Because of failing data sharing methods that result in increasing data liabilities, CIOs, CISOs and Chief Data Officers are unable to unlock the true potential of data and maximize its business value. Consequently, zettabytes of enterprise data is locked, siloed and kept inaccessible leading to failed digital transformation initiatives. In spite of spending millions of dollars on cybersecurity and data management, organizations are unable to prevent attacks that cause a lot of brand and reputation damage.”