Blockchain-based business-to-business payments company Paystand Inc. announced today the launch of its enterprise platform Assurety-as-a-Service, designed to allow any business to deploy its own distributed ledger network in minutes at large scale.

Using the company’s application programming interface, enterprise businesses can create digitally notarized record trails that are secure, certified and fully auditable by third parties while still retaining the privacy of participants. Using Paystand’s hybrid blockchain platform, developers can rapidly deploy apps that can verify any event, action or identity in real time — or assure historical accuracy in the future.

“Assurety-as-a-Service lets businesses skip the steep learning curve and start using blockchain right now,” said Paystand Chief Executive Jeremy Almond. 

Paystand started with a network designed to facilitate automated payments between businesses and raised $6 million in a Series A funding round in 2017. Since then it has expanded its technology to general blockchain infrastructure allowing for tracking transactions.

The company’s platform now uses what it calls a hybrid between permissioned and public blockchain technology. The idea is to make it simple for customers to build their own decentralized apps that include immutable proof transactions occurred.

“Unlike other blockchain companies, we’ve actually been testing the use of an enterprise blockchain at scale for over four years with real customers,” said Almond. “This is an important step in adding greater transparency to the financial system and the world at large. Ten years from now, I can’t imagine a single business that won’t be using blockchain technology.”

Using the Assurety-as-a-Service platform, businesses can now easily launch scalable blockchain applications on Paystand’s infrastructure. With its platform and ecosystem, Paystand expects to lower the barrier to entry for businesses seeking to use blockchain systems to execute and record transactions.

With Assurety, enterprise businesses can launch apps within minutes, automate compliance using smart contracts, improve supply chain visibility and improve security. All of this is made possible because blockchain systems use advanced cryptography to secure data — both to assure that transactions are difficult to tamper with and to provide secure distributed processing.

“Assurety’s hybrid blockchain bridges the gap between public and private, combining the advantages of a trustless, decentralized, immutable public chain with the privacy and security expected of enterprise-level solutions,” said Omar Baqueiro, director of product and engineering at Paystand. “Assurety does that while making it easier than ever for businesses to use blockchain technology today. Any developer can use our API and spin up their own blockchain app in minutes.” 

Blockchain platform companies have been courting enterprise customers for years now with prime examples including IBM Corp.’s Blockchain platform based on the Linux Foundation’s Hyperledger Fabric. Others have also pushed into the market such as the Oracle Corp. Blockchain Platform, Second State LLC’s business-centric smart contract platform, the Orbs Ltd. open source blockchain network and Qtum Foundations’s ultrafast enterprise blockchain.

Paystand’s expansion of its blockchain platform from a payment network into a general application and computation infrastructure follows this trend for enterprise-ready network platforms.

Further details and how to sign up to become part of the Assurety platform is available on Paystand’s website, and full documentation for the API and examples are available for developers at the company’s portal.

Image: Paystand