Domineum and nChain Announce Blockchain-as-a-Service Partnership Using BSV
A new blockchain-as-a-service (BaaS) partnership has been announced between Domineum and nChain. London-based Domineum, which specializes in software development for enterprise and government data applications, will work with nChain, which provides data integrity solutions built by its in-house blockchain experts.
The companies will partner to identify commercial opportunities for transitioning Domineum's current offerings to become BaaS products built on the Bitcoin SV (BSV) blockchain. nChain will advise Domineum as the company transitions its products to the enterprise-grade public BSV blockchain.
The BSV blockchain functions as a peer-to-peer electronic cash system as well as a global data ledger for enterprise and government applications. It may scale to support high volumes of transactions for a minimum cost, and with median transaction fees. The blockchain also enables micropayments, smart contracts, tokenization and a variety of additional data functions.
Domineum and nChain will collaborate on new blockchain-based solutions for e-government services in addition to enterprise offerings for real estate, supply chain management and RegTech.
"At Domineum, we believe that the true potential of blockchain technology lies in its ability to enhance trust in data and fundamentally reinvent business models – particularly for applications run by government agencies designed to better serve the public good," said Geoffery Weli-Wosu, CEO of Domineum. "These benefits of blockchain technology can especially help countries in Africa, as they accelerate the continent's digital transformation. Today's partnership with nChain will enable us to apply these principles to different e-government and enterprise sectors with greater speed and agility, unlocking all-new efficiencies, opportunities and billions of dollars of economic potential in developing markets."
Domineum focuses on emerging and developing markets in Africa, and the company's Cargo Tracking Note product is designed to help government agencies better track product shipments and increase their customs revenue. The company has local hubs in Freetown, Sierra Leone and Lagos, Nigeria.
"As a company dedicated to the development of blockchain solutions for enterprise, we are excited to explore how we can assist Domineum access the benefits of blockchain," said Simit Naik, director, commercial and strategy at nChain. "Their focus on developing economies offers an exciting proposition to support countries accelerate their digital transformation and provide citizens with improved outcomes across a range of government services."
Edited by Luke Bellos
