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Fluree receives $4.7 million in funding; plans to design blockchain-based database

Carol Gaszcz
Blockchain startup Fluree has received a $4.7 million seed round investment, TechCrunch writes. ​4490 Ventures led the round and Revolution’s Rise of the Rest Seed Fund​ participated.The post Fluree receives $4.7 million in funding; plans to design blockchain-based database appeared first on The Block.

Blockchain startup Fluree has received a $4.7 million seed round investment, TechCrunch writes. ​4490 Ventures led the round and Revolution’s Rise of the Rest Seed Fund​ participated.

The startup is planning to develop a blockchain-based database. Fluree CEO and co-founder Brian Platz explained the application of blockchain can provide the database with “immense integrity around the data.” It can provide the proof the data hasn’t been altered and people can trace the source of the data, which is impossible to do currently.  

According to Platz, this can make the data “immensely collaborative.” Multiple people will be able to interact with the data. The nature of the database shouldn’t affect its speed—Platz believes it is possible to make the database fast while maintaining decentralisation.

“If you want 100% decentralization, something like Bitcoin, it’s going to be slow. You can’t have your cake and eat it too. If you need to, you can decrease the amount of centralization. So there’s a spectrum there, and we focus on giving people the knob to adjust that based on what they’re trying to do,” Platz explained.