With Years of Experience Bringing System Connectivity and Interoperable Data to Retail and Supply Chain, Venzee Launches Mesh to Solve Huge Problem for Burgeoning Blockchain Industry
VANCOUVER, BC / ACCESSWIRE / November 16, 2017 /
Venzee, a leading retail and supply chain SaaS platform, today announced the launch of Mesh, the first middleware solution that enables businesses to easily connect everyday apps and enterprise solutions with blockchain networks. Mesh validates, transforms, and filters data before it reaches the blockchain, ensuring it is error free and compatible for business purposes, including smart contracts.
"Blockchain is poised to be the most disruptive force in business in generations - it establishes a new level of trust, accountability, and transparency in any kind of electronic transaction," said Kate Hiscox, CEO of Venzee. "However, most traditional systems can’t connect to blockchain networks out of the box and, since it’s a decentralized database of immutable records, there are serious concerns about accidentally sharing wrong or sensitive information. With the launch of Mesh, we are able to make data exchange for blockchain networks fast, easy and reliable for any industry."
Venzee launched in 2014 to help ecommerce vendors and retailers easily share new product information and ongoing updates, something that was traditionally done through spreadsheets, which are labor intensive to manage and which eat into margins. Its technology, which leverages artificial intelligence to streamline product information management, allows thousands of ecommerce vendors and retailers that have different formats for product information to seamlessly share information, avoiding delays and getting products to market faster than ever. Venzee's blockchain middleware solution takes a similar approach.
The Mesh framework comprises of three distinct layers. A staging area where data is imported, merged and validated before moving to transformation. Next, Mesh transforms the data to fit the requirement of a particular purpose, like a smart contract. The results are then moved to a final deployment step, where custom failsafe checks can be created to prevent incorrect or sensitive data being written to blockchain, where it becomes immutable.
Mesh will launch in a closed beta program and is expected to publicly release in the first half of 2018.
Globally, blockchain continues to attract significant attention from traditional VC investors, corporations and governments. According to KPMG, there were $367 million venture investments in 2016 and that number is expected to grow 2017. The diversity of blockchain use cases continue to grow - from banking and insurance to credit default swaps, supply chains and re-insurance. As blockchain continues to grow, the challenge continues to be the lack of implemented production systems and how they communicate. This is where Venzee sees massive opportunity.
"For the past four years, we've been perfecting system connectivity and bringing interoperable data to the $23 trillion retail industry, one of the most demanding industries when it comes to correctly formatted, error-free, real-time data," said Hiscox. "With this launch, we are leveraging everything we’ve learned and created, to serve the growing blockchain industry. We are uniquely positioned and excited about the opportunity for growth."
Venzee is engaged in a public transaction to go public on the Toronto Venture Stock Exchange. Venzee expects to use the net proceeds from the offering to strengthen its balance sheet, providing it with flexibility to fund its growth strategies.
Venzee is an ecommerce SaaS company that launched in 2014 to help ecommerce vendors and retailers easily share product information, which was traditionally done through static spreadsheets that required manual updating and delayed the products to market. Its technology, leveraging artificial intelligence to streamline product information management, allows thousands of ecommerce vendors and retailers, which have different formats for product information to seamlessly share information, avoiding delays and getting products to market faster than ever. The company graduated from notable startup accelerator program 500 Startups and is already powering some of the biggest brands in the world.