Bluzelle – Decentralized Internet Blockchain Data Storage Service?
Bluzelle is a decentralized, on-demand, scalable database service that aims to provide a data storage solution to the decentralized internet. Here’s our Bluzelle review.
What Is Bluzelle?
Bluzelle, found online at Bluzelle.com, is a data storage platform designed for the decentralized internet. The solution promises to provide high reliability, enterprise-grade scalability, and high performance speeds.
The Singapore-based company just raised $1.5 million in Series A financing. Many have compared the startup, founded in 2014, to Storj, another decentralized blockchain storage provider.
Ultimately, Bluzelle’s goal is to help the “new internet” – the decentralized internet – run efficiently.
“What Oracle provides for the current internet, we provide for the New Internet,” explained company CEO and co-founder Pavel Bains in an interview with CryptoCoinsNews.com.
Bluzelle is preparing for its initial coin offering (ICO) in late October, during which it will release Bluezelle tokens.
How Does Bluzelle Work?
Bluzelle is creating a middleware storage solution for the blockchain. The blockchain, obviously, is just a protocol – just like the internet is a communication protocol. We need middleware applications to take full advantage of this protocol. That’s where Bluzelle sees its opportunity.
Bluzelle’s first goal is to create a decentralized database network.
The Bluzelle database network involves producers (the people who mine for bitcoin by making their computers part of the transaction validation process) renting out their hardware resources to the network. Then, consumers (like software developers) can use the Bluzelle network for their applications.
The ecosystem revolves around the use of Bluzelle tokens. Consumers will pay with tokens to access database services, while producers will earn tokens in exchange for sharing their resources.
As mentioned above, the Bluzelle token sale is scheduled for the end of October.
Ultimately, Bluzelle wants to create a solution to manage data in a secure, efficient, and low-cost way. It plans to provide a crucial part of the infrastructure needed to power the decentralized internet. To do that, Bluzelle is creating a data storage solution that stores small bits of data on computers around the world. This data is encrypted and meaningless without having all parts of the data. Again, it’s similar to how Storj works.
Bluzelle emphasizes all of the following features:
High Reliability: Bluzelle stores tiny pieces of data on nodes across the globe, eliminating any single point of failure.
Enterprise Scalability: Bluzelle stores data in a unique, distributed, and intelligent manner that’s capable of providing enterprise-level scalability.
High Speeds: Bluzelle emphasizes high performance speeds. To provide these speeds, Bluzelle will dynamically adjust the number and location of nodes sharding the consumer’s data to meet performance metrics.
Other Bluzelle Projects
Bluzelle’s primary project is their decentralized data storage system for the decentralized internet and enterprises. In addition to this project, however, the company is working on a KYC/identity management solution, a smart insurance platform, and a payments platform.
Bluzelle has partnered with a consortium of Asian banks to develop a new identity management system powered by the blockchain and Bluzelle’s technologies. The platform aims to solve many problems with today’s Know Your Customer (KYC) process – including fraud, excessive financial burdens, error-prone audit trails, and long customer on-boarding times. To solve these problems, Bluzelle uses a blockchain-enabled KYC shared ledger platform with a common KYC standard that can be used across multiple banks and financial institutions. Instead of each bank having a different KYC process, Bluzelle’s solution offers a single source for customer data usable by multiple institutions.
Bluzelle worked with two international insurance companies to introduce smart insurance based on the blockchain. The company developed a blockchain-powered system for a global insurer that allowed consumers to buy a policy then have their entire claim processed in real-time. The customers purchased the personal injury product. The product enters the blockchain, and the customer downloads the app. After receiving a medical examination, the customer uploads images of medical receipts via the app, then the claim gets processed. Smart contract validation completes the payout.
Bluzelle is developing an international payment platform in partnership with Temenos, Maybank, and MatchMove. The company’s Bluzelle Payment Switch can be used to facilitate easy and secure international payments. Full transparency, security, and auditing is available throughout the process.
The Bluzelle ICO
Bluzelle’s ICO will take place in October 2017. The company hasn’t announced a specific date for its ICO at this time, and no further details are available.
You can visit Bluzelle.com to stay up-to-date on the latest information about Bluzelle’s ICO.
Bluzelle was founded in Vancouver in 2014 by co-founders Neeraj Murarka and Pavel Bains. In January 2016, the company decided to relocate to Singapore because the city has a higher concentration of blockchain companies in one regional area, with Asia’s large markets just a short trip away.
In terms of experience, Bains is a finance and digital media professional who previously worked at Disney Interactive and a number of independent video game studies. Bains met Murarka in Vancouver while seeking partnerships for a fintech idea. Murarka has previously worked for companies like Google and HP.
In August 2017, Bluzelle announced that it had raised $1.5 million in Series A funding from venture capital firms Global Brain, LUN Partners Capital, and True Global Ventures. The funding will be used to develop the decentralized database infrastructure, build a community, and boost the company’s enterprise services.
The goal of Bluzelle is to introduce its enterprise services to Southeast Asia and Japan this year. Meanwhile, the company will aim its database services on Southeast Asia as well as the west coast of North America, including target cities like Vancouver, Seattle, Portland, and San Francisco.
Bluzelle is a Singapore and Vancouver-based company creating a decentralized data storage solution for the decentralized internet and enterprise use. The company’s storage system works similar to options like Storj: small bits of data are stored around the world in encrypted form on various nodes, then accessed through a high-speed process whenever they’re needed by the internet or for enterprise use. Customers can spend tokens on computer resources around the world, or earn tokens for their unused computer resources.
Bluzelle’s ICO will take place in October 2017.