A new crypto startup called Nervos Network announced today that it has secured $28 million in private funding. The funding will be used to develop new blockchain infrastructure aimed at enterprise users.
Nervos Network’s funding came from several major names in the space, including Polychain Capital, Sequoia China, Wanxiang Blockchain, and Matrix Partners China.
In a statement earlier today on Forbes, Nervos announced plans to use the funding to “support the expansion of its product and engineering teams, speed up the development of its enterprise blockchain solutions, and expand strategic partnerships.”
Nervos Network is one of several companies seeking to develop enterprise-grade blockchain solutions. What makes Nervos Network’s platform different from competitors? Nervos Network has broken its solution into layers in order to address performance and security issues at the same time.
In a statement to Forbes, Nervos Network co-founder Kevin Wang said the multi-layered system will allow businesses to connect a public blockchain and private application chains. In other words, companies will be able to pick and choose which aspects of their business will be visible and verifiable on the larger public chain and which operations will be confined to a private, internal, permissioned blockchain.
One of the greatest concerns for enterprise users regarding blockchain technology is how they can keep certain business data secure while also maintaining a transparent, decentralized ledger. The Nervos Network enterprise-grade blockchain solution addresses that issue.
With the Nervos Network blockchain, a retail company could, for example, run internal supply chain operations using private blockchain applications, while keeping consumer-facing operations on the public chain.
Other B2B implementations could allow value to flow between businesses without each business revealing crucial operations information to each other. Certain information can be kept public on the public chain during the transaction process, while other information can be kept private.
Stay tuned for more information about Nervos Network as the startup begins spending its $28 million in funding in preparation for the release of its enterprise-grade blockchain solution.