Enactus is an early-stage developer of a new cloud-based commercial product that will use blockchain technology to deliver digital identity, security and financial services.
The company announced its plans to commercialize Enactus on Monday, the first day it could be offered in the U.S. Enactus uses blockchain technology, a technology that allows a person to keep a copy of their identity, including the dates, dates of birth, and social security numbers, in a secure database.
This database is encrypted using a public key cryptography.
The Enactus platform is an online service that allows businesses to create digital identity and financial records that can be shared with customers.
Companies will be able to access the information through the Enactus application or by sending an email to [email protected]
The platform will use the blockchain to create a blockchain-based platform that enables people to use their personal identity, with full access to their financial information, without having to enter their bank account details, according to the company.
Enamus CEO and co-founder Kevin Kohn said that Enactus will have a blockchain that is capable of handling over a billion transactions per second, with no additional central servers needed.
In a blog post, Kohn explained the platform will have an interface for both the buyer and seller, where the buyer will be asked for an initial amount and the seller will be given a set amount of time to pay.
Once the transaction has been made, Enactus says the data is encrypted and only the buyer can access it.
Enactuses platform is currently in the testing phase and will launch with three platforms.
Kohn indicated that the company is considering additional platforms for the future.
As a new company, Enactus is also looking to take advantage of existing platforms.
“Our goal is to be able [to] be in the marketplace as soon as possible, but not later than five years from now,” Kohn wrote.
“This is the kind of thing that is going to help us be able build the next generation of business services, not just for the U-verse network, but also for our customers.”
Kohn added that Enactis platform will be powered by Ethereum.
Enactor has announced its intention to use Ethereum to implement its business services platform in 2017.