bitcoin blockchain

Tokyo-based startup Orb (previously known as Coinpass) launched a cryptocurrency management platform called SmartCoin, earlier this week.

It also introduced a decentralised cloud computing system leveraging a blockchain-based authentication technology under the same name, to facilitate easier using of SmartCoin.

Coinciding with the launch, Orb announced that it will close a funding round worth 274 million yen (or about US$2.3 million) from SBI Investment, Japanese online marketing company Ceres, investment company United, online affiliate and advertising services company Adways and Monex Ventures next week.

Also Read: Why Bitcoin’s success story has only just begun

Blockchain, a component technology of Bitcoin, is now applied to various services requiring secured and high-level authentication management.

But the downside of it is that mining the blockchain takes time and costs much upon securing the resources needed.

How Orb works

Orb adopts the multi-blockchain technology system. Different blockchains are used according to whichever ‘economic community subset’ users belong.

Traditional systems use a single common blockchain for the entire platform. As such, a blockchain requiring 10 minutes to authenticate on the Bitcoin system can be processed in only five seconds on the Orb platform.

A typical credit card online authorisation process will require eight seconds, meaning the processing on the Orb platform is much quicker.

Orb provides an SDK (software developer kit) that enables developers to implement blockchain-based authentication into mobile apps without using data centre servers or hardware chips for mining calculation. So, Orb’s usage cases are expanding into a wider range of services such as authentication for payments or contract agreement signings.

Also Read: Play this mobile game and get paid with Bitcoin

Orb is led by CEO Masaaki Keith Nakatsu, the former APAC director at notable retargetting ad company Criteo, as well as COO Tadatoshi Senoo, Founder of Japanese P2P lending platform Maneo.

The Orb team includes many developers who are familiar with Bitcoin and blockchain technologies.

Upon launch, Nakatsu said: “Blockchain is a technology that may create the third IT revolution following personal computers and the Internet, garnering attention from global financial institutions and IT companies in Silicon Valley. […] With the launch of our project at a level similar to MIT Media Lab’s Enigma platform, we hope it can help competent engineers from Japan make themselves more involved in such technologies.”

Osaka-based Bitcoin startup Tech Bureau introduced a blockchain technology for closed use called Mijin last week.

This is also expected to replace conventional database technologies so we shall be on the lookout for further development.

The article Japan’s Orb launches blockchain-based cloud computing platform, lands $2.3M funding has been republished from Geektime.