(BlockBar) Blockchain startup Fluree along with Revolution’s Rise of the Rest seed fund received a $4.7 million round of funding from 4490 Ventures to develop and market their decentralized data storage ecosystem. Fluree hopes to eradicate the over-reliance on data silos and API bloat by building bridges off of blockchain technology. Fluree is operating on the principles of complete data integration and immutability.
According to co-CEO and co-founder of Fluree Flip Filipowski “Fluree stores all data on a blockchain ledger that can be run internally like a traditional data store, or selectively operated in a data network across parties governed by Fluree SmartFunction rules.” Target users of this innovation are those who have been hindered by the static and centralized models of data storage.
The ledger can be used for both centralized or decentralized operations and will be accessible to those inside and outside the host enterprise. Brian Platz, co-CEO and co-founder of Fluree said “Data is at the center of the new economy, yet it is managed by the same database approach we’ve had for 40 years. A data-centric approach simultaneously saves money, promotes secure enterprise collaboration and provides additional leverage for information across systems.”
The company does acknowledge the tradeoffs involved in decentralization. It will offer options to tune a company’s blockchain if speed is preferred over security. “If you want 100% decentralization, something like Bitcoin, it’s going to be slow. You can’t have your cake and eat it too.” He further said,“If you need to, you can decrease the amount of centralization. So there’s a spectrum there, and we focus on giving people the knob to adjust that based on what they’re trying to do.”
Fluree is attempting to solve security concern too. FlureeSmartFunctions dynamically enforces permissions for external parties to access the data, then it provides proof of data tampering, and at last guarantees knowledge of who amended or added data. Fluree is all set for a 2019 open source release. Currently its free version is available for developers, as well as a scaling-priced option based on usage. Fluree also offers a licensed version for production deployments.