French utility Engie and business consulting group Maltem have launched a blockchain development joint venture seeking to simplify and extend the use of the digital ledger technology, the companies said Friday.
The joint venture, named Blockchain Studio, has secured seed funding of Eur1.9 million ($2.2 million).
Blockchain Studio’s software suite is aimed at speeding up and industrializing the use of blockchain projects.
“The Blockchain is a revolutionary technology affecting all sectors…However, most Blockchain projects stagnate at the ‘proof of concept’ stage and this technology still remains the domain of experts and specialists,” the companies said.
The venture seeks to “democratize the uses of this technology and make it accessible to as many people as possible, in particular companies,” the statement added.
Blockchain Studio’s software has two goals.
First, making blockchain accessible to users with little technical knowledge through “smart contracts” and second, allowing for wider access to blockchain infrastructure either through the Cloud or on company servers.
Smart contracts are self-executing contracts with the terms of agreement between buyer and seller written in the code that is on the distributed blockchain network, which could potentially cut costs, reduce the risk of errors, and make back-end trading operations more reliable and efficient.
Blockchain Studio plans to position itself on the Asian market at the beginning of 2019 with the opening of an office in Singapore. It also plans to develop its activities in Southern Europe later in 2019.