The Courier & Advertiser (Perth and Perthshire Edition)
Start-up explores data protection role with tech behind cryptocurrency
Dundee firm Waracle invests in Wallet Services
A Scottish company is hoping to use the technology which underpins the Bitcoin cryptocurrency to help governments and companies protect their data.
Wallet Services was established in Edinburgh two years ago to investigate the application of the blockchain – technology which makes data records tamper proof.
The firm, which has a staff of 14, was financially backed by Dundee-based app developer Waracle last year.
Co-founder and commercial director Peter Ferry said: “Two years ago, blockchain wasn’t the buzzword it is now but I saw there was going to be an inflection point in technology and that this was the chance to set up a global company in a fast-growing area.
“We think that blockchain will be as big as the adoption of mobile computing was to the internet.
“Blockchain lets data become unique – it can be transferred between people but no two people can have it at the same time.
“It also uses cryptography to make it impossible to tamper with what’s happened in the past.
“We are taking these blockchain technologies to deal with the governance of data.”
Mr Ferry, who previously worked for Microsoft, said blockchain could be used to prevent companies’ devastating data losses in the future.
Wallet Services is developing a platform called Siccar which seeks to streamline, simplify and secure business processes with blockchain.
Mr Ferry said the platform, which will reach the market later this year, was initially being targeted at Government and the oil and gas sector.
He continued: “Siccar, which is an old Scots word for trusted and sure, allows information to be shared securely among different agencies.
“A lot of processes involve multiple government agencies with sensitive information being shared.
“The platform will let this be shared securely with just the right level of access being given. The phrase we use is disclosure without exposure.
“We discovered that it was also useful for the chain of custody records in the oil industry, so this is another area we will be targeting.
“Over the next several years, blockchain is going to become a huge part of how data is managed on the internet. Our ambition is to be a crossindustry global company.”