Quick take:
- The Fortress Vault helps companies protect their tokenised IPs with private data storage.
- Fortress Blockchain Technologies create financial, regulatory and technology infrastructure for the Web3 space.
- Vault stores non-public data accessible through NFTs in industries like music, event ticketing, gaming, finance, transportation, real estate, and healthcare.
Web3 infrastructure company, Fortress Blockchain Technologies, today announced at Token2049 in Singapore, the launch of The Fortress Vault.
The Fortress Vault is a new NFT database solution built on Google Cloud’s infrastructure. Built for enterprise customers across industries, Vault claims to privately store tokenised IP on the blockchain with a cloud-based, secure, and unified solution.
The company claims that Vault is able to maintain the integrity of non-public data accessible through NFTs in industries like music, event ticketing, gaming, finance, transportation, real estate, and healthcare.
Without private data storage solutions for NFTs, content on the blockchain was either publicly viewable or had to be hosted on unsupervised databases on distributed computers around the world. This excluded valuable or sensitive content and intellectual property from digital assets like NFTs.
“NFTs aren’t just expensive jpegs,” said Kevin Lehtiniitty, co-founder and CTO of Fortress. “NFTs are a technology that allow us to access unique or non-fungible data via a distributed ledger to prove the authenticity and establish the provenance of the asset. If you can pair the token to data that is accessible exclusively by the token holder — and only to the token holder — then NFTs become a digital key to unlock everything from music to event tickets to real estate deeds to healthcare records to estate documents, essentially to everything in the world that’s digital.”
This news comes on the back of Fortress’ closing of its $22.5M seed round led by Ayon Capital, announced in August. The company offers financial services including compliance, payments, custody, trustee-of-assets, escrow, crypto liquidity and others.
Prior to launching Vault, Fortress had been building streamlined APIs that power businesses at any stage of Web3 adoption to quickly launch and scale with embeddable wallets for NFTs; mint NFTs; and integrate key financial services backed by a secure, regulated financial institution, Fortress Trust. Vault is overseen by Fortress Trust, which ensures its privacy and compliance standards as a regulated entity.
“We look forward to teaming up with Fortress Blockchain Technologies and providing secure cloud infrastructure to help enable its new Vault platform, ” said Carlos Arena, director, Digital Assets, Google Cloud. “Our work together reinforces our greater mission to help enable the Web3 ecosystem with scalable technology and solutions that help establish trust in the community.”
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