Blockchain-as-a-Service provider Domineum announces partnership with nChain and BSV blockchain
Domineum, a London-based software development firm announced that it has entered into a partnership arrangement with nChain, a provider of data integrity solutions built by their in-house blockchain experts. The companies will work together to identify further commercial opportunities to migrate Domineum's current data solutions to become 'Blockchain-as-a-Service' (BaaS) products built on the Bitcoin SV (BSV) blockchain.
Domineum provides a range of enterprise and government data applications across several different sectors, with a particular focus on emerging and developing markets in Africa. Domineum's Cargo Tracking Note product helps government agencies better track product shipments and increase customs revenue, including as Domineum Marine for port management systems; it has been successfully deployed in Sierra Leone. Domineum's land registry solution is being implemented in Abia State, Nigeria to help digitise property records. To support its market focus in Africa, Domineum operates local hubs in both Freetown, Sierra Leone and Lagos, Nigeria.
As part of this partnership, nChain will advise Domineum on transitioning its portfolio of products to the BSV blockchain. BSV is an enterprise-grade public blockchain, functioning as both a peer-to-peer electronic cash system and a global data ledger for government and enterprise applications. The BSV network scales unbounded to support high volumes of transactions (the BSV blockchain is expected to demonstrate 50,000 transaction per second throughput capacity later this year) at minimal cost, with median transaction fees that are a small fraction of a U.S. cent. In addition, BSV offers micropayment, smart contract, tokenisation and diverse data functionalities.
Domineum expects to expand its current suite of offerings as a result of today's announced partnership. The two companies will collaborate to identify opportunities for the development of innovative new blockchain-based services for additional e-government services, as well as enterprise solutions for real estate, RegTech, supply chain management and more.
Geoffery Weli-Wosu, CEO, Domineum: ''At Domineum, we believe that the true potential of blockchain technology lies in its ability to enhance trust in data and fundamentally reinvent business models, particularly for applications run by government agencies designed to better serve the public good. These benefits of blockchain technology can especially help countries in Africa, as they accelerate the continent's digital transformation. Today's partnership with nChain will enable us to apply these principles to different e-government and enterprise sectors with greater speed and agility, unlocking all-new efficiencies, opportunities and billions of dollars of economic potential in developing markets.''
Simit Naik, Director, Commercial and Strategy, nChain: ''As a company dedicated to the development of blockchain solutions for enterprise, we are excited to explore how we can assist Domineum access the benefits of blockchain. Their focus on developing economies offers an exciting proposition to support countries accelerate their digital transformation and provide citizens with improved outcomes across a range of government services.''