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Recruit Invests in Blockstack, which Offers a Distributed Computing Platform Utilizing Blockchain Technology

Aug. 22, 2019
Recruit Co., Ltd.
Business / Management

Recruit Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Yoshihiro Kitamura; referenced below as Recruit), an intermediate holding company of Recruit Holdings Co., Ltd., has, via their investment subsidiary RSP Blockchain Tech Fund Pte. Ltd, invested in Blockstack network (Headquarters: the United States; CEO: Muneeb Ali; referenced below as, Blockstack), a company which offers a distributed computing platform utilizing blockchain technology.

1.Background

In conventional client-server systems and cloud computing services that harness IT resources on demand, the data used is stored server-side and there is a possibility that user data being leaked. In this situation, it is required to establish platform which enables users themselves to securely manage their own data.

2.About Investment in Blockstack Network

Blockstack network

Blockstack provides a secure application development environment which eliminates the need for traditional client-server systems and cloud computing services, and protects user data.

Specifically, Blockstack offers user-specific storage and multi-purpose authentication systems for users to securely manage highly confidential information such as their personal information, which allows them to have direct ownership and control over that data. By adopting an authentication method that employs public-key encryption which is more secure for protecting confidential information than conventional password-based authentication, Blockstack allows users to manage the data that is used for authentication purposes. This creates a system that is more effective at preventing data leaks and protecting user privacy.

Through its investment, Recruit supports the expansion of the platform's user base. Blockstack will be working on platform development and expanding its sales activities using the funds raised.

(1) Trade Name Blockstack network
(2) Representative Muneeb Ali
(3) Location 101 W. 23rd St., Ste 224, New York, NY 10011
(4) Established June 2013
(5) Business detail Development and Operation of the distributed computing platform Blockstack
(6) Website https://blockstack.org/
(7) White Paper
(in Japanese)
https://blockstack.org/whitepaper-jp.pdf

3.About RSP Blockchain Tech Fund Pte. Ltd.

RSP Blockchain Tech Fund Pte. Ltd. aims to uncover new technologies, new business models, as well as business opportunities for Recruit Group in the area of blockchain technology, with the goal of contributing to the development and increased awareness of this technology.

(1) Trade Name RSP Blockchain Tech Fund Pte. Ltd.
(2) Representative Hiroyuki Murai
(3) Location Singapore
(4) Established November 2018
(5) Business detail Investment & Consultation, Venture Capital Operations