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Blockchain investment firm NEO Global Capital (NGC) has made an investment in Ultrain, a decentralized blockchain computing platform for large-scale business and industrial applications.
Founded in Hangzhou China in 2017, Ultrain aims to create a responsible and sustainable commercial ecosystem that enables all industrial applications. The company is backed by a roster of prominent investors including Arrington XRP Capital, Draper Dragon, and DHVC.
“Plagued by performance and scalability issues, traditional public blockchains will not meet the high demands of the applications of tomorrow. Through groundbreaking innovations in cryptography Ultrain tackles security concerns and utilizes the freed computing power to create real value for the new economy,” Ultrain Co-founder, Emma Liao, said.
Ultrain has taken a “hybrid approach” to improve blockchain technology’s performance. By embedding artificial intelligence (AI) and Internet of Things (IoT) protocols into its platform, it aims to create an end-to-end ecosystem for decentralized applications (dApps) across a variety of industries. The company said that the investment to help it bring decentralization to commercial applications worldwide.
“Information technology is currently undergoing an incredible transformation. While blockchain has the potential to address these needs, the low throughput, smart contract performance, and security of traditional platforms are challenges for businesses looking to implement the technology,” Roger Lim, Founding Partner at NEO Global Capital, said.
“NGC believes in Ultrain’s unique ability to bring blockchain to the mainstream, and we look forward to contributing to the platform’s success.”
According to the official release, Ultrain has created a new consensus mechanism that can increase public blockchain performance by 1,000% over traditional Proof-of-Work (PoW) networks while ensuring the same high-level security. Using only 1% of the computing requirements of other public blockchain platforms, Ultrain’s core technology has freed up substantial computing power that is instead utilised as trusted computing to create value for the real economy, it said.
“As the blockchain industry continues to take a more targeted approach to adoption, it is important to develop technology that is accessible and functional for real-world commercial applications. We are excited to part of Ultrain’s journey in bringing a usable platform to organizations worldwide,” Michael Arrington, Founder of Arrington XRP Capital, said.
