AUSTIN, Texas, Jan. 8, 2019 /PRNewswire-PRWeb/ -- Transmute, the decentralized app engine for enterprise teams, today launched to bring the power of distributed ledger technology (DLT) to the enterprise. Transmute secured $1M in pre-seed funding in January 2018 to fuel research and development to launch.
Transmute's initial customers are Fortune 1000 companies, which typically manage up to 1000 centralized applications as part of their workflow and face immense data security challenges. By integrating traditional centralized directories with the same decentralized, distributed cryptography that powers blockchain, Transmute makes it possible for enterprises to deploy DLT when and where it delivers real value and security, using code they've already written. Their beachhead use case will be in Identity and Access Management (IAM), and their first product Transmute ID will launch in 2019.
"The rise of DLT is inevitable, and the shift to decentralized applications is going to be as disruptive to the enterprise as the transition to cloud computing was," said Transmute CEO, Karyl Fowler. "During the transition to cloud, we saw a massive demand for tools that bridged existing IT investments with the next wave of development. With Transmute, enterprise development teams can use their existing resources to build safer, superior decentralized applications while retaining the scalability of centralized cloud providers. It's really the best of both worlds."
Experts forecast the IAM market will grow at a Compound Annual Growth Rate (CAGR) of 13.7%, reaching a $24.6B market cap by 2022. At the same time, the blockchain market is projected to grow at a CAGR of 79.6% over the next several years, ultimately reaching a $60.7B market cap by 2024. The stellar growth in both of these markets are driven by an increasing demand for data security, simplified business processes, and transparency and immutability in the enterprise.
With Transmute enterprises can use their existing development resources and infrastructure to build decentralized applications. Transmute's event-sourced framework, released earlier this year, is compatible with functional languages and standard identity concepts. It supports Javascript, which means developers can continue using the tools and frameworks they do today, like React and Redux.
"Breaches like Equifax are showing how vulnerable centralized infrastructures can be, and these infrastructures are commonplace across the enterprise," said Transmute CTO, Orie Steele. "At the same time, the immense benefits of DLT and distributed cryptography come with a heavy setup cost and usability challenges. That's why we've been focused on building a company that enables enterprise dev teams to solve their identity management problem and their application development problem, using code they've already written."
All of Transmute's solutions integrate with all major cloud providers, and their primary technical building blocks are offered in an open-source format. Solutions range from developer starter kits that help companies rapidly create proofs of concept to custom solutions for the enterprise.
In October 2018 Transmute was named as one of six winners of Oracle's inaugural North American Cloud Startup Accelerator for their value in enterprise growth and cloud innovation.
To learn more about Transmute or become a customer, please visit http://www.transmute.industries/.
About Transmute
Transmute is the decentralized app engine for enterprise development teams. Our platform configures decentralized applications to work seamlessly with public and private clouds, starting with identity.
The inevitable rise of DLT and the resulting shift to decentralized applications will be as disruptive to enterprise IT as the transition to cloud computing. Our mission is to help our customers use decentralization when and where it delivers real value, using code they've already written.
Transmute solutions integrate with all major cloud providers. We are based on an event source framework that is compatible with functional languages and standard identity concepts. Our platform supports Javascript throughout so that any developer can leverage distributed ledger technology using React and Redux.
Transmute was founded in 2017, graduated from TechStars Austin in 2018, and is based in sunny Austin, Texas. Learn more about us at: http://www.transmute.industries
SOURCE Transmute
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