Streamsource's Blockchain Access System Secures US Data Industry

By siliconindia   |   Tuesday, 11 June 2019, 11:43 Hrs
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FREMONT, CA: Sharing details officially and securely among people, companies or enterprises is difficult despite the security, even with blockchain technology.  Streamsource, a blockchain-based technology facilitator, has launched a new blockchain platform where only known parties can access the selected data securely.

Aimed at the unsecured personal loans market, Streamsource’s decentralized data marketplace platform, based on Quorum, enables lenders to collaborate with each other without disseminating confidential information or data breach. It basically is a permission system where only parties that have shared interests can view the necessary details only.

Founded by Mayank Tewari and Prerit Srivastava in May 2018, the platform allows lenders to buy and sell consumer leads privately with more security. It features a background check capability where the creditworthiness of the borrower can be checked and analyzed.

Tewari, the co-founder, states that both the concerned parties remain private and interact with each other simultaneously while not sharing protected data. Blockchain was our obvious choice to meet the requirements, he added.

“With Streamsource, we aren’t changing the lending process,” says Srivastava, co-founder of Streamsource.  He continues that “Instead, we help lenders to do what they are presently doing more efficiently. We, as a technology facilitator, help lenders use customer data more efficiently, and pitch products across the spectrum.”

Earlier this year, Streamsource had raised $1 million in a seed funding led by Accel, a venture capital firm. The company hopes to invest & develop its product further, expand into multiple locations and markets, while also targeting the $130 billion annual U.S. personal loans market.

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