A group of star serial businesspersons, top academic scholars and blockchain engineers have announced open source, business-centered blockchain platform and ecosystem Insolar.

The ecosystem-platform seeks to assist firms in cost-effectively and speedily setting up distributed enterprise networks. The 4th generation, blockchain-based cloud architecture of Insolar is intended to solve immediate real-world commercial problems. The company says that with the architecture it is confident it will be able to make blockchain cost cutting, profit creation and business model transformation a reality.

With companies having a difficult time in meeting the demands of increased data sharing, Insolar arrives at a pressing moment indeed. Accenture says 35% of firms are connecting to and sharing data with twice as many stakeholders than they were only two years back. Current, siloed and centralized systems were just not developed for this rate of interactions, causing firms to waste resources linking systems together, moving, processing and confirming information, employing intermediaries and resolving unavoidable inconsistencies.

The distributed business networks of Insolar do seem to be presenting a solution. The open source platform of Insolar delegates trust to a joint data network. It links with current business systems so that both large and small firms can get linked seamlessly. Moreover, since it operates on blockchain-based clouds, firms do not have to make costly upfront expenses in IT infrastructure and labor.

Insolar CEO Andrey Zhulin said in a press release CoinReport received from Publicize Knock, Insolar’s PR agency, “We’re building Insolar to solve real business needs, today. Its requirements were informed by decades of industrial experience and validated by field research across multiple verticals: supply chain, consumer goods, energy, finance, and manufacturing. Insolar also has the benefit of hindsight, building off the successes and shortcomings of our predecessors.”

Supported by a group of over 60 professionals across Europe and North America, Insolar will be expanding into Asia soon, says the news release. Led by experienced corporate and tech managers, Insolar comprises a team of 35 full-time engineers with industrial and blockchain experiences and 10 academic blockchain researchers from top institutions like Princeton, ETH Zurich and York University. Insolar is ranked No. 1 in development activity by Cryptomiso, among all blockchain projects globally.

Previously known as INS Ecosystem, Insolar is a considerable brand and mission expansion. Built to meet INS’s corporate needs, it then dramatically grew in scope after extensive market validation with 100 C-Suite managers across several business verticals.

Compared with current blockchain solutions, the ecosystem’s open source platform, says the release we received, is a generational leap forward. It can be operated on a federation of blockchain-based clouds; is an order of magnitude faster; supports smart contracts and private, public and hybrid networks; meets governance and compliance standards and introduces numerous innovations, including large and long-running transactions as well as industry-size node networks.

Zhulin added, “Insolar is a state-of-the-art blockchain platform, and more. It’s a full-service ecosystem that will help any organization, of any size, profit from blockchain technology — from proof of concept, to production — and give them the tools they need to innovate and build the transformative business models of tomorrow.”

Insolar is currently discussing pilot PoCs with an independent mining firm, smart grids in Toronto and a top European logistics company. It expects a production launch in mid-next year.

Corrections: 1) The headline has been edited to state Insolar has been announced (the previous version of the headline incorrectly stated it has been launched), and 2) The name of PR firm Publicize has been struck through because the lead PR agency is Knock, whose name has been mentioned immediately after the struck through name of Publicize. The errors are regretted.

Image via Brand Package on the platform’s website