BlockApps Inc., an Ethereum-based blockchain platform focused on enterprise-grade infrastructure, today announced that it has raised $41 million in new funding led by Liberty City Ventures to expand the development of its ecosystem and… business solutions.

The funding round was joined by new investors Morgan Creek Digital, Eidetic Ventures and Givic. Existing investors ConsenSys, Bloccelerate, Fitz Gate Ventures, Arab Angels, Kenetic Capital and PropelX also participated.

BlockApps’ provides a blockchain-as-a-service platform called Strato that allows businesses to customize, manage, and govern their own private blockchain infrastructure based on the public Ethereum blockchain specification.

The reason the company chose Ethereum is that it has a massive developer pool and a pre-existing toolset for programmable smart contracts. Thus, developers’ knowledge of Ethereum is easily migrated to Strato.

By using Strato, corporate clients can use blockchain technology to track and secure supply chains. This can be done because blockchains record transactions in a chain spread across multiple ledgers and secured with cryptography to prove that they have not been tampered with. The chain of transactions becomes an immutable historical record.

By implementing the platform, real assets can be brought onto the blockchain for use in industries such as agriculture and energy. BlockApps is already proving the value of Strato’s blockchain platform and technology with partnerships with Amazon.com Inc. and Bayer Crop Science in agriculture and has partnered with Blockchain For Energy, a consortium of top corporations world energy companies, including ExxonMobil Corp. and Chevron Corp. .

“The founding and leadership team of BlockApps is a who’s who of Ethereum pioneers delivering real business value to customers,” said Murtaza Akbar, founding partner of Liberty City Ventures. “Plus, they’re solving some of the world’s biggest challenges and getting industries to rethink what’s possible with blockchain technology — especially when it comes to navigating the complexities of sustainability challenges and on-chain issues. today’s supply.”

Over the past 14 months, BlockApps has launched several projects based on its platform designed to provide supply chain sustainability and traceability. Among them was TraceHarvest, a blockchain application to track and trace the full lifecycle of food and agricultural products from seed. There’s also TraceCarbon, a net-zero blockchain application for carbon management, product labeling, and corporate reporting. And the Seismic Entitlement Platform is an energy management solution developed in partnership with Blockchain For Energy to provide greater transparency when discovering oil and gas.

Protecting supply chains is a common use of blockchain technology and is the main reason for the formation of IBM’s Food Trust network, which was launched in 2018. It has been used to secure many types of agricultural products including olive oil, romaine lettuce, salmon and other meals. It was also used by GrainChain and MasterCard in 2020 for agricultural supply chains.

Along with the new funding, Liberty City Ventures and Morgan Creek Digital will appoint representatives to join BlockApps’ board. The company added that it will use the new cash injection to grow its development team, establish more partnerships for its ecosystem, and bring more blockchain assets into Strato.

Picture: Blue Planet Studio

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