Cogint Inc (NASDAQ:COGT) has disclosed the creation of a new division which will focus on blockchain technology. Dubbed Red Violet Blockchain and Analytical Solutions, the new division will offer cloud-based identity verification as well as KYC solutions for the expansive and emerging blockchain sector. Red Violet, Cogint’s wholly owned subsidiary, will be Red Violet Blockchain and Analytical Solutions’ parent company.
The creation of the new division follows the formation of an alliance between Dragonchain Inc and Cogint where the two will partner in implementing cogent solutions which include transaction security, fraud prevention, identity verification and asset tracking with the blockchain platform of Dragonchain. Under the partnership businesses will be empowered to adopt the blockchain platform of Dragonchain for their day-to-day business functions.
The chief executive officer and founder of Dragonchain, Joe Roets, has been contributing to virtual currency and blockchain projects for the last eight years. This includes at such firms as Walt Disney, Symbiont, Coinbase and Overstock.
At the moment Dragonchain is assisting some of the leading brands in the country to solve complex challenges using its blockchain platform which is suited for all kinds of enterprises. The design of the platform is tamper-proof and this limits the chances of fraud occurring thereby making it suitable for commercial transactions. The platform is a hybrid unlike other popular protocols and this ensures that some data is kept private while some is kept public.
Strategic Advisory Board
Cogent has also appointed David Drake, an expert on virtual currencies and blockchain technology as Red Violet Blockchain and Analytical Solutions’ Strategic Advisory Board’s chairman. Besides his new appointment Drake is the chairman and founder of LDJ Capital.
“Following the recent launch of our blockchain and analytics division, Red Violet Blockchain and Analytical Solutions, we are excited to work with David to assist us in seizing the significant opportunities in front of us,” said the chief executive officer of Cogint, Derek Dubner.
The Sweden-born Drake and alumnus of George Washington University holds a Master of Business Administration degree in Finance as well as a Master of Arts in Economics and International Law.
On Tuesday shares of Cogint Inc fell by 3.45% to close the day at $4.20 per share.