Blockchains Management, Inc., an affiliate of Blockchains, LLCÂ (collectively, “Blockchains”), a blockchain software development company committed to protecting and empowering individuals, today announced its acquisition of Cambridge Blockchain, Inc., a blockchain-based identity management and compliance software solutions provider.
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Cambridge Blockchain’s solutions harness blockchain’s potential to globally deliver strong digital identities and meet increasingly stringent data privacy obligations. The company has experience designing software to share identity data across systems, specifically, European financial institutions.
The acquisition of Cambridge Blockchain further increases Blockchains’ capacity to deliver an ecosystem of products set to prepare individuals for web 3.0 and the emerging digital economy, with a blockchain-powered digital identity solution at the core. The companies’ shared ethos of returning control of personal data to users while delivering the benefits of a trusted, distributed digital identity to consumers, organizations, and government institutions solidified the union.
“Cambridge Blockchain has unique, real-world experience in designing identity management systems and streamlining digital identity compliance in the areas of government, ePrivacy, banking and fintech,” said executive vice president Lee Weiss. “We are excited to bring on board a team that has demonstrated successful technology applications globally for enterprises, governments, and regulators in a way that ultimately benefits the individual.”
“Blockchains’ vision is truly aligned with what our aspirations for Cambridge Blockchain were from the onset,” said co-founder Matthew Commons. “The idea that individuals should be in control of their own data has been one of our founding principles. We are thrilled to be part of the Blockchains organization that can put a wide range of applications and integrations into practice in Nevada and globally.”
With this transaction, Blockchains is acquiring a deep, enterprise-grade distributed identity software stack, a robust IP portfolio including numerous issued patents, a seasoned technical team, and valuable commercial relationships. The company’s principals, Matthew Commons, Alex Oberhauser, Muthu Arumugam, and its software developers will join Blockchains’ digital identity team, with complete integration targeted for the beginning of 2021. Further, Cambridge Blockchain will begin its transition to the Blockchains brand in the coming months.
Cambridge Blockchain’s enterprise framework is expected to accelerate further Blockchains’ efforts in building a blockchain ecosystem that meets the needs of biometrically secured credentialing in government, future e-wallets, document provenance, and other products that will change how individuals interact in a digital world.
“When it comes to digital transformation, a robust and secure digital identity framework is key to any transactive system,” said Blockchains founder Jeffrey Berns. “I look toward the upcoming year when Blockchains will deliver its digital identity solution as well as its suite of products aimed at providing the most secure and user-friendly management for individuals’ digital interactions.”
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