Transportation, a blockchain upright building tools that people can own and share verified credentials, have raised a $ 15 million led by Pantera Capital.
The round included Lightspeed Faction, Alpha Edison, Motley Fool Ventures and a mix of recurring investors such as Mark Cuban and Protocol Labs.
The funding follows a strong summer for the San Francisco-based company. In September, Transcryps won Coindesk’s pitch party at Consensus Hong Kong and took $ 10,000 home in tokens, a trophy and ten coaching sessions.
Founder and CEO ZAIN ZAIDI said the victory helped the team to refine his vision for what he calls “Self-Senior Identity”-a way for people to control their data directly without relying on employers, universities or state agencies.
Bureaucratic mishaps
Zaidi founded the company after a bureaucratic accident almost cost him his place in degree school when his prints were incorrectly placed. “If we can’t prove who we are or what we’ve done, we’ll lose something important,” he said in a previous interview with Coindesk.
Transpts began by digitizing employment verification. Its platform allows users to collect, encrypt and share items directly with employers, background checks or others who need them. The system stores encrypted data off-chain while the hashes live on-chain so users can prove authenticity without revealing personal details.
Now, with HIPAA certification, transformations are planning to expand the model for health and education information. It could allow patients to carry verified medical stories between providers or candidates to share diplomas and prints with potential employers – all without the need for intermediaries.
Identity onchain
The move is coming as there is fraud risk increasing. Americans lost $ 43 billion to identity theft by 2023, and Deepfake fraud has risen more than 1,800 percent in one year, according to the company’s release. Zaidi claims that decentralized identity can help counter these trends by allowing people to check what data is shared, when and with whom.
Transpts claim to already serve 4 million users and over 450 business clients, including companies in healthcare and staff. The new capital finances expansion to these regulated sectors and strengthens tools to verify credentials in real time.
For users, it can mean faster employment or simplified onboarding to hospitals and schools. For the wider market, the growing confidence in blockchain-based identity systems-sometimes a nichid signalizes a niche that is now seen as a possible protection against the Deepfake era.
