Aidan Finn, co-founder and CEO of Binarii Labs explains how the start-up works.
As blockchain technology expands into more and more industries, the need to establish a secure environment for every business in this new digital reality is more than imperative. Within this fast-growing digital era, Binarii Labs, an Enterprise SaaS start-up, is focused on helping enterprises to deploy solutions that utilize distributed ledger technology (DLT) effectively and efficiently.
Binarii Labs provides various services, including assistance in migrating to DLT infrastructure and secure end-to-end data management.
“We are a team of people with traditional industry experience and a passion for Blockchain technology or DLT, whichever you prefer. I believe that there’s too much rush to create hype around this transformational technology when it is still a nascent space, and I think too many people are trying to make it complex and confusing. We prefer to provide solutions that use the best and most appropriate Blockchain technology. We design and provide proprietary solutions that are reliable, efficient, dependable, and trustworthy,” explains Aidan Finn, co-founder and CEO of Binarii Labs.
The start-up, which uses the motto “We make blockchain technology boring, dependable and fit for business,” provides a series of proprietary B2B solutions for the enterprise that utilizes blockchain technology as part of its tech stack. Binarii Labs enterprise B2B products focus on cyber security, secure data and document sharing, auditing and reconciling data, and accounting. Binarii Labs also guide businesses on how to consider integrating blockchain solutions into their IT systems.
“In simple terms, what our first products do is effectively and easily secure and allow safe data sharing. Data can be in many different forms, and to ensure its safety and provide transparency, we produce what we call a proof of record”. One major problem with secure file sharing solutions is that they can be incredibly complex for non-technical users to implement and use in an enterprise”, Finn commented.
This is one of the reasons why founder Steven Garner set about designing and deploying secure SaaS solutions that de-risk and protect the enterprise from an uncertain and increasingly hostile future.
According to Finn, one of the main advantages of DLT is the fact that it can create un-editable records, known as immutable. When speaking about blockchain technology generally, he says… “I believe that the advantages far outweigh the disadvantages. If you look at immutable records in accounting practice, this is extremely beneficial. In fact, it’s a core part of accounting principles that people should not be able to edit something that’s committed as a transaction. For example, if I send an invoice to you and it’s wrong, I should reverse that invoice by issuing credit. I should not be able to edit that invoice and then issue the invoice as an amended document because that is what enables all sorts of bad actors to engage in fraud,” he explains.
Commenting on whether businesses and, more broadly, consumers are wary of blockchain technology, Finn believes that once people research elements of the underlying technology and see how widely it has begun to be used by major multinational corporations in all sectors, then they are able to see the difference between the underlying technology versus some applications that use blockchain. Generally, at this early stage, he feels that further education around the technology and its business cases is key.
Security and Privacy
“I also think, sometimes, people are too trustworthy and generally engage in a trade-off of security and privacy for perceived convenience. For instance, when they use a password manager, they believe that they can do many things such as store, create, and share passwords easily. However, they’re not realizing the huge risk that can be involved when some of those systems rely on scraping and copying excessive amounts of personal data to be stored using centralized databases with vulnerabilities as can clearly be seen by the exponentially growing number of breaches of same”, he notes.
Binarii Labs team consists of highly skilled and experienced businessmen and women, technologists, and practitioners who blend DLT expertise with practical senior enterprise experience. Over the next quarter, the start-up founded by Steven Garner, Nigel Carter, Aidan Finn, and Ciarán McNamee is about to launch various new services in terms of data and documentation management, cybersecurity, and data protection, with an emphasis on connecting businesses to the strengths of DLT through effective and efficient enterprise-first SaaS.