Swirlds unveils new identity management system and wins new funding
Swirlds today launched its hashgraph distributed consensus platform for cryptocurrencies, free for public download and use by developers. Swirlds will demonstrate early stage proof of concept for this new identity management system, one of the many applications that can be built on the Swirlds platform, at the Cloud Identity Summit on June 6-9 in New Orleans.
The Swirlds hashgraph goes beyond blockchain, providing new capabilities not previously possible with existing blockchain technology. The hashgraph enforces fairness, which is needed for matching buyers and sellers in auctions and stock markets. It provides low latency, low cost, high throughput and high security, without requiring proof-of-work. Users quickly receive absolute proof of the consensus results of their actions. Developers can build smart contracts using the full power of Java, and go beyond contracts to build entire shared environments.
Dr. Leemon Baird, founder and CEO of Swirlds, said: “Current stock markets are fair in matching buyers and sellers, but they require trust in a single company. Systems like Bitcoin have distributed trust, but do not ensure fair ordering of events. Swirlds provides the first distributed consensus platform that can be both fair and distributed, with high performance at scale.”.
Swirlds also announced today that it has obtained financing in a seed funding round led by Ping Identity. Ping announced a preview of their technology collaboration with Swirlds, to be demonstrated at the Cloud Identity Summit.
Ping Identity plans to work with Swirlds and is announcing a technology preview program with an aim to create a new standard for Distributed Session Management. The DSM system will reduce risk by enabling a global session logout capability across all active Single Sign-On and Application Sessions, across cloud, mobile and enterprise applications, independent of the identity protocol being used. In addition, the administrator receives validation when each application receives and executes the session logout request.
“With the hashgraph approach to distributed consensus, which enables fairness, high throughput, enforced rules and trust — and growth to internet scale — Swirlds is the ideal platform for distributed identity applications,” said Patrick Harding, CTO of Ping Identity. “We are pleased to have made this strategic investment in Swirlds, and look forward to driving this exciting opportunity forward.”