Recruit Co. Ltd, a Japanese employment information services company has recently invested in blockchain-based enterprise Beam Development Limited, as per an official announcement published on Feb. 18. Further, the enterprise used its $25 million fund called RSP Blockchain Fund, which focuses on investing and acquiring shares in crypto and blockchain companies.
The investment has been done with a purpose to support the corporate sector easily incorporate blockchain. As with the present token system there is a threat of confidential information being leaked to third parties. Fortunately, this problem will be solved with the Beam token as it provides auditability of transactions by allowing it to be verified by a third party. In addition, to preventing data leak and protecting user’s transaction data.
Recruit further reinstated the profound impact of distributed ledger technology in fuelling innovation and preserving confidential data. However, the enterprise also understands the need for regulations to ensure an abuse-free use of technology.
Beam confirmed the investment on Twitter while stating that it will help Beam successfully accomplish its mission of deploying a scalable, compliant and confidential cryptocurrency in Japan.
Recruit was founded by Hiromasa Ezoe in 1963. It is headquartered in Tokyo, Japan and recorded sales of over $17 billion in year 2016. With overseas sales counting for 40% of total revenue.The company was one of the torchbearers to implement "new business competition" among the employees. This concept helps the employees establish a new venture within the group.
Beam is a Mimblewimble based privacy coin. Mimblewimble incorporates in its protocol a part of “Confidential Transactions,”. This allows for transactions to be “auditable yet verifiable,”.This helps achieve twin purpose, privacy coupled with auditability. Moreover, it helps eliminate the problem of double spending.
Beam has recently announced plans to introduce Lightning Network. This step will be make settlements of crypto payments faster in a commercial setting. Interestingly, Beam’s transaction capacity is 3x that of Bitcoin. However, it is still to beat the throughput provided by major payment processors.
As per press time, BEAM is trading at $1.26. It has made gains 4.5% on the data, as per data provided by CoinMarketFeed. The coin has a daily trading volume of $7 million and a market cap of $7.8 million.