In his famous novel “1984,” George Orwell presents an authoritarian government that sees and controls every aspect of its citizens’ lives, including their thoughts.
One of the key lessons to take away from the novel is that authoritarian governments can truly strip citizens of all their freedom and the process can be achieved by controlling, owning and monitoring citizen information. While the novel presents an exaggerated case, the manipulation of people’s digital information has become a contemporary issue.
Companies like Meta Platforms Inc. META, for example, were put on trial for allowing third parties like Cambridge Analytica to access users’ personal information and manipulate the U.S. democratic process. As of December 2022, Meta Platforms has agreed to pay up to $725 million to absolve it of its negligence.
The rise of technology like blockchain has allowed people to imagine a better future. In this vision, central authorities cannot manipulate user data, and users can still leverage online platforms while maintaining their anonymity. The rise of blockchain – and its derivative Web3 – has given entrepreneurs the tools needed to manifest this vision.
Transcrypts: Where HR Meets Blockchain
Entrepreneurs have extended the idea of decentralizing information to many industries. As such, Web3 projects have popped up in sectors like gaming, fintech, social media platforms and even art and media. According to Emergen Research, the Web3 market is amongst the fastest growing in the world with an expected value of $81.5 billion in 2030.
One Web3 project gaining significant traction is Transcrypts, a company leveraging blockchain technology to improve human resource problems within the corporate world. Transcrypts solves issues like digital forgery and anti-compliance in the workplace.
A patented blockchain solution allows Transcrypts to create immutable digital documents that are verified in seconds, so employers never have to worry about the authenticity of employee documents, and employees can ensure their records are trustworthy. Transcrypts also applies its technology to internal records, verifying important employment and income documents within the organization.
The company’s innovative solution has crushed criticisms about “blockchain hype,” providing an elegant fix to a real-world problem. The promise of the company’s solution has been recognized multiple times; it ranked first place in 2021’s Silicon Valley Business Competition.
In a pre-seed funding round, Transcrypts has reportedly attracted interest from 2.4 million investors including Mark Cuban, Underdog Labs and others. A Web3 company with a diversified portfolio of over 100 offerings, Transcrypts is a subscription-based business with more than 140 enterprise clients and serving a client base of over 300,000 employees.
Looking forward, the company is focusing on improving interoperability and transferring health data with companies like Epic Health Care. It could be interesting to watch Transcrypts grow from here.
For more on Transcrypts, click here.
Featured Photo by Michał Jakubowski on Unsplash
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