Perth-based software companies DigitalX and Lateral have teamed up to leverage each other’s strengths in the creation of blockchain and ledger-based products.
DigitalX said today its development partnership with Lateral, which is led by 2016 40under40 winner Tommy Shin, would provide a well-resourced team to design products and services for the blockchain industry.
Blockchain, a distributed database that maintains a continuously growing list of ordered records, is considered a core component of the digital currency known as bitcoin, as it serves as the public ledger for all transactions.
The partnership will work to introduce blockchain-based solutions to existing customers as well as new clients within Australia and abroad, with DigitalX to contribute its existing blockchain intellectual property, while Lateral will bring its systems solutions advice, technical support and client base to the table.
“After reviewing DigitalX’s technology solutions we can see wide-ranging benefits to businesses across Australia and Asia and we are excited about the opportunity to provide customised blockchain solutions to our clients and partners,” Mr Shin said.
“By combining our development skills, experience and commercial expertise with DigitalX’s technology, we see a long-term opportunity for success.”
DigitalX shares were 5.5 per cent higher to 3.8 cents each at the close.