Japanese employment information services company Recruit Holdings has invested in blockchain and privacy-focused company, Beam Development Limited. Recruit announced the news stating that the investment was made through its $25 million RSP Blockchain Tech Fund, which was set up last November. The fund is focussed on investing and acquiring shares in blockchain and cryptocurrency firms for the parent company.
Beam has created a token which “provides a blockchain with a function that prevents the divulgation of transaction data to third parties and protects the user’s transaction information”. The team have also announced that they plan to integrate the Lightning Network into their cryptocurrency.
“Recruit recognizes the revolutionary impact of blockchain technology in facilitating innovation while preserving confidential data, but at the same time Recruit understands the need for appropriate government regulation to ensure that this new technology is not abused,” the announcement stated. “Recruit will monitor and support the healthy development of not only the blockchain technical field, but also the relevant legal systems and new technological fields”.
High Expectations For The Use Of Blockchain In Corporate Activities
Beam confirmed the investment in a Tweet: “We are happy to reveal that Japanese public group, Recruit Co. LTD has invested in Beam prior Mainnet. This investment helps Beam fulfill its mission in Japan too when it comes to deploying a compliant, scalable, and confidential cryptocurrency”.
Recruit think that with the increase in settlement and exchange services using tokens, there are high expectations for the use of blockchain in corporate activities. However, they think that with existing tokens, there is a danger of potentially confidential data being leaked to third parties.
“While securing Auditability of transactions by allowing transaction data to be verified by a specified third party, Beam token provides a blockchain with a function that prevents the divulgation of transaction data to third parties and protects the user’s transaction information,” the company said.Recruit are known for their American subsidiary, the employment search engine, Indeed.com and its 2018 acquisition of Glassdoor, a similarly employment-related firm.