BDATA, a Hamilton-based startup that uses blockchain technology to secure device to device, and device to cloud data transactions, was named second place winner for the Desjardins’ Fintech & Cybersecurity finals held on October 21, 2021. BDATA was one of five finalists that competed in the finals, out of 16 companies that were selected for the first phase of the competition. The Forge client will receive a $15,000 non-dilutive grant, earn a spot in Startup in Residence (Desjardins’s 8-month startup accelerator program), and will be eligible for a potential investment of up to $250,000. Owen Wang and Syed Zeeshan Bari, BDATA’s co-founders pitched and answered questions from the judging panel on their Blockchain IoT (BIoT) software.
Using blockchain technology, the nascent startup has created cybersecurity software for IoT point of sales and edge devices, with a protocol that protects data transactions, including point-of-sale devices to server data transactions, machine-to-machine communication and information within data management. The software can be installed on resource-limited devices and once installed, information will be added to BDATA’s blockchain. The ledger keeps the device parameter immutable to changes and distributes the registration information across all the nodes on the ledger. Any unauthorized changes to the digital or physical status of the machine will be rejected by the startups’ blockchain, protecting the device. BDATA is unique in using a multi-chain structure to handle traffic load and each blockchain handles specific tasks, such as authentication, device monitoring and device control.
“Desjardins’ Fintech and Cybersecurity competition is a highly competitive Canada-wide startup competition,” explained Wang. “We were lucky to participate in the competition and were thrilled to be one of the competition’s winners. We would not have gotten this far without the support from our team and The Forge business incubator! We look forward to being part of the Startup in Residence at Desjardins in the coming cohort.”
Watch BDATA pitch during the event: