Syscoin has announced that it has established an official Toronto, Canada-based corporation named Blockchain Foundry Inc, which will be primarily responsible for the ongoing development and maintenance of the Syscoin project.

According to the announcement, Blockchain Foundry will be releasing a number of products built on and powered by the Syscoin platform. The company will provide blockchain solutions using several of the most developed and robust blockchain technologies, with plans for its product offerings to be interoperable between these different blockchain technologies.

The newly formed entity aims to take blockchain technology to the masses and as such a key focus of its products will be to provide end users with the benefits of blockchain technology without requiring them to understand the inherent technicalities.

“We are excited to announce the formation of Blockchain Foundry and are working hard to complete the Blockmarket platform as expeditiously as possible,” said Dan Wasyluk, President and CEO of Blockchain Foundry. “In tandem with our product initiatives, we have added additional talent to our team aimed specifically at raising capital to bolster our development resources and accelerate the realization of our vision to be a leading blockchain services company.”

Blockchain Foundry’s initial commercial product is Blockmarket – a web-based e-commerce platform which will allow online retailers, entrepreneurs and individual sellers to create and access individual marketplaces hosted entirely on the Syscoin network. It said that Blockmarket will significantly decrease listing costs incurred by retailers currently using other services and will provide 100% uptime and state of the art security.

Blockmarket is currently undergoing Microsoft certification and the company anticipates that it will be available on the Azure Marketplace before the end of 2016.

“We are working with our partners at Microsoft to obtain product certifications on the Azure Marketplace platform, making Blockchain Foundry's product the first bitcoin-derived offering to be Microsoft Azure certified. We are excited about the immense potential blockchain technology has to transform and disrupt many different markets. We look forward to exploring this potential through Blockchain Foundry and will be providing regular updates on our progress over the next several months”, he added.

Blockchain Foundry’s first public blockchain initiative was released in August 2014 and is powered by Syscoin token, a cryptocurrency based on the same algorithm used in the Bitcoin network. Syscoin trades on multiple digital asset exchanges and has a current market value of more than US$6 million. Syscoin, a blockchain protocol that provides businesses and individuals the ability to trade goods, assets, digital certificates and data securely, has partnered with Microsoft as a member of Microsoft Azure’s Blockchain-as-a-Service (BaaS) platform.