Blockchain-powered smart contracts provider Trustatom has amassed an impressive $100,000 in funding to release a cryptographic due diligence service called CredyCo, built on bitcoin technology.

Co-founder Yurii Rashkovskii laid down some of the basics of the project, saying:

“The most important thing from our perspective is to find users for bitcoin and blockchain technology outside of the traditional and core use of bitcoin… Unlike most of the projects that are active in the space today that cater mostly to the same bitcoin community, what we try to do here is expand that and find applications for blockchain technology.”

Rashkovskii enthusiastically added:

“If you think about the investment market, or rather, the way they have been operating, it hasn’t really changed much in the last decade… This is a way to get this portable trust that enables bitcoin in the first place, and apply it to something different and new using what already exists for things outside the monetary aspects.”

Software developer and Trustatom advisor Oleg Andreev further states:

“Blockchain and modern cryptographic tricks and schemes allow for new kinds of services to flourish… Companies that provide you with an infrastructure, tools and apps, yet almost completely reduce liability and counter-party risks for their clients… ‘Outsourcing’ soon will stop being an ‘unfortunate tradeoff’ and will be regarded simply as a mutually beneficial cooperation of professionals.”