Ping Identity Backs Blockchain Alternative

Denver-based Ping Identity has backed a startup which is developing an alternative technology to Blockchain, the underlying technology basis of the Bitcoin alternative currency. Texas-based Swirds said this morning that it has raised a round of seed funding from Ping Identity, to bring its own, peer-to-peer technology to market. Swirlds said it is developing a "hashgraph distributed consensus platform" which provides the seame kinds of services for distributed identity directories, online auctions, stock markets, cryptocurrencies, and multiplayer games that Blockchain can, without the wasteful use of "mining" -- the CPU- and energy-intensive technology behind Blockchain and Bitcoin. Ping Identity was just acquired by Vista Equity Partners last week.