Distributed computing network io.net has secured SOC 2 compliance certification, as it sets about bridging the gap between web3 infrastructure and enterprise requirements.
Widely heralded as the gold standard for data security, the auditor-issued certification will enable io.net to better serve institutional clients who require stringent security measures.
Enterprise-Grade Security Meets Web3
For decentralized networks, meeting enterprise security standards has long been a hurdle. SOC 2 certification is viewed as an obvious solution, though because it involves a forensic evaluation of an organization’s security controls and operational transparency, it isn’t exactly widespread in web3. A fact that allows traditional centralized providers to point to their own SOC 2 bonafides as a key differentiator when competing for enterprise contracts.
By securing the certification, io.net says it has validated its ability to protect enterprise data, ensuring protection against breaches and unauthorized access.
“Achieving SOC 2 compliance validates the work we’ve been doing behind the scenes from day one to ensure our systems are secure and that rigorous data integrity standards are in place,” commented Gaurav Sharma, CTO of io.net.
“While this certification benefits all io.net users, it will be of particular interest to enterprises that are duty bound to partner with organizations that maintain the highest standards of data protection and compliance.”
With the development of AI and ML applications continuing to drive demand for high-performance compute resources, io.net – which allows users to rent out their idle hardware – is in a strong position. Last year, the company raised $30 million in a Series A funding round led by Hack VC, winning investment from leading VCs like Solana Labs, OKX Ventures, and Multicoin Capital.
io.net’s approach provides the necessary computing power for AI development but also offers a more flexible and potentially cost-effective model to traditional cloud services. The DePIN’s ability to harness vast processing power while maintaining enterprise-grade security may prove particularly attractive to organizations intent on building energy-intensive AI solutions including Large Language Models (LLMs).
Over recent years, several blockchain projects have taken steps to achieve compliance certification, readying themselves for an influx of institutional interest. Many exchanges, for instance, now enforce KYC/AML regulations to protect users and deter money launderers. Web3 marketing company Addressable and infrastructure provider Chainstack have also obtained SOC 2 certification in a bid to gain trust among enterprise-grade clients.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
