Amber Baldet, the former head of JPMorgan & Co.’s (JPM) blockchain program, has announced her new venture—a decentralized app store for businesses. Baldet teamed up with Patrick Nielsen, who was part of her team at Quorum, to create the new framework, which is called Clovyr.

“It is not an ICO. It is not a platform. It is not a new blockchain,” Baldet clarified during an announcement at the recently concluded Consensus conference. Instead, Clovyr is a framework for decentralized applications aimed at businesses and individuals. In addition to this, it also has open-source tools for developers to create new applications. (See also: JPMorgan Has Big Plans for Blockchain.)  

Speaking at the launch, Baldet described Clovyr as an “open ecosystem” that is “blockchain agnostic,” meaning that it is intended to facilitate transfer of value across multiple blockchains. “Clovyr is about decentralized networks growing together,” she said. To start with, Clovyr will support both public and private versions of ethereum. (See also: Cryptocurrencies Will Fail Without Cross-Chain Transactions.) 

Why Clovyr?

Explaining the rationale behind their decision to target a varied set of audiences, Nielsen said both individuals and businesses faced several headaches in understanding and integrating decentralized applications. “Right now, there’s no way to keep data private at its point of origin and also enable big data analytics, but there could be,” he said in a press release. At the launch announcing his new venture, Nielsen provided additional context. “The cost of innovation (for businesses and individuals) is just too high,” he said. 

By combining the benefits of private and public blockchains, Clovyr is intended to reduce that cost and, also, help individuals and businesses get their feet wet in the technology. In an interview with Fortune magazine, Baldet provided historical context regarding the current debate about private permissioned blockchains and the public cloud to one that occurred during the evolution of a public cloud. 

“When public cloud started to be a thing, a lot of businesses said, Oh, cloud, it’s a great idea architecturally, but we’re going to go ahead and build our own private cloud internally, because it’s safer and we know what we need. Now they’re spending millions of dollars to undo a lot of that work in an attempt to migrate to the public clouds that have evolved to the point where they are secure and robust and connected,” she said. Clovyr is raising funds currently and plans to launch a beta version later this year. 

Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns 0.01 bitcoin. 

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