Bitcoin, and other virtual currencies are up and down like the proverbial fiddlers elbow. Sure, if you can afford to take a punt (and make a loss) on the crypto markets then this might be a worthwhile exercise. If we look at the recent history of startups, perhaps with the exception of social media apps and channels, startups that general ‘work’ have solved a problem, and the really good ones solved a problem that people didn’t realise needing solving yet. In case someone is looking to invest in the Blockchain space, here are the spaces they can look into.

Blockchain for the developing world

Countries where governments are less than scrupulous (and in fact plainy corrupt) are ripe for blockchain technology to circumvent many issues, be it the distribution of property, illegal lotteries, or even the distribution of food in war zones. Yes, blockchain technology is being used right now to distribute food in a Syrian refugee camp in Jordan. How does it work? Eye scanning technology is linked to a food distribution system stored on a blockchain. Credits are issued to the individual from their World Food Programme account. This mitigates fraud completely. Imagine the applications for this elsewhere in the developing or indeed the developed world. The amount of web3 data that’s pouring into each sector these days, however, is not easy to keep track of. But if you could organize it, then essentially you might be able to apply blockchain models anywhere. In my opinion, this tech elegantly solves, the issues around fraud linked to the greed of an individual. Eliminating fraud in this way doesn’t just have to apply in the context of financial services. Fraud, in developing nations, massively inhibits growth and a proven way to facilitate growth can only be a good thing for a startup, or your investment.

Blockchain for data security

What makes bitcoin so attractive for many is not just its anonymity, it’s also its unparalleled levels of security. Indeed, this is why Bitcoin was created – it’s all about the indelible record. As mobility becomes all pervasive and the machines in our daily lives become more connected, the opportunities for data to ‘leak’ into the wrong hands intensifies. A company with skilled Blockchain Developers who can solve threats around interconnectivity and data security are highly sought after and crucial in safeguarding the digital landscape as we embrace greater mobility and connectivity in our daily lives.

Blockchain in finance

There are a number of blockchain companies out there who are looking to facilitate ultra secure transactions. Unsurprisingly many of these companies are using blockchain to make ICO’s or the instruments around trading cryptocurrencies more secure. In my opinion the silver bullet for a blockchain company in a financial context will be in the markets, and not the crypto ones. The real value add for a blockchain company in a financial services context will be the levels of transparency that it can add. Imagine if a run on the stock market, like the 2008 financial crash which we are still suffering the aftershocks from, could be avoided. If Bear Stearns or RBS had used blockchain to identify the ‘bad’ investments (dodgy mortgage bonds, packaged up with some safe ones) the crash could have been completely avoided. To the best of our knowledge a blockchain system to deliver transparency in high finance is just a work in progress, but we suspect it’s only a matter of time.

About the Author:

Gary Spence, CEO of Yotta Laboratories

Gary aims to take technology to the next level using Distributed Ledger Technology. Gary is a seasoned technology executive with over twenty years of senior-level digital transformation experience. Yotta Laboratories was the brainchild of Gary, whose mission is, and always has been, to create tomorrow’s technology today.