The blockchain continues to attract plenty of attention from startups all over the world. During the recent BBVA Open Talent Challenge, both artificial intelligence and distributed ledgers were on the agenda. The fintech sector is buzzing with ideas regarding these two technologies. But what are the companies actively working on these days?
Plenty of Blockchain Opportunities Abound
It is not difficult to see why so many companies are interested in the blockchain these days. In a way, there is virtually nothing that can’t be accomplished or improved by focusing on distributed ledgers. The number of use cases is practically unlimited, and various startups are exploring all kinds of different options.
Although the financial sector is the primary source of blockchain innovation these days, Some companies focus in KYC and compliance through the blockchain, which would allow banks to reduce the number of identity checks required. An interesting concept, although it seems likely a permissioned blockchain will be required for this idea.
KeyChain, while having nothing to do with keeping your house keys in your pocket, is an intriguing company. They use the blockchain to create a new authentication layer, which can then set on top of bank systems. Connections between involved parties will be encrypted to provide additional security.
Smart contracts are becoming an integral part of the blockchain research as well. Even though there are still a lot of questions regarding its viability, Mark Labs use smart contracts to track the social impact of donations. An interesting idea, and one that can make a significant difference for any not-for-profit organizations around the world.
During the BBVA Open Talent Challenge, Cambridge Blockchain was elected as the winner of the distributed ledger competition of the day. They receive a grand prize of 30,000 Euro, and will work together with BBVA on their project. Given their focus on KYC and compliance, they can be a valuable ally for BBVA moving forward.
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