" />
Technology

Startups are getting creative with blockchain applications

Startups are getting creative with blockchain applications

Information storage in the past few years has made the shift from physical mediums, like hard drives, to increasingly cloud-based solutions. The next logical step in this technological evolution was developing a record of who accesses the files and what actions they take with them, such as blockchains.

What is blockchain?

In the book “Blockchain Revolution,” the authors Don & Alex Tapscott describe the technology as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

A simple example of a block chain would be Google Docs. In the past, a person would have to write up a document and send it to their recipients for edits, unable to witness when what and by whom, changes were made. Google docs however keeps a ledger of any alterations, tagged with their corresponding data, like time, entity and value.

Read More: Why Current Cybersecurity Doesn’t Work and Why Blockchain Should Take Its Place

Currently, blockchain is mainly used by banks and cryptocurrency suppliers, most famously Bitcoin. By setting up blockchains, those institutes implement regulated data management, and add flexibility for how data can be used.

What are tokens?

The system simplifies data transfer and control by tokenizing all data. Basically, instead of having to dig through a ton of data to find common data about a single topic, a token is created for said topic with all data referring to it saved within it. For example, a bank account is considered a token, it contains personal information, balance and previous actions taken by its holder(s).

What are some applications of blockchains?

Outside the financial realm, a few startups have been utilizing blockchains in creative ways to facilitate data storage and sharing.

startups blockchain

Leonardo Cooper, Founder at Vault One

Cybersecurity firm Vault One develops a security aspect for the use of blockchains. Tokens on Vault One`s vault hold information about data access privileges for every member of an organization.

The company focuses on providing the technology used by huge corporations to smaller companies for free.

“Password-secured security solutions have quickly become outdated, leaving millions of businesses vulnerable to breaches. Blockchain solves this issue by upping security to the next level without compromising on accessibility – which is pivotal when it comes to running a business efficiently,” said Leonardo Cooper, CEO of Vault One.

Filament, a company that develops IoT-based blockchains, tackles the industrial sector. Much like Vault One, Filament controls access permissions, but the software mainly focuses on shared control and monitoring of hardware.

The system is a hardware-software combo, using radio wave signals to and from modular chips, and a live feed of information is provided to users while control is given to those given the permission.

A practical use of Filament would be in a factory, where the system can inform the users of any errors or shortage of materials in a machine, while allowing the user to have complete control of its operation, also keeping a ledger of any actions taken by users.

And another startup named Genecoin uses blockchains to store human DNA information on the Bitcoin network. The company claims that its users can later use their DNA as address for future altcoins (Alternative private crypto currencies).

Read More: Blockchain-Based Content Distribution Platform Takes-On Amazon With its Own CryptoCurrency

As blockchain proves to be the most reliable form of data storage and sharing (for now), startups are getting more and more creative everyday with the applications of the technology.

View Comments (2)

2 Comments

  1. Pingback: SophiaTX blockchain to help usher in 'second generation of the internet' - The Sociable

  2. Pingback: New blockchain-SAP marketplace ushers in 'second generation of the internet' | Crowdz - Corporate Info

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Crazed by modern technology and unexpected experiences around the world, Omar hops on the first ride possible towards random spots, seeking the next thrill.

More in Technology

hearts and arrows

Hearts and Arrows Diamonds – What Makes Them So Popular?

Kavinesh ArumugamNovember 16, 2017
cancer ai

First coding and now cancer, AI is transforming the healthcare industry

Nishtha SinghNovember 16, 2017
logistics amazon

3 Logistics Startups Helping Businesses Stay Competitive in the Amazon Era

Zac LavalNovember 14, 2017
zuckerberg president

Zuckerberg is running for president, even if he never runs: KU interview analysis

Ben AllenNovember 13, 2017
bitcoin blockchain

Trust no one: the story of Blockchain and Bitcoin

Omar ElorfalyNovember 10, 2017
entrepreneur, restaurant, lyft, startup

The entrepreneur who became a Lyft driver to conduct customer research: interview

Ben AllenNovember 9, 2017
startups hangovers

Startups and technology to alleviate hangovers from hell

Sam Brake GuiaNovember 8, 2017
ar new york fashion week

Fresh off landmark court battle, Candy Lab teams up with LDJ Futures to unveil new AR experience at New York Fashion Week ‘18

Peter AndringaNovember 8, 2017
digital transformation help

All Hands on Deck: When to Bring On Extra Help For Your Digital Transformation

Alejandro VasquezNovember 7, 2017