Blockchain

Bitcoin Startup Ledger Wallet at CES 2016

Ledger, a Paris- and San Francisco-based startup, participated in CES 2016 exhibiting some of its portfolio of hardware to store bitcoins.

The company is focused on providing users with a simple and safe way to store bitcoins, enabling them to become their own bank.

Ledger Wallet’s first product was a sort of USB key that you would unlock using a PIN code. Your bitcoins are safe even if you lose it as you need a private key to send these bitcoins. You can even recover your wallet and transfer your bitcoins to a new wallet.

In other words, Ledger Wallet multiplies the number of factors to access your bitcoins, including a physical element. And even if your computer is infected, hackers can’t access your bitcoins as the most important part of the code is executed directly from the wallet.

This year, they came to CES with something much more ambitious, the “Ledger Blue,” a small, touchscreen device designed to act as a secure, stand-alone “black box” for everything you want to keep private.

"Bitcoin and blockchain are gaining a lot of traction because they are fundamentally better than what we have today in the mainstream. What form it will eventually take—bitcoin or private blockchain—we don't know yet, and time will tell. But in any case, bitcoin relies on public key-private key cryptography and there is an absolute need to secure the private keys," Ledger Co-Founder Thomas France said to WIRED on the show floor at CES. "The difference with Ledger Blue is that it has a built-in screen that is piloted by the secure environment."

Apart from Ledger, Charlie Lee, Brock Pierce and Michael Terpin, representatives of Coinbase, Blockchain Capital and CoinAgenda, respectively, also participated in the event by offering a briefing about technology blockchain and its vast potential.

It is likely that bitcoin and blockchain have a major impact in many areas of the financial sector, and other industries could also benefit from these technologies.

An outstanding innovation in 21st-century payment, bitcoin is increasingly attracting more young customers, gamers and cutting-edge consumers across the globe. According to the latest released data, around $300 million was spent via bitcoin on Black Friday and Cyber Monday last year, making a new breakthrough record.

There is a positive outcome for the market’s overall adoption pace. With bitcoin becoming a currency to use for payments through a traditional tool, market participants may become more eager and accept the next innovative solution when the time comes.

Many VCs have poured money into bitcoin/blockchain startups realizing the potential of what could become the “internal combustion engine” of FinTech, and rightly so. Some of these startups are at the cutting edge of problem-solving. Also, the investment of time, energy and money from firms such as Goldman Sachs, Visa and NASDAQ has proved that bitcoin/blockchain holds a lot of real potential in FinTech.

Priti Thakur

Priti has keen interest in digital money and fintech startups . She completed her B-School education this year and likes to write about innovation with respect to digital payments.

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