The concept of blockchain has energized the financial services industry globally. The interest of financial institutions on blockchain is quite evident considering that Santander Bank has identified 20 to 25 use cases for the technology. The bank also estimated that the usage of blockchain by banks can reduce the infrastructure cost by up to $20 billion a year. Other banks such as UBS have set up a blockchain research lab in London, Goldman Sachs has invested in bitcoin startup Circle and NASDAQ is also experimenting with the technology.
Blockchain technology allows everyone to hold and make transactions as strangers but in a completely transparent manner. There is no mediator in between two people making the transaction, and the entire process becomes easier and cheaper. This concept can be applied to the entire digital world, making any kind of exchange/transactions secure. This article will take you through numerous such business models and companies that are beginning to sprout based on blockchain technology, but excluding those who focus on payment and banking transactions.
The non-financial use cases of blockchain has been hot in the recent past with more than 50+ startups coming up in this space. Blockchain Capital (Formerly known as Crypto Currency Partners) very recently managed to raise US$7 million towards their second investment fund for bitcoin and blockchain-related ventures specifically focusing on non-financial use cases.
A report by GrowthPraxis (a payments-specific research and consulting firm) has identified 20 non-financial use cases for blockchain technology. These use cases have been identified by closely monitoring the startups which are either operational or in stealth mode. The use cases identified are very interesting, even solving some real-world problems. Let us take an example of a simple company review site, like Glassdoor. Most of us read reviews of the firm which we plan to apply for a position. However, there is always uncertainty about the review as they can be forged both in favor of and against the firm. Applying blockchain on top of such a review site can increase the authenticity of the review.
The current non-financial uses cases developed by startups in the sector mainly focus on asset servicing, the Internet of Things, identity management and documentary trade. It will be quite fascinating to see how these use cases are being adopted by governments and the public sector alike to streamline processes, thereby improving the life of the masses. To know more about the startups involved in the sector, their use cases and funding, buy the report by clicking the button below:
Table of Contents:
1. Executive Summary
2. Overview of Blockchain
3 Analysis of Blockchain Startups Ecosystem: Non-financial Use Cases
4. Profile of Startups using Blockchain technology
5. Business Models Adopted by Startups
6. Investment in Blockchain Startups