June 22, 2015
Santander Bank is one of the several financial services firm that is trying to figure out how to use the blockchain in traditional banking. UBS on the other hand has already set up a blockchain research lab in London. Nasdaq is also experimenting with the technology. Most of these companies are looking at non-bitcoin use cases of blockchain as a technology concept. Recently I came across the first commercial blockchain concept based product that is not Bitcoin. A lot of people agree today that Blockchain as a concept is a great one but are not sure about the future of Bitcoin. So what are we talking about here?
To give an example of Blockchain concept we found out about a product called Gyft, an online platform for gift cards where you can buy, sell and redeem gift cards. It is a partnership between 44 year old Merchant Acquirer/Processor/Fintech firm First Data and blockchain infrastructure provider Chain to offer gift cards for SMBs using blockchain. The product will be rolled out soon and will become a solid example of blockchain based innovation that has nothing to do with Bitcoin. Why it makes sense?
Majority of the SMBs don't have gift card programs and therefore POS installed at SMBs don't accept them. It is costly to offer a gift card program and difficult to see the immediate benefits. Its basically postponed gratification for a retailer but large retailers understand it very well and have gift cards acceptance.
Here comes blockchain that would allow Gyft to offer a great gift card solution to SMB customers.
Some other use cases and initiatives based on blockchain
What is Blockchain?
Some developers have begun looking at the creation of other different Blockchains as they do not believe on depending on a single Blockchain. Parallel Blockchains and Side Chains allow for tradeoffs and improved scalability using alternative, completely independent Blockchains thus allowing for more innovation.
Man cannot discover new oceans unless he has the courage to lose sight of the shore. ― André Gide. I think its time to think beyond Bitcoin. Think Blockchain...