As part of our yearly roundup, we're looking back on predictions we made early in 2017 on the blockchain companies set to make a difference. The question is: were we right?
What we thought then: Despite qualms over Brexit, the UK still remains the financial hub of Europe and a popular choice of jurisdiction for blockchain-based companies. When it comes to regulating businesses that work on a distributed ledger platform, the UK is ahead of many different jurisdictions, as transferring or legal processing of a bitcoin is not regulated by a PSP. The regulation under a single ledger which tracks the recording means that several countries do not have a legal infrastructure in place to accept the growth of blockchain companies.
What we think now: Bitcoin blockchain, at their highest potential, the two are inseparable. And what a year bitcoin has had. Bobby Lee predicted as much in an interview we conducted in January 2017. On the day of the interview, a single bitcoin was worth $894, it is now £17,178, an increase of 1821.48%. The fear that the parabolic rise could lead to a tremendous crash, raises doubt over the cryptocurrency’s sustainability. Whilst we won’t go over the technicalities of the technology (try our back to basics guide to blockchain for that) the underlying technology, blockchain, is tipped to change the face of financial services.
Here are four (more) blockchain companies we tipped to make a difference in 2017:
Where they were then: BlockVerify believes in the power of blockchain technology to improve anti-counterfeit measures in several different industries which have significant social impact. The company works across a variety of markets including pharmaceuticals, luxury items and electronics, and works to ensure that products in each of the industries are successfully tracked in the manufacturing process. The company then ensures that all equipment is original and verifies quality goods by checking the 'blocks' embedded in each product. To ensure product authenticity the company uses a multitude of verification processes.
Speaking at the London Blockchain Expo in London, Pavlo Tanasyuk, Founder and CEO of BlockVerify said in reference to customer experiences with the implementation of blockchain: “There will be no intermediary. Users do not need to sing up with anything, and we define the terms and conditions ourselves. Its opening up a new universe of being direct.”
Where they are now: Much like other candidates on this list, BlockVerify deals purely in bringing the security protocol of blockchain to the pharmaceutical, luxury goods and electronics industry. Although not the only company offering immutable ledger technology to verify authenticity of assets, BlockVerify nevertheless feels like a company of the future as it's hoped it will be able to drive and accelerate trade through trust in security. It also has strong societal impact and force for good in stamping out counterfeit drugs that could otherwise harm users.
Where they were then: Coinsilium is a London-based blockchain and investment company that focuses on the implementation of blockchain products and services. The company works to manage the development of early stage blockchain technology companies as well as accelerate finances for each product and business.
Where they are now: Perhaps slipping under the radar, Coinsilium have nevertheless occupied an important corner of the blockchain market. With so many crypto companies starting up with instant customer demand (and the regulatory responsibility to boot), someone with experience of blockchain implementation has to ensure all is running swimmingly. The USP in the burgeoning crypto market as well as a few successful fundrasing rounds, leave Coinsilium in good health for 2018.
CEO, Eddy Travia responded to the last round of fundraising last week, “2017 has been a transformational year for Coinsilium and we are now seeing the market beginning to recognise the true potential of blockchain technologies. This fundraising provides Coinsilium with the opportunity to deliver shareholder value from making further early stage investments in some of the most viable Blockchain opportunities as well as providing much needed advisory services to companies in the burgeoning token economy. We look forward to announcing some of the exciting new initiatives we have planned over the coming weeks.”
Where they were then: SETL was founded in 2015 to deploy a multi-asset and multi-currency payments and settlements infrastructure based on blockchain technology. The company works to enable market participants to move cash and assets directly between each other, and allow direct and immediate market transactions.
The infrastructure used by SETL uses a fully secure distributed ledger platform which is permissioned and records transactions, simplfying the process of providing settlements and transaction reporting.
Where they are now: CEO, Peter Randall got in touch with bobsguide to update us on their progress: "2017 has been a year of very solid progress for SETL. In September, we announced IZNES which provides investors, asset management firms, distributors and wealth management advisers with easy and rapid access to fund units. The platform enables firms to enter into new relationships with investors, manage KYC processes, handle subscription / redemption instructions, and settle transactions and record positions. Compatible with all distribution channels, IZNES reduces transaction costs and is powered by SETL technology. We currently have a series of other projects underway around the world in Europe, the US and Asia."
Where they were then: Cashaa is a UK based peer-to-peer marketplace that is powered by blockchain technology. The company ensures users are faced with no transfer fees when sending money to individuals which are all embedded with cryptocurrency algorithms.
Cashaa works to match cash transfer requests submitted by anyone in the world on live deals by matching the deals with cryptocurrency traders around the world. It is the cash sender that starts the process chain on Cashaa by selecting the amount to send, and then amount he/she wants to be delivered to the recipients local currency is matched by the cryptocurrency traders.
Where they are now: Naturally, the fluctuations in bitcoin price in 2017 have added value to Cashaa's remittance service. More recently, Cashaa announced their token sale of CAS tokens whilst they further look to expand the business with the appointment of an advisory board. It all points to a rosey 2018 for Cashaa who are supplying the demand for frictionless global payments using blockchain technology to both the unbanked and banked alike.
For the twin article looking at the first of our predictions, click here.
For the original article on top blockchain companies for 2017, click here.