Blockchain technology has exploded over the past several years, and it’s gone way beyond use as the system underlying cryptocurrency Bitcoin. While some of these applications still revolve around the concept of digital cash—such as Ubiquicoin—others are operating truly outside the money box.
Here’s a look at a few of the wild and creative ways entrepreneurs are using blockchain technology.
Storj
Storj provides decentralized cloud storage, and one of its primary benefits is increased security through blockchain technology and heavy encryption.
Another plus of Storj is that, because servers are decentralized, when a user accesses data, the closest server can handle the request; this cuts waiting times, particularly for those who are located far away from centralized servers.
Servers are also more reliable because they are less susceptible to disruptions because of hardware failings or other outages.
Chronicled
Chronicled “was founded to be the master record of data on the world’s most innovative companies.” The company is using blockchain technology to revolutionize the way companies develop and exchange documents among users.
Supported by blockchain technology, Chronicled keeps track of revisions, versions, locations and other important data related to documents to improve supply chain control efficiency.
Odem
Odem bills itself as a “decentralized education marketplace” that aims to connect “students, educators and service providers.” They strive to link everyone who wants to pursue higher education with the resources, particularly online education programs and direct connections to instructors, they need to help them achieve their goals.
The possibilities for decentralized systems at the heart of blockchain technology are limitless. If you’d like to talk about starting a blockchain business, call us at (314) 454-9100 or send a message to start the conversation today.
About the Author
Scott Levine’s practice is dedicated to assisting entrepreneurs, investors, emerging and established businesses with the unique and often challenging issues they meet throughout the formation and growth process: from entity formation, to the management of founder relationships and economics, to the protection of intellectual property, to the financing of growth and navigating securities law compliance. He assists clients as they continue to grow and develop, whether this involves merger and acquisition activities, international licensing and distribution arrangements or counseling of directors and officers.
