Technology is an ever-changing and evolving phenomenon and businesses are learning to always be at pace with it. The hype caused by the blockchain crypto currencies died down with the Augmented Reality and Machine Learning puffery, but the blockchain technology has to offer much beyond bitcoin.
What is Blockchain?
Blockchain became famous due to its application in financial sectors as secure currency mining with crypto money like bitcoin. The phenomenon yet, runs on a simple and unique mechanism. The blockchains store data across ‘blocks’ rather than a central server where new data adds up in the form of chain after the computer solves the cryptographic key. The blockchain information is thus secure and can’t be altered.
The technology gained fame with its secure digital currency and now is seen as a way to invest smart and secure information. A lot of start-ups are levering the power of blockchain to empower their businesses by storing data in the form of secure blocks. So far, a wide range of companies have created secure processes eliminating any unethical practices with blockchain.
Startups and blockchain
The applications of the tech spread across health, education, finance and entertainment sector. Many startups are leveraging the power of blockchain to make their businesses powerful and secure. Furthermore, having a decentralized network means that companies themselves control access to their data and decide when to provide access.
Below listed are some examples of startups in 2018 which followed the blockchain trend:
BitTicket came forward as a solution to ticket scalping, counterfeiting and booking price inflation in the UK. The startup launched in 2013 to help eliminate the unethical practices in the event ticketing industry and secure ticket deliveries between sellers and fans.
The BitTicket makes use of blockchain technology to deploy smart contracts between sellers and buyers so that tickets can’t be purchased in excess by touts. to ensure tickets cannot be mass purchased by ticket touts and bots. The technology is useful in keeping track of the tickets after they are sold to make sure authenticity.