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October 13, 2017

5 Favorite Innovators in Blockchain

Summary:

Current technology has moved little beyond pen and paper but blockchain provides a secure digital infrastructure.

Photo Courtesy of Pexels

Blockchain technology is being hyped as ‘internet’s superlative’. Some even think that blockchain promises to be a new infrastructure for financial services by 2020. The essence is that it facilitates peer-to-peer exchange of value, that is without the intervention of a third party, and that indeed renders the possibilities endless. Applications include identity validation, risk reduction, dramatic process improvement (on speed, accuracy, transparency and cost efficiency), fraud prevention, effective and efficient compliance and a lot more we can’t possibly know about at this point. In this blogpost we listed our favorite blockchain showcases.

All five have been selected for DIA editions in Barcelona or Amsterdam. All five match our key criteria; they significantly contribute to operational excellence and customer engagement innovation.

1. Tradle: KYC on blockchain

New York-based Tradle is using the blockchain to build a ‘know your customer’ (KYC) requirements network to secure both intrabank and external transfers. Current technology has moved little beyond pen and paper but the blockchain provides a secure digital infrastructure. Tradle’s system, ensures the transfer of data is verifiable. It’s about transferring trust, not assets. With KYC on blockchain, Tradle is building a global trust provisioning network to give retail, wealth, SME and institutional customers of financial institutions faster access to capital and risk allocation. Tradle helps financial institutions to turn the pain of compliance into commercial opportunity.
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See also: Blockchain: Basis for Tomorrow  

2. Everledger: blockchain-based diamond fraud detection

Everledger is a digital, permanent, global ledger that tracks and protects items of value by using the Bitcoin blockchain as a platform for provenance and combating insurance fraud. The London start-up is starting with diamonds, with a view to expanding into other luxury goods – high value items – whose provenance relies on paper certificates and receipts that can easily be lost or tampered with. With Everledger, the record is tamper-free; it’s immutable and can therefore be trusted. It also provides a Smart Contracts platform to facilitate the transfer of ownership of diamonds to assist insurers in the recovery of items reported as lost and/or stolen. Smart Contracts will also enable a fundamental change in the diamond marketplace and the way they’re financed. Diamonds are a global problem in terms of document tampering and fraud. In London it’s a 2 billion USD problem, meaning it is realistic to generate revenue with a blockchain-based diamond fraud detection system.
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Check the keynote of Everledger CEO Leanne Kemp …

3. Eris Industries: The smart contract application platform to solve big problems

The London start-up Eris Industries has built a universal platform for smart contracts and legal applications of blockchain technology. This platform is the first that allows the full potential of blockchain-based technologies to be realized in business. By combining blockchains and systems of smart contracts, businesses can take any data-driven human relationship and reduce it to code – guaranteeing accurate and consistent execution of functions that hitherto required human discretion to manage. The free software allows anyone to build secure, low-cost data infrastructure with run-anywhere applications. By using permissionable, smart contracts’ capable blockchains developers can easily solve commercial data driven problems.
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4. Guardtime: the world’s largest blockchain company

Guardtime is a cyber-security provider that uses blockchain systems to ensure the integrity of data. The company has its roots in US defense systems and expertise in state-level digital security (Estonia). Guardtime uses Keyless Signature Infrastructure (KSI), a blockchain technology that provides massive-scale data authentication without reliance on centralized trust authorities. Unlike traditional approaches that depend on asymmetric key cryptography, KSI uses only hash-function cryptography, allowing verification to rely only on the security of hash functions and the availability of a public ledger. In this way, Guardtime guarantees data integrity without the need to keep secrets. In short, instead of putting all of the data up in the blockchain, they only take fingerprints of the data.
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Check demo … 

See also: 5 Main Areas for Blockchain Impact  

5. Kevinsured: blockchain powered chatbot insurance for sharing economy

Kevin, Traity’s new chatbot, provides micro-insurance for online P2P transactions. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin protects buyers on online marketplaces such as Gumtree, Facebook and Craigslist. From buying football tickets to renting a bicycle, Kevin insures any P2P transactions against theft, fraud, scams, etc. Anything. Millions of transactions happen between strangers every day. Most of them work out really well, but the small percentage of scams make people fear strangers. Kevin brings trust to people buying, selling and renting from one another, Kevin ‘insures the use of internet’. To help stop scammers, startup chatbot Kevinsured is here to support online buyers. For any transaction under $100, Kevin validates the integrity of parties to insure the transaction between the buyer and seller. Once a purchase is made and Kevinsured is notified of it, the chatbot reaches out to both the buyer and seller to verify everything is legitimate. $100 may not sound like much, but it covers most of the transactions online. Furthermore, at Kevinsured they think that this is not just about insurance but about prevention. Users who buy and sell through Kevin will be subject to a reputation check, and scammers will simply try to avoid it, so they are likely to see a low level of scams, because scammers prefer to be anonymous.

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About the Author

Roger Peverelli is an author, speaker and consultant in digital customer engagement strategies and innovation, and how to work with fintechs and insurtechs for that purpose. He is a partner at consultancy firm VODW.

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About the Author

Reggy de Feniks is an expert on digital customer engagement strategies and renowned consultant, speaker and author. Feniks co-wrote the worldwide bestseller “Reinventing Financial Services: What Consumers Expect From Future Banks and Insurers.”

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