Over the past couple of decades, blockchain technology has evolved, and a majority of businesses have adopted the technology to nurture their business because of its outstanding features. It is widely believed that Satoshi Nakamoto, the founder of Bitcoin, is the father of blockchain technology.
For a quick review, blockchain technology is based on an advanced data-storing mechanism with full transparency and security. The data and information stored on the blockchain are impossible to hack, delete and edit. Therefore, innovative technology ensures the safety and security of users’ data.
However, it is widely recognized as a distributed database or public ledger. In this article, you will learn about the top blockchain technology startups and the most used cases of blockchain technology.
Local news media mentioned the following examples of blockchains application:
- Money Transfer
Money transfer is the most commonly used case of blockchain technology. Almost all cryptocurrency transfer mobile or desktop applications are based on blockchain technology, not allowing any intermediate to control the transactions.
- Smart contracts
Smart contracts work the same as normal legal contracts. But adding the term Smart and applying it to the blockchain define the feature of the application so that a contract does not require any intermediary such as a broker to complete the requirements.
- Personal identity security
According to the American Association of Retired Persons, a nonprofit organization, around 42 million U.S. citizens experienced identity fraud in 2021. Therefore,
Keeping personal information secure has become necessary, such as birth certificates, birth dates, social security numbers, and many more.
Here comes the blockchain technology features to store data safely and securely.
The use of blockchain technology in logistics and supply chain departments can save billions of dollars for the company. It’s also useful in solving transparency issues and can automate the supply chain process.
According to the report, trust and transparency are the most encountered issues in logistics and supply chain management. Blockchain technology solves almost all issues with the help of its features.
Blockchain-based startups in 2023
As it is difficult to cover all the startups in the article, mentioning well-known organizations based on blockchain technology is important. According to the local news media, the top blockchain-based startups are as follows:
- Chain Analysis
- Mythical Games
- Yuga labs
- Spring labs
- Block Fi
“We have elected to put our money and faith in a mathematical framework that is free of politics and human error,” said Tyler Winklevoss, Rower & Entrepreneur. Like Winkelvoss, many business giants and entrepreneurs had faith in the technology.
According to the local news media, “Quality of Support” and “Ease of Use” are the two major factors affecting customer satisfaction with blockchain platform products.
Coinbase Institutional, Ethereum, Kaleido, Azure Blockchain Workbench, and IBM blockchain platforms are listed as the best blockchain platforms in 2023, as per local media reports.