Blockchain technology is the newest entrant in the technological sphere causing massive changes in various industries. While the technology helps to save time and money for many businesses, it is highly sought after due to its transparency and fair nature. Blockchain technology is rife in the cryptocurrency industry, such as Bitcoin and Ethereum.
Today, various industries such as Fintech, Telecommunications, Health and Life Sciences, Insurance, and Banking are leveraging blockchain technology to derive maximum value. However, many people are still unaware of Blockchain and how its knowledge can be harnessed to increase efficiency in any industry.
Blockchain technology refers to a seamless system of recording information, making it impossible to alter or hack the system. Essentially, it is a digital ledger of various transactions replicated and distributed across the entire network of computers in the Blockchain.
Startups are now integrating blockchain technology just like big multinational companies. Below are 5 Colorado startups that have revolutionized their industries by adopting Blockchain technology in their operations.
Salt
Salt is a Fintech lending company located in Denver, Colorado. The company allows its customers to liquidate their cryptocurrency for cash loans. Some of the digital coins they accept are Bitcoin, Dogecoin, and Ethereum.
An interesting fact about Salt company is that customers get to retain the ownership of the cryptocurrency. Additionally, borrowers must pay an annual membership fee to access the platform.
The company is present in multiple states across the United States and gives loans starting from $5000.
Burst IQ
Burst IQ is a health company in Colorado that is leveraging the power of Blockchain to provide healthcare services. The company utilizes Machine Learning, Blockchain, and Big Data to enable individuals and businesses to understand, control, share and gain insightful value from their health data.
What BurstIQ does is disintegrate health data into one combined data repository. Therefore, as the data is updated in real-time, anybody can access the information while still consistent with HIPPA regulation compliance.
Rebel AI
Rebel AI is a startup located in Louisville using Blockchain to help advertisers and marketers. With two-step authentication and encryption, the company uses Blockchain to help reduce fraud in advertising delivery.
Using their patent-pending technology, the company encrypts advertisements and User IDs for each participant in the advertising fraternity. Afterward, Blockchain is used to deliver the information to the recipients. Once the information safely reaches the intended recipient, it is decrypted. This method ensures the digital identity of each participant is protected.
Joust
Joust is an all-inclusive banking platform that provides merchant services and business banking for independent professionals such as freelancers. To carry out their services, Joust combines an FDIC-insured bank account with a merchant account to invoice clients and mitigate the risk of non-payment.
Additionally, Joust uses blockchain technology to create a virtual barrier to cash transactions. Members link their tokken accounts to their bank account and then use their mobile wallets at any designated retailer. Afterward, the retailer can record their transactions and pay bills through the tokken app.
Zcash
Zcash is a decentralized open-source cryptocurrency that guarantees privacy and transparency of its transactions using cryptographic techniques. It has a current market cap of $2.13 Billion as of March 2022.
Zcash differs greatly from other digital coins such as Bitcoin since it offers complete privacy for its users. While the transactions are public, the amount sent, recipient, and sender of the transaction are private and confidential.
