Blockchain is highly likely the future of finance at in the current global economy.
Organizations at all levels are already leveraging the power of blockchain to improve their operations on the internet.
The finance industry may be the obvious industry that blockchain is poised to disrupt. However, it is set to revolutionize many other industries outside of the financial sector.
Big data and the cloud computing industry, are two sectors set to be impacted, thanks to one Singaporean startup.
Named in the Global FinTech 100, Bluzelle is utilizing blockchain technology in data management. The startup, which raised US$1.5 million in a Series A round in August, has provided solutions for global institutions such as KPMG, Microsoft, and Temenos, over the past 16 months.
Bluzelle, led by Canadians Pavel Bains (CEO) and Neeraj Murarka (CTO), recognized the need for an improved database service and is looking to solve the problem of the increasingly deteriorating consumer trust in data storage and security procedures.
Businesses and individual consumers will soon be able to store their data in distributed cloud networks built on highly secure blockchain technology.
That cannot come sooner for those concerned about the vulnerability of the current centralized cloud storage system.
With recent major data breaches where millions of people confidential information have gotten exposed to hackers, many are becoming more hesitant to hand over their most sensitive information to big corporations.
Blockchain, being a self-verifying sequential storage scheme, provides an alternative to the traditional centralized cloud storage system. Blockchain technology allows for data to be highly distributed, but critically, being highly secure on a decentralized internet.
What the decentralized blockchain system does is store data on many individual nodes which are strategically dispersed across the globe, making it extremely difficult for meaningful security breaches to occur.
In an interview with Tech Wire Asia, Bluzelle explained why blockchain is the solution.
“With the blockchain, people can track exactly where the product is, and where it originated from. It will ensure there are not any counterfeit goods… people will be able to trust the data is correct and everything is transparent. No one can cheat the system”.
Bluzelle aims to provide this decentralized database service for Decentralized Applications (dApps).
“The current internet infrastructure suffers from performance, reliability and security issues. Using blockchain for apps will resolve those issues.”
Bluzelle’s concept is producers having the ability to rent out their hardware resources to the network, with consumers then using this network for their applications. Bluzelle wants to use its own cryptocurrency to ensure that this works.
The company believes a peer-to-peer database is much more effective than centralized systems, which contain various attack points and opportunities for data theft.
With Bluzelle’s type of database, the records are not stored in one place but broken into little pieces and scattered around the world.
Consumers will access the database services by paying tokens and producers will earn those tokens for lending their resources to it.
Bluzelle was recently awarded “Technology Pioneer” status by World Economic Forum joining the likes of tech giants such as Airbnb, Google, Kickstarter, Mozilla, Spotify, and Twitter, who are past recipients of the honor.
The startup plans to launch an ICO on Nov 21.