The major focus for Bitcoin and blockchain technology has been on the financial aspect over the past few years. This focus stems forth from the Bitcoin price volatility that was marked by its highest price point in 2013 and has gone down ever since. But we are losing track of what blockchain technology will allow us to do, assuming it is executed properly.
The Next Development Revolution Hailing From London?
London, England has been the financial capital of the world for quite some time now. It should come as no surprise then to find out that London is also attracting quite a lot of Bitcoin-related companies and developers. After all, any decent project will need proper funding, and what better place to secure that funding than the financial capital of the world?
However, it is important to note that most of the VC funds flowing into the Bitcoin space are going towards US-based companies, such as Blockchain, Blockstream and BitPay. On the other hand, some of those VC funds are coming directly from London, with firms such as Index Ventures and Mosaic Ventures supporting the future development of blockchain technology.
But that is not all, as London is attracting people from all over the world to set up their Bitcoin company in this part of Europe. And even though most of the VC funds are flowing to US companies, there is no disadvantage for European Bitcoin startups. One of the major reasons for this level playing field is because UK government’s policies are far more digital currency-friendly compared to their US counterparts.
Perhaps the most famous London-based Bitcoin startup is Blockchain, a company that raised US$30.5m Series A funding in October of 2014. Blockchain offers a “Google for the blockchain” of sorts, letting anyone in the world track assets in their decentralized database and handles roughly 90% of all blockchain-related queries.
And there is more support for blockchain technology to be found in London. Despite Bitcoin being advertised as a tool to overthrow the current financial infrastructure, several major banks are experimenting with the technology at this time. London’s largest fintech accelerator – Level39 – is located in Canary Wharf, and set up by UBS to serve as a “crypto lab”.
Some of The Use Cases for Blockchain Technology
Blockchain technology will allow us to digitize and automate most of the processes taking place in the world today. Before that becomes a reality, however, there is still a lot of learning left to do. In fact, we have not even uncovered a fraction of the blockchain potential in terms of technological prowess.
That being said, there are several implementations of blockchain technology being worked on by various companies right now. These services can range from asset tracking and connecting Bitcoin ATM’s to placing bounty prizes in video games and digital contracts transferring value.
With a record amount of VC funding flowing into the world of Bitcoin and digital currency this year alone – and we are only halfway – it looks like the blockchain technology revolution is almost upon us. Whether or not this means the Bitcoin price will go up or down, remains yet to be seen. But at least the focus is back where it belongs: on the underlying technology.
Images courtesy of Shutterstock and Blockchain