CryptocurrenciesThere is more to cryptocurrency than it is a secure form of digital currency or it is yet another profitable trading asset. During an interview to the Financial Times, Leanna Kemp, Director of Edgelogic, mentioned that she’s “not excited about Bitcoin. It’s the underlying technology that really excites me.”

The Blockchain technology over which the large empire of cryptocurrency has been built on can be exploited to discover many useful real-life applications that can make this place a better and safer world to live in. For example, one of the popular and interesting applications that entrepreneurs have favored its use is in crowdfunding for start-ups.

Start-up companies

Today’s brilliant start-up companies have made use of cryptocurrency ICOs (Initial Coin Offerings) as a means to crowdfund their business ideas from the roots with adequate sources of capital. Here are a few examples to illustrate the widespread application of cryptocurrencies in the start-up world.

  1. Blade – The Company gives out “pre-paid debit cards” to customers. Rather than topping it up with cash, shoppers can top this debit card using Bitcoins and then swipe it in any of the retail shops that accept card payments, even in the ones where retailers have not yet heard about virtual currencies.

  2. BTCJam – A lending company that operates on the principle of P2P (peer-to-peer) networking where users are willing to share their Bitcoins to those who are looking to borrow some. “A 2014 seed round raised $1.2 million, and it provided more than $5 million-worth of loans that same year”. This is proof enough to project the company’s potential in the field of providing loans to people who find it difficult to avail loans.

  3. Edgelogic – A start-up organization that prevents thieves from stealing precious stones by getting these registered on a Blocktrade (a public ledger based on the Blockchain technology) using cryptocurrencies.

  4. Factom – It is a leading record-keeping company that works on the principle of decentralized Blockchain technology. It allows users to store any number of private or public data in their system and in return assures privacy and integrity. Paul Snow, CEO & Developer of Factom had once mentioned in a statement to the Wall Street Journal the Factom aims to “win over government regulators,” who will hopefully “come to see blockchain-embedded databases as a powerful way to compel transparency in finance and other business sectors.”

  5. Ledger Wallet – A Bitcoin wallet provider that allows its users to save, store, and do whatever they like with their digital currency and with the main highlight of the service being that it provides its users with a customizable USB stick that acts like a physical key to their digital wallet.

Such is the impact of cryptocurrency in the field of crowdfunding that there are even contests being held by Blockchain Tech Companies to encourage investors to invest in their digital currency crowdfunding platform. Kevin Hobbs, CEO of a Blockchain Tech Company called Etherparty Smart Contracts Inc explains in an article to the Crowdfund Insider “The contest is an amazing chance for a few young companies to harness the latest in crowdfunding technology at no cost, and no risk”. He further adds, “We are looking for blockchain projects that are innovative and exciting, and we especially love projects that are problem-solving a large or global issue.”

Hence, it can be concluded that cryptocurrency and the Blockchain technology go hand in hand and that these provide a world full of exploitable prospects for the opportunistic.