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Home News Blockchain Startups Score €250m Worth of Investment in Q1-Q2, 2016

Blockchain Startups Score €250m Worth of Investment in Q1-Q2, 2016

According to Juniper Research, some €250 million in venture capital cash was funneled into more than 30 start-ups working in the field of Bitcoin or Blockchain technologies.

More than 1/3 of that investment went into three companies – social payment provider Circle, sidechain developer Blockstream, and distributed ledger solutions provider Digital Asset holdings. 

The new research report – The Future of Blockchain: Bitcoin, Remittance, ID Verification & Smart Contracts 2016-2021 – highlights the increasing diversification of nascent Blockchain deployments, with applications ranging from identity to asset management. It pinpointed the banking sector as being particularly proactive, with several banks having already adopted the Ripple Blockchain protocol and others piloting competing solutions.

The research claimed that in areas such as transaction settlement, the introduction of a Blockchain-based system would substantially reduce both the risk of error and the time taken for error checking. Furthermore, it argued that in cross-border remittance, the technology could allow new entrants to offer services at significantly lower costs to consumers.

Smart Contract Flaw Poses Challenges

However, the research cautioned that if smart contracts use Blockchain technology, then their contents, including, potentially, bugs or flaws, are visible to all the users of that Blockchain. It cited the recent case where a flaw on the DAO (Decentralised Autonomous Organisation) network was exploited by a third party, resulting in the misappropriation of cryptocurrency worth nearly $80 million.

According to research author Dr Windsor Holden:

“While Blockchain technology offers the potential for increased speed, transparency and security across an array of verticals, there has to be rigorous and robust roadtesting in each unique use case before any decision is taken.”

The complimentary whitepaper, ‘Blockchain Reaction’ is available to download from the Juniper website together with further details of the full research and the attendant Interactive Forecast Excel (IFxl).

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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