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“Out with the old, in with the new”

Updated: Jan 28, 2022

It seems every aspect of the Bitcoin world wants to eliminate, little by little, the traditional ways of doing things; this may or may not be a bad thing. In spite of it, it sure has excellent ideas when it comes to decentralizing many things that, at times, are big headaches due to all the paperwork and time needed.

The blockchain technology has proven to be a beneficial system, not only to be used in the cryptocurrency world to do transactions. This has been the reason why many startups, and even known entities, are looking into this type of technology.

The blockchain is not a database where your information is kept. It is more like a system that can record anything you want, and you can decide who can access it. It is a type of technology free from an authority or a waiting line, official entity stamp, among others. The blockchain technology also offers a very secure network. The importance of security is something that our current banking system knows about because they have the responsibility to keep the data of their customers safe. Moreover, now it's not only the banks who have to be securing their information, but it's also the case of big retail companies and small ones too.

With this blockchain technology in Bitcoin, you can decide who has your information, and not a third party. In Chile, according to the "Ley de la Renta" (Law of Rent), the banks have the obligation to inform the "Servicios de Impuestos Internos" (Internal Revenue Service) in March of each year. They inform any interest or other income paid by its customers, or to its customers, during the preceding year to that in which they must submit the report.

There are many other procedures like the ones mentioned above, so it makes sense that, sooner or later, something had to change, or other options had to be given when it comes to how people's money information is shared. In an interview for The Guardian, it was stated that "Blockchain has the potential to replace mediators who are present today in multiple industries to provide transparency and accountability, such as banks for financial transactions, universities for verifying academic certificates or music companies to reward music creators," says Dr. David Galindo, a senior lecturer at the University of Birmingham and a cryptography expert.

These are some startups that have caught my attention:

FarmaTrust is a startup that began in 2016. Its purpose is the following: “FarmaTrust is a web-based peer-to-peer platform designed to keep an immutable record of every legitimate drug ever produced. Using the blockchain technology, it is at the forefront of preventing counterfeit drugs getting into the supply chain, and therefore, preventing death and suffering of patients, be it in the developed or the developing world.”

Smart Valor is a blockchain startup set up to reinvent private banking. “It provides a blockchain-enabled platform for investors, asset issuers, and facilitators, to exchange values globally. It hopes this will build bridges between traditional and crypto finance. Smart Valor was founded in February 2017, by Olga Feldmeier in Zug, Switzerland.”

AidCoin is a startup backed by the fundraising platform Charity Stars. “AidCoin is the ERC20 token that aims to become the preferred method to donate transparently through the Ethereum blockchain and to access the ecosystem of services provided by the AIDChain platform. The adoption of cryptocurrencies will impact the way we donate in the future, and AidCoin is poised to play a leading role in this new era of fundraising.”

ShipChain is a startup that unifies shipment tracking on the Ethereum blockchain. “Imagine a fully integrated system across the entire supply chain, from the moment a shipment leaves the factory to the final delivery on the customer's doorstep, federated in trustless, transparent blockchain contracts. The ShipChain platform is based on a simple, yet powerful solution called "Track and Trace."

All these startups that are using the blockchain technology have taken over diverse areas in the industry and realized the flaws some of them had. In other words, they found a way this technology can make things work in a more reliable and efficient way.

Hope you enjoyed it! Feel free to leave comments if you like.

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