January 15, 2018

2 Emerging Technologies in Cryptocurrency

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For many the current Crypto markets spell big money in a rapidly developing market. We see calculated way to pick those coins destined to make a splash both in the monetary sense and in the tech world. Too often people see the crypto markets in dollar signs alone. Here is a great idea; look at the technology backed behind the ICO or coin. An ICO is an Initial Coin Offering and is the starting point for many coins on the market. Many of them do similar things. What you should really look for is the tech. What does it accomplish, how many direct competitors does it have, what is the size of the niche it is filling , how many business partners are already on board, and how big are those partners.

Everyone knows what blockchain is now, but not many people fully understand it. Most know that it involves a decentralized network and a ledger on each node for transparency and that as of now, blockchain is secure from being hacked. However, the security applications for day traders go by the wayside. There are different variations of the blockchain formula so far and they operate in similar fashion. The big difference is between them is what purpose the blockchains are working towards.

REMME

Take REMME for instance. This start up coin will go public in Feb 2018 and had a presale back in Dec 2017. It has been developed to reduce internal risk of human error in passwords and security. https://remme.io/ Its a blockchain backed 2 factor authentication process cutting out the middle man. It is already being used in a variety of industries from critical infrastructure, to crypto exchanges, IoT, and med tech. some major players involved already are Infopulse, Hotmine, and Constitutional Health. They have awards and accolades already to include a Microsoft Hackathon award from a blockchain based hackathon. (https://medium.com/remme/the-hackathon-we-won-5e9fe6a67189)

RIPPLE

Another example of the tech behind a coin is Ripple. https://ripple.com/ With its recent explosion on the market it is doing considerably well for itself and those who got in early. Ripple is a finance focused blockchain tech meant to tie together banks, payment providers, exchanges, and corporate groups on the RippleNet. The current system is dated and flawed according to Ripple and they are not wrong. It sometimes takes days for transactions to take place between various institutions and with the set up Ripple is using it could take a day or less. They have already partnered with groups like SBI Remit and collaborated with Siam Commercial Bank to allow Thai nationals in Japan to send money back home instantly. (https://ripple.com/customer-case-study/sbi-remit/)

It is these kinds of tech that should be looked for behind a coin when gauging the potential of a coin. I don’t see the dollar at the time, I see the potential it has to be big in the tech sector. Even if the coins fail, these techs and ideas behind the coins still exist and will continue on due to their growing implementation and their continued developmental promise. We personally look forward to the ever increasing availability of Blockchain as a Service in the cybersecurity world and you should be looking forward to it too.

Contact us if you would like to discuss CyberSecurity options to protect your investments

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