The blockchain has been gaining momentum since its release last year.
This week, the company behind the technology announced it has received $10 million from an unnamed VC firm, the first time it has raised funds in a public offering.
The firm behind the project is Innovate IT Solutions, which also worked on the token sale.
“Blockchain is a revolutionary technology and it is a game changer,” says Rob Collison, co-founder and CTO of Innovate, in a video that was posted to the firm’s website.
“I think it’s going to change the way we do things in the world.”
Innovate is working with banks, payment processors, and more to use the technology.
It will help banks, merchants, and other businesses make payments with less fraud, more securely, and faster than before.
The company has also announced partnerships with several big banks.
“We are working with a number of banks around the world to bring blockchain to their customers, including Visa, MasterCard, American Express, and others,” Collison said.
“This is just the beginning of a wave of innovation we are excited about.”
The firm says it plans to open a new office in London later this year and expects to expand to a number more cities in the future.
The video is a bit longer than I expected, but it does a great job explaining the technology and the project behind it.
Here’s a quick look at some of the most popular uses for the technology: AaaS (Automated Access and Delivery) for commerce.
The blockchain is a distributed ledger that is used to track transactions.
“It will revolutionize the way commerce works,” Collisons says.
“The future is a digital marketplace.
It has no human agents or middlemen.”
This is where the technology can be used to provide a faster and cheaper means for businesses to accept payments without having to send an agent around to accept the money.
“Now, imagine a world where the payment is instant.
Instead of people having to wait days, weeks, months to receive the payment, they could do it instantly,” Collisions says.
In this scenario, there is no middleman.
There is only the data, which can be stored in the blockchain, and the business can transact at a fraction of the cost of doing it manually.
“In the future, the technology will enable merchants to charge customers more for their products, and even charge them more for products that are not necessarily of their value.
This could mean that, for example, if you want to offer a service that allows customers to use a product for free, it will cost you more to offer it for free.”
AaaP (Automatically Providing Paid Services) for businesses.
The Aaa PaaS or “AaaP” platform has been around for some time, but this week it announced it had raised $10.7 million from Accel Partners, a venture capital firm.
The technology has a large footprint in the consumer sector, where the blockchain can be useful to help retailers track sales and provide paid services, like coupons, to customers.
This is especially true for retailers who rely on payment processing companies to handle payments for them.
“AaP is a real game changers for the future of commerce, not only because it offers a cheaper, faster way for businesses, but also because it can potentially revolutionize how the payment process works for consumers,” says Jason Dymond, Accel partner at Founders Fund.
The platform will enable companies to take advantage of the digital ledger to make payments faster, easier, and with less friction.
“When you have a payment process that is frictionless, it is much easier to pay,” Dymonds says.
The tech has already been used to pay for items on Amazon, with the company even selling items on the platform.
The next phase of the technology, which will allow merchants to accept more digital payments, will be more advanced, but Collisons promises that AaaPs will be useful for more than just payments.
“There is so much more potential for Aaa solutions that go beyond payments,” he says.
It’s also important to note that AaP’s technology can also be used for payments that are outside of the banking world, like in the real estate and insurance worlds.
For example, the platform could allow banks to accept online payments without actually having to accept credit cards.
In that case, the blockchain technology could be used by real estate companies to manage and manage online transactions, allowing them to make more secure and cheaper payments.
