Year in Review 2016: Blockchain Advancements (part 1)

blockchain advancements

This is the first part of our year in review. See the second part here.

 

2016 was, among other things, a year of great technological achievements: we have observed advancements in artificial intelligence, augmented reality, self-driving cars, virtual reality, blockchain… During 2016, blockchain adoption continued to grow, while bitcoin maintained the position as its most popular currency – all leading towards the prediction that 2017 will turn the hype closer to reality. 2016 also marks a very important period for Coinify. We would like to thank all those who were a part of it and share some of the most important highlights of our transformation in the past 365 days with you.

 

New cases for bitcoin and blockchain

Buy a house with bitcoin – it’s easy and transparent!

Last spring brought a very interesting and (as the public and media interest shows) popular case for bitcoin – the first real estate purchase in the Nordics. An early bitcoin adopter, who had acquired bitcoins throughout an extensive period of bitcoin mining, turned to us for help with processing a real estate property purchase. The real estate agency belonging to Just-Sold group signed up for a Coinify merchant account to be able to accept the blockchain payment of 117 bitcoins. Although we have facilitated thousands of blockchain currency payments, this stood out as a great opportunity to demonstrate yet another use case for bitcoin: besides processing the payment, our team also assisted with compliance aspects of the transaction – money trail on the blockchain.

 

real estate blockchain

 

Launch of the Digital Lab with Nets for blockchain tech exploration

In May, we have entered a strategic partnership with the biggest Nordic digital payments provider Nets to explore the intersection between blockchain and digital payments. The experts from both companies are working together at the Digital Lab on how blockchain technology could be applied commercially and within a regulatory framework.

 

Coinify and Nets Digital Lab

 

Blockchain technology addresses pains in real estate

Interestingly, the first Proof-of-Concept (P-o-C) developed in the Digital Lab was a solution for the real estate market. The blockchain-based prototype Buying and Selling a House demonstrates the ability to record all documents associated with buying and selling a house, such as the home condition report, the energy performance certificate and the sales agreement, or any related events such as water damage, insurance claims, construction of an extension or warranty. This P-o-C is currently touring the Nordic region, arousing interest among banks and spurring conversations about  the pros and cons of jumping into a nascent technology.

 

We are pleased to cooperate with Nets, as their interest and engagement in exploring the possibilities  of the blockchain technology sets a bright example for the the rest of the financial services community. We would like to encourage more financial institutions to reach out and enquire how can Coinify help them to stay at  the top of their game amid  technological advancements.

 

Asian expansion

Our push towards the Asian market began in late 2015 via Payment Service Provider (PSP) partnership with Payssion serving merchants in Southeast Asia. Shortly after, the partnership with Bitcoin Vietnam brought the  first blockchain payment processing platform to Vietnam, allowing Vietnamese merchants to receive payments in bitcoin and 13 other popular cryptocurrencies in much safer way, while opening their services to a truly global audience. Following, we expanded our payment processing services to the Asia Pacific region through the partnership with Hong Kong-based PSP iPayDNA. We expect more deals to come again this year.

 

Coinify partners Bitcoin Vietnam - illustration by BTCmanager

 

Eventful year for Coinify and blockchain

With more events than months in a year, our blockchain experts have been busy sharing their knowledge on blockchain technology and vision of how it can shape the current financial world. Among the top events, we had the opportunity to contribute to: Money 20/20 Europe and Las Vegas, Blockchain & Beyond Masterclass, PWC Financeconferencen, Accenture’s Digital Disruption in Banking, Deloitte Finans Agenda 2016, Future of Retail Banking Europe, PayExpo Europe 2016 and Exec I/O. Our blockchain experts are available to connect (with) the blockchain and finance community via keynote speaking also this year.

 

lasse birk olesen money 20/20

 

This post has featured new cases for bitcoin and blockchain technology, blockchain development lab, Asian expansion and an overview of the events that our blockchain experts participated in. You can also read about our new investment round, Blockchain collaboration, new service features, as well as new memberships, awards and recognitions from 2016 in the post Year in Review (part 2).


Image credits: Goodfreephotos (Ian Schneider), Coinify and BTCManager

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