BSV-based start-up mintBlue, which was recently rebranded from Kyrt, the third runner-up at the third BSV Hackathon in 2020, is making headway in blockchain adoption in Europe by offering a way to simplify blockchain integration for businesses.
A major barrier to blockchain adoption is that enterprises around the world are not fully equipped to deal with the technical requirements of building on a blockchain, such as interacting with the Bitcoin script and opcodes, as it is still a relatively new technology.
Bitcoin script is the programming language that makes up the plumbing of the BSV blockchain. mintBlue’s goal is to make it easy for businesses to build on the BSV blockchain by working with protocols and offering ways for clients to gain access to blockchain solutions without dealing with the more highly technical details off-the-shelf and plug-and-play API services.
“See us as the Stripe for blockchain. Companies do not build their own payment infrastructure today. They use Stripe. Companies will not build their own blockchain infrastructure tomorrow. They will use mintBlue,” CEO and Founder Niels van den Bergh said during his talk at the eighth CoinGeek Conference in New York.
“We believe that the Internet needs more protocols. Why protocols? Most products and services online today are so-called walled gardens. They’re siloed databases that do not talk to each other. Protocols fix this. How? Through interoperability. The single largest innovation blocker in the digital age is a lack of interoperability. To solve the most complex problems we face today in the world, most data already exist, we just can’t access it right now,” van den Bergh added.
Interoperability is the enables innovation and empowers entrepreneurs and developers to build their solutions on the blockchain. The blockchain can work with various enterprises across different industries. And this is what mintBlue offers.
“Interoperability creates value. According to a study by McKinsey, the automotive industry alone could see a 50% boost in profits if they would work in a fully integrated environment. And blockchain takes interoperability even further. Blockchain creates a single source of truth,” van den Bergh explained.
This single source of truth lies in a blockchain’s ability to record data in an immutable and timestamped manner. Therefore, ensuring transparency, authenticity, and data security. And these benefits are all made possible to work within a global arena through scalability.
The BSV blockchain is the largest and only public blockchain that is capable of unlimited scaling. As the blockchain continues to scale, bigger data blocks, higher throughput, and lower transaction fees are made possible.
This is the practicality that mintBlue gives its clients. This was evidenced by what happened with accounting software company Yuki, which impacted Luxemburg, Spain, Belgium, and the Netherlands when it tried to resolve its chronic issue of invoice data loss.
“Their innovation department thought, ‘what if we would automatically publish a digital invoice twin on the blockchain whenever a user sends out an invoice through our platform.’ This would prove the authenticity of the invoice and it would allow any receiving party to get the digital invoice without relying on any external parties,” van den Bergh recounted.
While Yuki was able to solve its own problem—as many enterprises do—the problem lies in its execution. Working with popular blockchain providers would entail a much too expensive cost. Putting one million invoices on ETH would amount to a whopping $61 million, on BTC $13.2 million and $188,000 on Cardano. But on BSV, it would only take $1,680.
This is how mintBlue can gain Yuki as a client. Today, more than 500,000 invoices have already been published between Yuki and its partners. This case demonstrates how simplifying blockchain integration on a scalable, efficient, and cost-effective blockchain enables businesses to improve their systems and resolve long-term issues.
Featured Image by Sergei Tokmakov Terms.Law on Pixabay