How blockchain will create new businesses

This year, when it launches, the Creditshare.io application is likely to make some noise in the credit world. The goal: to facilitate direct lending between companies, bypassing banks and brokers. Clément Bergé-Lefranc, one of the founders of Ledgys, the start-up behind the project, summarizes it as follows: “The borrower enters his financial data on the platform. These are encrypted and converted into a solvency ratio by our algorithm. The lender then knows the risks. When he decides, he transfers the money through our blockchain which secures the transaction.”

Developed after the 2008 financial crisis with the virtual currency Bitcoin, the blockchain is a cryptography and computer data exchange technology that is considered inviolable. Copied onto the computers of all users of the system, the “chain of blocks”, a kind of register of transactions, can be accessed by anyone and not tampered with except to take control of tens of thousands of devices.

HOW DOES THE BLOCKCHAIN ​​WORK? EXAMPLE WITH BITCOIN

1. Louise and Tom both have bitcoins and they each have one on their computer wallet (a virtual wallet) of the famous cryptocurrency.

2. Louise needs 10 bitcoins (value on February 13, 2017: 9,275 euros). Tom agrees to lend them to her. He initiates the transaction directly from his computer to Louise’s.

3. The transaction enters the blockchain bitcoin. It’s a database in Pear to Pear : other users, called “miners”, check that the transaction is valid, ie that the purses Tom’s and Louise’s are well registered and Tom’s is well stocked with bitcoins.

4. Louise receives her 10 bitcoins. The blockchain registers that she is the new owner of these 10 bitcoins and that Tom has 10 less At no point did the two friends go through a bank and the operation only took them a few minutes. In addition, they paid very few fees.

> movie. Understand bitcoin in 1 minute 20:

SECURE AUTHENTICATION† With this digital Fort Knox you no longer need a trusted third party. The banking sector therefore has a great interest in this, in particular to speed up transactions between branches. This is not the only one. Dozens of start-ups around the world are starting to think about how this technology can revolutionize insurance, energy, health, the sharing economy and even work.

In France, there are only a handful, “up to twenty,” estimates Claire Balva of Blockchain France, a consultancy specializing in the matter. Most work in finance and B to B. So Ledgy’s it designs blockchain infrastructures on which to graft various marketplaces: Creditshare.io, but also Dipl.me, which guarantees recruiters the authenticity of their employees’ degrees, Guarent.net, which secures transactions between owners and their tenants, Glassinsurance. io, which offers its services to insurers, etc.

> In figures: 18 billion euros. This is what banks were able to save annually thanks to the blockchain (Source: Banco Santander, 2015). $1 billion has already been invested in industry start-ups.

PROTECTED PATENTS† Same model at Stratum, which raised 600,000 euros in 2014. The start-up has designed a medium on which other fledglings will install software layers and apps in the fields of micro-insurance, data protection, etc. “Our technology is used to store evidence of documents, explains Sébastien Couture, one of the co-founders. . Instead of applying for a patent or sending a Soleau envelope, a scientist stores a file of his work in the blockchain. It thus protects them for life: in the event of a dispute with a colleague, the timestamp proves the anteriority and thus the paternity of his idea.

in the field of finance, hinder is developing a system with which banks can direct their risk management (just like Ledgys). It can also serve as a marketplace for conducting over-the-counter trades, without the involvement of a broker, while ensuring the same level of security and confidentiality. “It’s a niche in market finance that’s never been shaken up before,” welcomes Romain Rouphael, its co-creator. His company currently has three employees and he is aiming for balance in 2017. Proof that the market has potential.

> movie. Understanding the blockchain: functioning and challenges.

SMART CONTRACTS† The possibilities of blockchain do not stop with security and certification. Last, EthereumVitalik Buterin’s foundation (which raised $18.9 million) rocked the fledgling ecosystem with a major innovation: smart contracts (smart contracts). Simon Polrot, who launched Ethereum France, explains: “They are basically coded functionalities that are executed once the predefined conditions are met. For example, insurance companies can automate the payment of compensation. This means significant time savings for them and their customers.”

Also read: Ministry of Defense is interested in bitcoin and the blockchain

AIRBNB THREATENED? In Germany, slock.it wants to link this system to connected objects to revolutionize the sharing economy. “Of a smart contract and a connected lock, no Airbnb needed: the tenant passes his smartphone in front of the lock to enter the apartment. At the end of the rental period, the doors automatically lock again,” says Stephan Tual, co-founder of the start-up. Strong argument: the commission received will be barely 1%, compared to 15% for Airbnb.

Consumer blockchain applications are still rare, but there are a few precursors. Blockpharmathe anti-counterfeiting solution launched by Fanny Roseau makes it possible to verify with a smartphone that a box of medicines does indeed come from a laboratory. KeeeX, Laurent Henocque’s young shoot in Marseille (€100,000 raised), certifies office documents. A contribution that can be decisive in the development of cooperation. Finally the purchasing platform mubiz, created by Albin Cauderlier, brings producers and consumers in direct contact. There are still places to take, it’s time to go!

Consumer blockchain applications are still rare, but there are a few precursors. Blockpharmathe anti-counterfeiting solution launched by Fanny Roseau makes it possible to verify with a smartphone that a box of medicines does indeed come from a laboratory. KeeeX, Laurent Henocque’s young shoot in Marseille (€100,000 raised), certifies office documents. A contribution that can be decisive in the development of cooperation. Finally the purchasing platform mubiz, created by Albin Cauderlier, brings producers and consumers in direct contact. There are still places to take, it’s time to go!

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