4 Blockchain companies to keep an eye on in 2022

By Joy Dumasia

Blockchain technology, touted as the most significant development since the advent of the Internet, is the latest buzzword in the financial services industry. This technology is believed to have potential in many applications, from healthcare, energy management and the Internet of Things (IoT) to digital governance. However, blockchain technology is expected to significantly impact the financial service industry and change the way institutions such as banks, and insurance companies operate.

Blockchain technology (also known as distributed ledger technology) is a shared, incorruptible digital ledger that maintains a record of transactions occurring across a peer-to-peer network, either public or private. The technology records transactions in blocks in chronological order, storing this information at various places. These blocks cannot be modified but only appended. Hence, blockchain provides a secure and reliable way to record transactions without any trusted intermediary. This allows the technology to be used in many peer-to-peer applications even when participants may not know or trust each other.

The data records stored in these nodes are consistent with the data stored on all other network nodes. Further, these records cannot be modified, making tampering with the data next to impossible. These applications include payments and money transfers, securities trading, energy trading and real estate transactions.

The following are 4 Blockchain companies to keep an eye on in 2022:

• Abra

Abra is on a mission to create an honest and straightforward platform to enable millions of crypto holders to maximize the potential of their crypto assets. Operating an easy-to-use app that allows users to access interest-earning, buying, selling and trading in cryptocurrencies in one single place. The vision is an open, global financial system easily accessible to everyone.

IBS Intelligence reported that Abra, a fully compliant platform for buying, selling, and trading over 100 cryptocurrencies and earning interest of up to 10% on select digital assets, announced the launch of Abra Borrow, a cryptocurrency lending and borrowing service.

Key investors: Arbor Ventures, American Express Ventures, Blockchain Capital, Digital Currency Group, Liberty City Ventures, Pantera Capital, RRE Ventures, Silicon Badia.

• Coinfirm

Coinfirm’s risk management helps cryptocurrencies and blockchain protocols scale sustainably. Since being founded in early 2016 by experienced compliance, technology and finance professionals, Coinfirm has grown to become a globally recognized RegTech firm. With offices in the UK, Poland, US, Canada and Japan, Coinfirm supports financial inclusion projects, combatting human trafficking and safeguarding the world’s digital economy.

IBS Intelligence reported that By leveraging Coinfirm’s AML & Analytics Platform, Waves could build in the compliance tools and analytics necessary to ensure that commercial entities transacting on the network comply with AML regulations worldwide.

The company’s solutions are deployed by market leaders ranging from; crypto exchanges such as Binance, protocols such as XRP to major financial institutions like PKO BP. As well as working with corporate partners, Coinfirm also provides tools for individual users.

• Elliptic

Founded in 2013, Elliptic pioneered blockchain analytics for financial crime compliance. The provider of crypto compliance solutions globally. Elliptic’s founders first became involved with cryptoassets in 2011, when they recognized the technology’s potential to open up financial services to unprecedented innovation and competition.

Having worked for regulated financial institutions, they understood that the cryptoasset industry would have to operate within financial crime regulatory frameworks to reach its full potential.

IBS Intelligence reported that ComplyAdvantage, a global data technology company transforming financial crime detection, and Elliptic, the worldwide leader of cryptoasset risk management solutions, recently announced a new blockchain analysis and transaction monitoring tool that will help crypto firms detect and avoid financial crime.

• Ethereum Foundation

ethereum.org is a public, open-source resource for the Ethereum community that anyone can contribute to. They have a small team dedicated to maintaining and developing the site, which the Ethereum Foundation funds.

Ethereum and the community are constantly evolving, so ethereum.org will too. That’s why the site has a simple design system & modular structure. They make iterative changes as they learn more about how people use the site and what the community wants.

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