BSV Hackathon Third-Placer Leads Way In Blockchain Adoption In Europe
by Sumona Finance 03 November 2021
Blockchain infrastructure and integration company mintBlue is leading the way in blockchain adoption in Europe soon after its official launch, which was announced by its CEO and Founder Niels van den Bergh at the last CoinGeek Conference held in New York.
What Is Mint Blue?
Before being rebranded as mint blue, it was known as Dutch-Belgian venture Kyrt that won third place in the third BSV Hackathon last year. mintBlue’s success is but one piece of evidence that joining the BSV Hackathon can pave the way for the successful launch of a blockchain-based business, as evidenced by the growing number of participants with each hackathon.
With its rebranding, mint blue, which was previously focused on providing micro transaction-based API services, is now offering a broader set of blockchain solutions with the same goal of enabling an easier way for developers and businesses to use the BSV blockchain adoption without having to interact with Bitcoin Script and opcodes directly.
Ideas Behind Creating The Mint Blue
“At mintBlue, we help overcome these blockchain adoption barriers by creating off-the-shelf ready-made API services. Organizations can just plugin into their own existing systems. Among them are digital certificates, tokenization, data integrity, NFTs, smart contracts, and micropayments,” van den Bergh said.
“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,” van den Bergh added.
How Is The BSV Blockchain Operating?
It has not been an easy road for mint blue. But it has come this far because the BSV blockchain can offer what no other distributed ledger systems can: scalability, stability, efficiency, and cost-effectiveness. Simply put, it is just more practical for global enterprises with big data needs to use the BSV blockchain than any other popular blockchain adoption.
And mint blue is banking on its added ability to provide interoperability on top of the BSV blockchain’s powerful capabilities, which allows them to become one step ahead in overcoming the barriers to adoption.
Advantages Of Blockchain Adaptations?
“There are multiple blockchain adoption barriers present. For larger organizations to do something with blockchain, like how to integrate all their existing systems with the blockchain, how to go about privacy and security on that higher level, plus, hiring blockchain talent is really hard,” van den Bergh pointed out.
“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 further explained.
The Success Story Of Mint Blue
The evidence that this works is mintBlue’s success in resolving accounting software firm Yuki’s problem of invoice data loss by providing the creation of digital invoice twins on a blockchain adoption that can be directly exchanged between relevant parties without relying on other third-party service providers.
MintBlue has acquired Yuki, the market of which includes the Netherlands, Belgium, Spain, and Luxemburg, as a client after seeing the efficiency and practicality of what mint blue is offering.
When comparing the amount it would take for a million invoices to be placed on a blockchain, using ETH would cost a whopping $61 million, BTC $13.2, and Cardano $188,000.
On the BSV blockchain, it would only take about $1,680 for one million invoices. This is a big difference a scalable blockchain operating on a stable protocol, which is actually the original Bitcoin protocol based on the Bitcoin white paper, brings to the table.
Blockchain adoption is a new concept when you want to grow your organization and keep your data safe. Blockchain technology is a very stable protocol, and when you are dealing with your online customers, your payment mode is digital. You indeed have to incorporate these concepts into your business ideas. The blockchain system does not have any limitations, so you do not have to think about the memory and the customer’s numbers during the transactions.