More Than Just Fintech: Discovering London’s Blockchain Scene

London is one of the world’s financial capitals (and home to one of our Entrepreneurship Labs) so it only makes sense its thriving startup scene is centered heavily around fintech, the evolving intersection of finance and technology. Last year over £800 million was invested into London’s fintech sector, doubling the investment from 2016. One of the most important fintech innovations is Blockchain, a ten-year-old technology that was developed as the infrastructure powering Bitcoin cryptocurrency and hailed as one of the most important technological inventions since the Internet.

The UK has a flexible approach to blockchain regulations, making it a favorable city to start a blockchain business in and it’s not just those in fintech who can benefit from blockchain technology — there are many diverse benefits that are being utilized across other industries that include helping refugees purchase necessities via cashless transactions, preventing voter fraud, utilities billing, exchanging signatures and smart contracts across the legal and arts industries and plus many more.

Here are some examples of London-based companies using blockchain technology:

Blockchain

Founded in London in 2011, Blockchain is the provider of Bitcoin wallet, the most widely-used Bitcoin API. The technology behind over 26 million wallets, powering over $200 billion in transactions and serving a customer base of over 140 countries, their goal is to create an open financial future that supports the broadest global community possible. Blockchain uses cryptocurrency, which is a digital or virtual currency designed to work as a medium of exchange.

Medicalchain

Medicalchain is a solution using centralized health data silos by using blockchain technology and smart contracts to securely store health records and cryptocurrency to provide the infrastructure for digital health applications and services to be built. Doctors, hospitals, laboratories, pharmacists and health insurance companies can access patient health and transactional information via a distributed ledger and a securely built platform gives patients full control over their medical data including who and what information can be accessed.

BlockVerify

BlockVerify is an anti-counterfeit technology that uses blockchain technology to improve supply chain visibility. By increasing the security protocol of blockchain to the pharmaceutical, luxury goods, and electronics industry, BlockVerify uses ledger technology to verify the authenticity of assets and they believe blockchain technology is the solution to stopping counterfeit goods globally. It can easily be incorporated into existing supply changes, and be used by other anti-counterfeit technologies, improving transparency and trust.

Busk In London

The mayor of London, Sadiq Khan, is intent on keeping London at the center of these emerging technologies. A city that prides itself on tolerance and diversity, Khan recently spearheaded a new initiative called “Busk in London”, which means street musicians where now able to receive gift donations using a wide range of payment methods including cash, contactless cards, wearable technology and chip pin card readers. Buskers can set card readers to a predetermined fixed amount and continue playing while the audience donates.

“London’s unique global status as a capital of finance, business, government, and technology is our standout asset. Everything entrepreneurs need is here in one place — not least access to clients” said Khan at this year’s London Tech Week. London remains at the forefront of both finance and technology and is embracing emerging technologies such as blockchain, especially for startups and entrepreneurs, and is a fantastic base from which to launch your entrepreneurial career.

By Fiona L.