3 startups that can turn blockchain tech into an everyday tool for Asian users

At no other time has blockchain so permeated social consciousness

Who’s afraid of blockchain?

At no other time has blockchain so permeated social consciousness. There is a high awareness of it in both the social media and networks where it naturally thrives but so is it now covered by the so-called mainstream or traditional media. It has loomed large in discussions about the new disruptive innovations.

But in the mainstream, discussions have been largely limited to blockchain disrupting money and the banking system. Not surprising because its most celebrated incarnation – Bitcoin – has enjoyed a wildly positive run in terms of its recognition and acceptance as a cryptocurrency. This, in spite, or because of the cryptocurrency’s value reaching, daring acrophobic levels. Bitcoin peaked at USD20,000 to 1 Bitcoin at the close of 2017, spiraling and settling at some USD$6,700 as of press time.

Similarly, so many of the discussions revolve only around the millions of dollars that public token sales raise for startups and the opportunities for handsome profits for investors later down the line. Such is the fascination for this new form of fundraising.

Except that the discussions take away sadly from some very noble goals of blockchain innovators and the nascent ecosystem that may, sooner than we think, become the norm for transactions.

And so here are some picks for three Asia-based ventures who have taken the route of ICO or a public token sale and the impact they hope to make on humankind with the promise of blockchain innovations.

1. “If you have a very strong belief that the system is not right, the best person to fix it is you.” — Electrify.Asia

In Singapore, a company called Electrify.Asia is giving customers access to more providers, big firms as well as independent power producers, via a single platform where they can find and compare different deals.

Instant contracts are then written on the blockchain saving around 30 percent in transaction costs. It has resulted in combined savings of USD1.1 Million for the early adopters, some 500 businesses who have already switched over to Electrify’s blockchain-based platform designed to cut bills.

The Uber or Airbnd of Energy, Electrify is available only to business customers at present but expects to be rolling out to residential consumers as the liberalization of Singapore’s retail energy market kicks in. From hence, the Singapore-based company plans to bring Electrify to Japan and Australia where there are power-generating households that can selling excess power to other homes via Electrify’s platform.

Also read: Singapore blockchain firm ELECTRIFY takes major step to bring its P2P electricity marketplace to Japan

Investors plunked in $30Million in an ICO last March for Electrify to push forward with the ideal of pooling different options for energy sources (including renewable) and suppliers, letting people choose according to both prices and preference, a more rational, highly efficient and decentralised distribution, especially important with growing populations and steep demands for energy.

2. Like water for cryptocurrency — Pundi X

Pundi X’s powerful proposition is to make transacting with cryptocurrency as easy as “buying a bottle of water” for anyone.

The company has created the Pundi X POS, a blockchain-based, point-of-sale device that can sell or accept payment in cryptocurrencies like Bitcoin, Ethereum, and NPXS through either fiat money, a mobile wallet, or a Pundi X Pass card.

It has begun rolling out the POS devices, aiming to create the widest store network in Southeast Asia where people can transact in cryptocurrency, potentially helping bring all these digital currencies into wide usage and circulation.

Pundi X raised $35 million in a public token sale earlier this year, in a huge sign that investors and the market are backing Pundi X’s efforts to energise the entire ecosystem.

The whole industry will then benefit on seeing the potential of blockchain-based products not just for niche segments, but for mainstream consumers in Southeast Asia.

Pundi X POS’s launched last July in Hongkong coinciding with promotions at Asia’s largest tech conference RISE. From hence, PundiX POS began shipping its devices to the global retail market, including retail partners in Singapore, Switzerland and Korea.

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