3 Areas Where Enterprise-Focused Startups Are Poised to Make an Economic Impact
How do you improve efficiency by reducing costs and overhead without sacrificing performance?
Serial Entrepreneur, Digital Strategist, Web Designer, Author, Volunteer
6 min read
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The ongoing enterprise/business/startup saga is: how to improve efficiency by reducing costs and overhead without sacrificing performance? I deal with this on a daily basis. Trade-offs are inherent in any business decision-making process, and it is often through new developments (i.e., technology) that the optimal solution arises. I’m an early adopter for these exact reasons. So much new tech is constantly being built to create efficiencies and support business processes.
For enterprises in industries ranging from digital identity verification to supply chain tracking, that answer has frequently resulted in a specific iteration of blockchains: enterprise blockchains.
They are more attuned to conventional business models and are subject to many of the same liabilities as business-operated software systems, such as a cloud-based database network. For example, a consortium of banks leveraging a Blockchain as a settlement layer. See: the IBM-powered CLS that was launched last year.
Enterprise-oriented startups have made significant headway in recent months, so what exactly are the areas where they can make an economic impact?
Digital identity verification and security
Look no further than recent Facebook scandals or what seems like an endless barrage of data impropriety among major tech firms to understand the significance of mitigating their control over user data. But how do you reconcile user data sovereignty with identity systems?
Several firms believe that enterprise blockchains can provide the solution.
For example, MaxonRow is an identity dependent mainchain that allows token issuance, and an identity chain which confers control of user data directly to the user. Users can selectively reveal their data to third-parties and use of the system can be governed using whitelisting and hash-based identifiers. This allows identity built into the Blockchain, without worrying about third-parties gaining access to personal information.
Importantly, MaxonRow ensures the ecosystem will be able to comply with government KYC/AML requirements. Their identity verification system enables governments or regulators to act as the ultimate arbiter of identity validity and allows enforcement and audit when necessary.
Blockchain-based identity solutions have garnered significant attention for several years, in large part a consequence of their congruency with cryptography and new technologies like IPFS that leverage hash-based identifiers