Blockchains and Tech Companies
Attracted by the idea of removing the middleman and moving towards democratization and decentralization, tech startups are adopting blockchain technology with the goal of disrupting a variety of industries.
Among the startups leveraging blockchain technology for IOT devices is 21 Inc. The Silicon Valley-based startup received a total of $116 million in funding in 2015. According to the firm, the funding will be used to embed Bitcoin mining chips into connected IOT devices and cell phones.
BTCJam, a P2P lending platform headquartered in San Francisco, specializes in providing Bitcoin-based loans. Over the last year, the company has lent more than $15 million.
Storj is just one company that is currently beta-testing the concept of developing cloud storage based on a blockchain-powered network, with the goal of improving security while decreasing users' dependency on a single storage provider's centralized system. The company even offers users the opportunity to rent out storage capacity they do not need, similar to the way that property owners rent out extra rooms on Airbnb.
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