Most CEOs and top executives of global corporations are looking at blockchain adoption positively; however, there are barriers to actual adoption due mainly to lack of skills and understanding, budget and technical hindrances in integrating with existing systems.
Dutch-Belgian firm Kyrt, which was a third runner-up at the 2020 BSV Hackathon, has officially been rebranded and launched as mintBlue. Through the BSV Hackathon, which is a blockchain developer competition, mintBlue was able to pique the interest of investors and potential clients. And through its recent rebranding, mintBlue is able to broaden its services and find the answer to overcoming these barriers to blockchain adoption through interoperability.
“At mintBlue, we help overcome these barriers by creating off-the-shelf ready-made API services. Organizations can just plug in into their own existing systems. Among them are digital certificates, tokenization, data integrity, NFTs, smart contracts and micropayments,” mintBlue CEO and Founder Niels van den Bergh said during a presentation at the last CoinGeek Conference held in New York City.
“Interoperability creates value. According to a study by McKiinsey, 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 added.
This single source of truth is made possible through a scalable distributed ledger system that allows for the immutable and chronological storage of all types of data. And this is the BSV blockchain. mintBlue’s blockchain integration and infrastructure services are rooted in being able to build on or use the BSV blockchain without having to deal with the more technical Bitcoin script and opnodes.
“In blockchain, corporates just can’t get anything off the ground this way. So, we thought with mintBlue, we could become a service provider to integrate payments easily and using common programming languages. We have these packaged standardised API services that organisations can just plug into their systems with common programming languages, so their current developer team can simply build with blockchain,” van den Bergh explained.
And mintBlue has shown they can deliver what they say and that the BSV blockchain is what it promises. mintBlue has become crucial in resolving the invoice data loss issue that Europe-based accounting software firm Yuki had.
“[Yuki’s] innovation department thought, ‘what if we would automatically publish a digital invoice twin on the blockchain whenever a use sends out an invoice through our platform.’ This would prove the authenticity of the invoice and it would allow any receiving party to get the digital invoice without relying on any external parties. So, they thought, ‘Good idea. Let’s ask around in the blockchain space. Let’s ask blockchain experts,’” van den Bergh narrated.
And luckily, after some bumps along the way, Yuki did not give up and was able to find real blockchain experts at mintBlue. Instead of spending about $61 million by putting a million invoices on the ETH blockchain, $13.2 million on BTC and $188,000 on Cardano, Yuki will just allot a mere $1,680 of their budget by using the BSV blockchain.
Currently, over 500,000 invoices have been published by Yuki and its clients through mintBlue. This demonstrates the real value and utility a scalable, stable and cost-effective blockchain can do to global businesses.
“But for mintBlue, the accounting industry is just one vertical. mintBlue is not an accounting tool. mintBlue is not bound by any sector. Because when we look at it, we’ve only integrated our digital certificate solution into this organization. But we have many other off-the-shelf solutions that people and organizations can just plug in into their systems and build,” van den Bergh pointed out.