5 blockchain startups join Plug and Play financial technology incubator

Bitcoin remittance company Abra is one of five startups working on blockchain technology to be accepted into the latest financial technology program run by California startup incubator Plug and Play.

Abra, BlockNotary, BlockSeer, Skuchain and Token are all blockchain startups participating in this project, bringing the total number of companies participating in this project to 23.

The initiative states that the startups will participate in a three-month mentoring program and pilot project.

The incubator is backed by a number of companies working with blockchain services or consortiums exploring applications for the technology, including BNP Paribas, Credit Suisse, Deloitte, Deutsche Bank, MUFG, Santander, Sumitomo, TD Bank, USAA and US Bank.

Scott Robinson, founder and chairman of Plug and Play Financial Technologies, said in a statement:

“With the addition of our newest leading global financial institution partners, our ecosystem continues to capitalize on the opportunity for massive growth on behalf of our startups in Silicon Valley and in markets around the world.”

Plug and Play’s selection of the latest batch of blockchain startups reflects the different use cases we are exploring for the technology, including cross-border remittances, document notarization and trade finance.

1. Abra

Abra uses blockchain technology to merge money transfers and payments through a globally accessible electronic cash wallet. As with other digital currency wallet services, no bank or third-party institution is involved in managing, storing, sending or receiving funds.

Abra has been seeking to make the purchase and storage of digital currencies possible directly on a smartphone. The startup is working to address the lack of local exchange points in many parts of the world by building a network of so-called “tellers” who will convert users’ digital currencies into cash.

The company has completed a $12 million Series A private funding round, bringing its total funding to $14 million to date.

2. BlockNotary

BlockNotary's 'proof-of-existence' app aims to reduce the risk of copyright infringement by allowing users to upload any digital content via their mobile devices, which then stores a 'digital fingerprint' of that content on the blockchain's immutable ledger.

In the event that the content is needed, the owner of the content can use the record to prove that they owned the file at a specific point in time.

BlockNotary is also working on “Video Interview” – a blockchain-based know-your-customer (KYC) solution designed to help businesses reduce costs and risks by providing a trusted and enjoyable user experience.

3. BlockSeer

BlockSeer is a data science company focused on blockchain analytics and forensics.

The startup aims to provide tools for visualizing the flow and direction of bitcoin transactions. The company has highlighted the movement of stolen bitcoins in the past.

The company says its analytical tools are used by law enforcement agencies, including the U.S. Secret Service, the Internal Revenue Service and the FBI, as well as traditional financial institutions.

4. Skuchain

Skuchain says it has built a “patent-pending” solution for supply chain and trade finance using blockchain technology.

The company aims to drive efficiency in the complex world of supply chains. The company plans to enable collaborative commerce through innovative supply chain finance and inventory tracking.

To this end, they came up with the concept of "smart locks with digital keys", which we know as "brackets", which stands for Blockchain-based Release of funds that Are Conditionally Key-signed and Triggered by Signals. These brackets mean that when a specific agreement is reached, the funds will be automatically transferred.

There is also the potential to make currently existing financial instruments faster and cheaper. Brackets could introduce entirely new instruments, Skuchain said.

5. Token

Designed for “compliance and compatibility” by a team of bankers and technologists, Token is working to build a bank-custodial payments system specifically designed for the digital age.

The software company claims to be able to “mitigate the security risks associated with allowing third-party vendors access to banking infrastructure.”

The software combines smart tags with public key cryptography, open protocols and developer APIs.

Original article: http://www.coindesk.com/5-blockchain-startups-plug-play-fintech-incubator/
By Daniel Palmer
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/5startups-join-plug-and-play-incubator)