Earlier this week, Dubai International Blockchain Summit (DIBS), saw a number of Founders and CEOs of blockchain-based startups to discuss the challenges and the opportunities that lay ahead of the still-evolving technology.
Blockchain is a ledger of processes and transactions that does not require any third-party verification. These ledgers are digitally created using computer algorithms that ensure a faster and a more reliable way to conduct financial dealings between two or more parties.
These startups gathered to explain the potential of blockchain and its derivatives for the startup landscape and financial services.
Christoffer Wallin, Founder and Chief Executive of Pindify, said that his company is looking to make use of blockchain to enable users to purchase content from a verified list of journalists and artists. Pindify is blockchain-based online platform for artists, musicians, and journalists.
“We help as much as we can to verify the artists and journalists and make sure they get paid as much as they can,” said Wallin.
Similarly, Dan Itkis Co-Founder of Graft took the opportunity to elaborate on how his company plans on using blockchain to allow consumers to purchase products using cryptocurrencies such as bitcoin and ethereum. Itkis stated that although public awareness of cryptocurrency is consistently on the rise, it might take some time before they can be used for day-to-day purchases.
“Cryptocurrencies come with huge challenges,” Itkis said, adding, “the time of transactions are unpredictable. If you do a transaction, it can take five minutes or a few hours and the client will never know how long the process will take.”