These cool UK startups are using blockchain technology in the real world

09:30 February 22, 2019

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A couple of decades back, blockchain was introduced to prevent the backdating of digital documents. It made it relatively tougher to tamper the digital document. Later, the same formed into a digital currency called bitcoin.

Ever since then, blockchain and cryptocurrency have grown big and have left an effect on the economy of all countries. When it comes to the UK, the regulations on the blockchain and cryptocurrency business and operations are flexible. Eventually, it is favourable for many blockchain companies letting them choose the UK to start their business.

Therefore, here are some blockchain companies that have been established in the UK.

#1 Verv

Verv was founded in 2009 by Peter Davies in London. This startup provides an insight into the household electricity consumption. It is possible by displaying the consumption of electricity and the cost of the same for each of the major appliances in real-time on a smartphone app with personalized insights. The company uses blockchain to provide access to low carbon energy sans solar. Verv aims to reduce the usage of electricity, which will not only reduce the electricity bills but also minimise the carbon footprint. Back in January, it raised funding of €2.5 million from Crowdcube.

#2 Crypto Facilities

Crypto Facilities was established in 2015 by Jean-Christophe Laruelle. It is a leading regulated digital asset trading platform. It facilities users with algorithmic trading, which is secure. The reliable and transparent cryptocurrency index provider based in the UK was acquired by Kraken, a cryptocurrency exchange platform in a $100 million (nearly €88 million) deal.

#3 Vakt Holdings

Founded in 2018 by John Jimenez, Vakt is a UK-based digital ecosystem that uses blockchain for physical post-trade processing. It avoids the necessity of paper-based processes and reconciliation. Eventually, it creates new trade opportunities as well as enhances efficiency. Recently, Vakt raised $5.5 (nearly €48.6 million) million funding from Reliance along with participation from Chevron and Total.

#4 Aztec Protocol

Aztec was established by Thomas Pocock and Zachary Williamson. It presents a wide range of opportunities in the financial sector letting market participants transact in a frictionless and private manner. It also avoids counterparty risk. A few months back, Aztec raised $2.1 million (nearly €1.77 million) seed funding from ConsenSys Labs, an Ethereum incubator, which is owned by ConsenSys. Other investors who participated in the round are Entrepreneur First, Samos Investments, Jeffrey Tarrant (Mov37) and Charlie Songhurst.

#5 Argent Labs

Argent Labs was founded in 2018 by Gerald Goldstein, Itamar Lesuisse and Julien Niset. Argent was the winner of the prestigious inaugural user experience prize at Devcon4. It is a crypto wallet letting user port your ID like Google or Facebook and solves the UX problem using smart contract architecture. It raised seed funding of $4 million (nearly €3.5 million) from Index Ventures, Creandum, Hummingbird, fitminute and Atomico Partner Mattias Ljungman.

Stay tuned to Silicon Canals for more updates in the tech startup world.