Dutch-Belgian venture Kyrt, which won third place in the 2020 BSV Hackathon, has been rebranded as mintBlue and has broadened the services it provides. With the mission of making blockchain integration easy for businesses, mintBlue offers ready-made API services that does not require developers to interact directly with the highly technical Bitcoin script and opcodes.
Bitcoin script is the programming language that defines the BSV blockchain. Most enterprises are not yet equipped with the tools and manpower to interface with it due to it being a relatively new technology. And this has become one of the major reasons why businesses and developers have been putting off blockchain adoption.
“See us as the Stripe for blockchain. Companies do not build their own payment infrastructure today. They use Stripe. Companies will not build their own blockchain infrastructure tomorrow. They will use mintBlue,” Niels van den Bergh, CEO and founder of mintBlue, said during the last CoinGeek Conference held in New York City.
And mintBlue is overcoming this hurdle to blockchain adoption by making blockchain integration easy and seamless. Because mintBlue is building on the BSV blockchain for all of its services, which now includes digital certificates, tokenization, data integrity, NFTs, smart contracts and micropayments, it is able to guarantee immutability, transparency and security of data.
mintBlue is focusing on developing protocols instead of blockchain-based products because it believes that protocols are the key to becoming “the integrity infrastructure for an honest Internet,” which is the start-up’s vision.
“Most products and services online today are so-called walled gardens. They’re siloed databases that do not talk to each other. Protocols fix this. How? Through interoperability. The single largest innovation blocker in the digital age is a lack of interoperability. To solve the most complex problems we face today in the world, most data already exist, we just can’t access it right now,” van den Bergh explained.
“Interoperability creates value. According to a study by McKinsey, 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.
Interoperability guarantees that the BSV blockchain can interface with other platforms within and across industries. For instance, putting all healthcare records on the blockchain allows clinics, hospitals, research centers, insurance companies and other shareholders access to a global healthcare database.
The same goes for other industries. In fact, mintBlue is currently working with accounting software firm Yuki, the market of which includes Belgium, Spain, the Netherlands and Luxemburg, in putting invoices on the BSV blockchain in order to resolve its long-standing issue with invoice data loss.
With clients such as Yuki, which generates millions of invoices, BSV being an infinitely blockchain is the most advantageous because it means bigger data blocks, an increasingly higher number of instant transactions per second and lower fees at just a fraction of a penny per transaction.
Because Yuki is working with mintBlue, recording a million invoices on the blockchain will only amount to $1,680 instead of the millions of dollars that would be spent putting the same number of invoices on BTC and ETH. And Yuki has already published over half a million invoices at present.
“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.