Blockchain is the technology that has redefined record-keeping in the business world. The main thing about blockchain is that it promises a safer and more secure way of transacting business. Initially, blockchain was created to record Bitcoin transactions. But the system was so efficient and secure that many sectors began to incorporate blockchain technology. 

Today, there’s a fast-growing list of blockchain-based businesses. This article explores the top ten UK blockchain startups and technology companies to watch out for in 2020.

What is Blockchain?

In 2009, blockchain emerged anonymously, under the alias ‘Satoshi Nakamoto.’ In a nutshell, it is a system of recording information so it’s almost impossible to change anything or hack the system. It is a type of Distributed Ledger Technology (DLT) that records transactions by giving each transaction an immutable cryptographic signature called a hash. 

A DLT is a decentralized database managed by multiple people. Concerning blockchain, this means that every participant on the chain has access to the entire database. In the blockchain system, every piece of information stored on the digital ledger is duplicated and distributed to every computer on the blockchain. Blockchain is the record-keeping technology behind the world-renowned company Bitcoin.  

How does blockchain operate?

A blockchain is simply what its name implies. It is made up of many blocks that are strung together in a public database. Blocks in a blockchain are basically digital pieces of information. We agree that it all sounds rather complex and mysterious, so in this section, we'll attempt to help you understand how blockchain works. 

When a transaction takes place, digital information about the transaction is stored in a block. The digital information includes the date and time of the transaction, amount in dollars, your digital signature, and the other party’s digital signature. After this, the block is assigned a unique hash code that differentiates it from other blocks. In the next stage, any block that has stored new data is added to the blockchain and made publicly available. 

Although the blockchain concept is becoming increasingly popular, there are still many people who express concern about whether it is truly secure. It’s worth taking a look at, so, how does blockchain ensure that information is kept safe? In a blockchain network, each computer gets a copy of the blockchain. The copies are identical, but because they are spread across several computers, it's incredibly difficult to manipulate. A hacker would have to manipulate every existing copy of the blockchain, and that would take more effort and resources than most hackers are willing to invest.

Additionally, each block is labeled with its own hash code and the hash code of the block before it. If someone edits the information in one block, the corresponding hash code will change, but the blocks before and after will still have their old hash codes. This way, anyone who looks at the blockchain will immediately recognize that something has changed. The only way for a hacker to be successful is to edit every block's hash code to avoid being caught.  

Top 10 UK Blockchain startups and technology companies to watch in 2020

1. Blockchain

Blockchain is a bitcoin e-wallet for storing fiat currency. It provides a safe way for anyone to access cryptocurrency. It also offers a vast range of search tools, statistics, and tools for the bitcoin market, which helps you analyze the cryptocurrency industry. Bitcoin members can conduct transactions in any of the three currencies available on the site – BTC, BCH, or ETH. Even more, blockchain is easy to access because it is compatible with Web, iOS, and Android, plus, it’s free. That makes blockchain both accessible and affordable. It was established in 2014 and has since grown to become one of the world's most trusted cryptocurrency companies. 

2. Coadjute

Coadjute is a blockchain network that specializes in real estate. It was established in 2018 to make property sales faster and more transparent. Coadjute uses a blockchain system to store data like building records, utilities, etc. 

3. Refinery

Refinery was established in 2016 to develop software that simplifies financial asset management. Although the company handles financial assets in general, there’s a strong focus on commercial real estate. Refinery was founded in 2018 as a spin-off from the University College London. Till now, Refinery maintains its strong affiliation to the university by hiring alumni from the computer science faculty. They further provide a platform where loans and loan data are entirely digitalized. Additionally, arrangers and private credit funds find Refinery particularly useful because it uses blockchain technology to improve transparency and risk management. 

4. Provenance 

Provenance is a blockchain-powered company that enables customers to track the origins and impact of the products they wish to buy. In other words, Provenance brings the supply chain to the shopper. All over the world, consumers are demanding more transparency from producers; they want to know a product’s origin and track its journey to them.

Powered by blockchain, Provenance offers a way for companies to be transparent and trackable. It gathers product information and journeys on one platform and then shares them in a secure and easily accessible way. Provenance exists to promote trust between businesses and consumers. 

5. 11:FS

11:FS is the perfect company for businesses in the financial service industry looking to either innovate or scale their businesses. The company aims to develop next-generation financial services that are truly digital. It does this by providing several benefits including transformation and advisory services, consumer and market research, industry benchmarking, core banking capabilities, and industry-leading content and events. 11:FS operates by identifying the common mistakes of the financial industry and working with clients to build propositions for new business models that are unique and fully digital. 

6. AiX

AiX is a unique trading broker that combines the reality of artificial intelligence with the power of blockchain technology to give traders an outstanding level of insight and control. AiX was founded in 2017 by Jos Evans. The purpose of the company was to dramatically change the way people do business, both in regular trading and cryptocurrency. AiX works through a chatbot that the company claims can replace human brokers.

The AiX system automates all administrative tasks, pre-, and post-trade. It also assists users during negotiations and performs pre-trade credit checks. According to its founder, Evans, AiX's most significant selling point for crypto trading is that institutions can trade anonymously. They promise their users a more straightforward, smooth, and more secure trading process with higher profits.

7. Fetch.AI

Fetch.ai is another famous blockchain company in the UK. It creates machine learning tools to determine legitimate transactions and to build a decentralized digital economy. Fetch.ai uses distributed ledger technology (DLT) to ensure that all data and transactions are safe. The Fetch.ai platform is an open-access platform—that means anyone who has the right infrastructure can gain access to powerful AI tools that facilitate machine learning. 

Apart from this, Fetch.ai can connect IoT devices and algorithms for collective learning. The platform equally offers several AI tools. Still, one of the most prominent tools is a set of software agents that connect suppliers of raw and processed data to consumers.

8. Cryptograph

Cryptograph provides a solution for creators who wish to showcase their work and express themselves in today’s digital world. With the help of blockchain technology, Cryptograph makes it possible to have unique, immutable digital content that can be traded. What it means is, creators can sell their digital creations just like an artist would sell physical paintings.

Because Cryptograph runs on blockchain technology, users can only sell or buy cryptograph if they own a digital wallet on the blockchain. Cryptograph is excellent for people who are concerned about making a social impact because all the collectible digital assets on Cryptograph support a good cause.

9. Adhara

Adhara is a company that handles liquidity management and international payments for decentralized financial networks. It operates via a structure based on tokenized money and distributed ledger technology. Adhara offers real-time solutions for global liquidity management in multiple currencies.

For the most part, they are famous for the innovations they've introduced into the financial industry, including, central banks in cryptography, and combining zero-knowledge proof technology with other forms of cryptography. The company was born out of Consensys South Africa in 2018. 

10. Zamna

Zamna prides itself on being “the world’s first biometric and advance passenger information validation platform for airlines and governments.” Founded in 2016, Zamna uses blockchain technology to verify digital identity validation. It works by providing a way for airlines to verify a passenger’s identity even before they arrive at the airport.

By incorporating blockchain technologies, the Zamna software can validate data accuracy and integrity without exposing or sharing the data in any way. With Zamna, sensitive passenger data is secure – it cannot be read, transferred, or stored by anyone. 

Conclusion 

The fuss about blockchain is not unwarranted – it has revolutionized record-keeping in an increasingly digitalized world. It’s no wonder that so many blockchain-based businesses are emerging every day and wowing us with the innovative ways that blockchain can be used. In this article, I have shared ten of the top UK blockchain companies. Watch out for them in 2020; it’s bound to be exciting. If you enjoyed this article, please share this post and leave a comment below.

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