BSV-based start-up mintBlue, formerly known as the 2020 BSV Hackathon third-place winner Kyrt, is advancing blockchain integration in Europe soon after its official launch, further solidifying evidence that the blockchain competition’s goal of providing amateur developers and innovators an avenue to showcase what they can do so they may eventually launch their own brands is worthwhile.
From its original vision of providing general-purpose API infrastructure to make it easy for businesses to build on the BSV blockchain, mintBlue has broadened its services to include digital certificates, tokenization, data integrity, NFTs, smart contracts and micropayments after its rebranding.
Niels van den Bergh, CEO and founder of mintBlue, talked about the value that mintBlue can offer global businesses and how BSV “has taken the lead in blockchain adoption in Europe” by overcoming barriers to enterprise adoption at the recently concluded eighth CoinGeek Conference in New York.
“There are barriers for larger organizations to do something with blockchain, like how to integrate all their existing systems with the blockchain, how to go about privacy and security on that higher level, plus, hiring blockchain talent is really hard,” van den Bergh said.
“At mintBlue, we help overcome these barriers by creating off-the-shelf ready-made API services. Organizations can just plug in into their own existing systems… 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,” van den Bergh added.
According to van den Bergh, focusing on protocols instead of products and making blockchain integration easy—without having to work directly with the highly technical Bitcoin nodes and opcodes—will enable clients to better appreciate the benefits of using an advanced distributed ledger system that offers immutability and transparency of all kinds of data, not limited to payments.
“We believe that the Internet needs more protocols. Why protocols? 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.
And this interoperability is demonstrated in the way mintBlue provided the blockchain infrastructure to help European accounting software company Yuki fix its problem of invoice data getting lost during hard-copy or .pdf file exchanges.
Yuki’s innovation department actually already came up with a solution by “automatically [publishing] a digital invoice twin on the blockchain whenever a use sends out an invoice through our platform.” However, upon scouting the more popular blockchain providers, it found out that it is something the company cannot afford.
It would take $61 million to put a million invoices of just 2kb each on the ETH blockchain, $13.2 million on BTC and $188,000 on Cardano. Enter mintBlue, and Yuki is able to find a practical blockchain integration provider at only $1,680 for a million invoices. Now, Yuki and its clients have been able to publish more than half a million invoices on the BSV blockchain.
“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… Our vision is to become the integrity infrastructure for an honest Internet,” van den Bergh concluded.