This year Non-substitutable tokenWhether it’s a work of art, a video, or an article you’re reading.
Non-substitutable token — Usually shortened to NFT — Refers to digital assets validated by blockchain technology.
Artist Beeple uses it Sell digital art For almost $ 70 million.Some companies are using it to change direction NBA highlights on digital trading cards..The New York Times also sold One of the reporter’s columns For over $ 500,000.
KaleidoGrowing Raleigh-based start-ups want to drive blockchain adoption in the business world.
The business uses of these tokens, and the underlying blockchain technology that guarantees them, are just beginning to materialize. “We want to accelerate the adoption of this technology,” Kaleido co-founder Sofia Lopez said in a video interview.
Former IBM employees Lopez and Steve Cerveny founded Kaleido in 2017. At IBM, we worked on blockchain and cloud computing. Their goal is to allow businesses to create their own blockchain.
Blockchain is a digital ledger that uses a network of computers to document the transfer of ownership of digital assets and prove to buyers that they are the only owners.
Anyone can make a copy of an art or digital trading card, but the blockchain can see which is the true original.
This technology was originally developed as a way to document cryptocurrency transactions such as Bitcoin.
Kaleido specializes in creating So-called private blockchain, This allows the enterprise to choose who is allowed on the platform.It may also consume less energy than the open blockchain normally required. Massive computing power to validate transactions..
Kaleido platform runs on Ethereum, One of the most popular open source blockchain systems.
The privacy aspect is important because one of Kaleido’s most popular services is helping competitors create consortiums on the blockchain.
One of those consortiums is Covantis, a commodity trading platform founded by Archer Daniels Midland, Bunge, Cargill, and other companies.
The consortium wants to use the blockchain to validate agricultural contracts and share the required shipping data. Massive email and physical paperwork..
Kaleido boasts other notable clients, from mobile operator T-Mobile and grocery store Kroger to financial institutions such as Citibank and Shell Oil Company.
For example, Kaleido provided the blockchain infrastructure behind the Kroger coupon. T-Mobile deploys to users..
For that project, Kaleido helped create digital tokens that people could use without prior knowledge of cryptocurrencies or blockchain, usually by linking promotions to specific phone numbers.
“People got coupons on their phone,” Lopez said. “They weren’t even aware that they were using the blockchain underneath.”
However, by backing up the coupons on the blockchain, T-Mobile can retain clearer data about the coupons. You can guarantee that the coupon will be used only once and keep a record of its use.
This could reduce the cost of running the coupon program, said co-founder Jonas Hudson. Greenfence consumer It collaborated with kaleido on the project.
“We want to carry out exactly 200,000 promotions,” Hudson said in a telephone interview. “If it jumps into 212,000 promotions, it can really ruin your budget.
Greenfence worked with Kaleido to create an NFT. Like a collectable digital poster in the movie “Deadpool 2”.. “
The sooner popular artists start using NFTs and blockchains, the sooner people will adopt this technology, or at least get used to the concept.
“Anyone can come to Kaleido today to set up an NFT and run the entire infrastructure on the starter tier,” she said.
Kaleido currently has 20 full-time employees and continues to grow.Everyone works remotely, but the company Raleigh establishedCapital club office in downtown Raleigh.
Kaleido hasn’t announced sales, but a pandemic is good for the company. Lopez said Kaleido’s business has tripled in the past year as more companies are looking for ways to digitize during a pandemic. The company is now also positive in cash flow, Cerveny added.
In fact, Lopez and Cerveny believe it may just be the beginning of a very good decade for the company.
“I think blockchain will become a ubiquitous technology in the last decade,” says Cerveny.
The story was created as part of an independent journalism fellowship program with financial support from a coalition of partners led by Innovate Raleigh. N & O maintains full editorial control of the work. learn more; go to bit.ly/newsinnovate