Start-up Expanding Uses For Bitcoin Tech Raises $2.5M

Start-up Colu expands the uses of the blockchain, Bitcoin’s public ledger, to allow users to transfer ownership of purchased goods through digital means. Colu would serve to provide services and application which would allow consumers to buy items and store records of transaction on the publicly visible but encrypted, and therefore secure, blockchain.

“When you buy the art piece, you will know for sure this art is yours. There will be a certificate with a token that sits on the blockchain,” says Amos Meiri founder of Colu.

Colu is one of numerous start-up which aim to utilize the blockchain in new and unexpected services. Ripple, Ethereum, and Bitshare, as well as other projects, are attempting to use the blockchain to decentralize aspect of transactions, giving businesses direct access to consumers and vice versa. The innovation and experimentation of these start-ups is particularly interesting to investors like Aleph Capital and Spark Capital, which both have contributed to the $2.5 million raised by Colu. While the prospects are bright, there is some concern that the blockchain based applications would not appeal to a mainstream that remains largely ignorant of the existence, much less the alternative uses, of Bitcoin and the blockchain.

“It is still very early days for all those projects. We’ll see whether users value the types of things that can be built on top of the blockchain,” said Fred Wilson, principal of Union Square Venture.

 

Read More – Colu Raises $2.5M To Use Blockchain For Something Other Than Bitcoin (VentureBeat, Ruth Reader)

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Originally from Gaithersburg, Maryland, Millan is a senior at the George Washington University studying Biological Anthropology.

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