Comcast Going In Big On Blockchain With New Investment

Comcast has revealed that it is entering into blockchain business, and this time around, there are banking big on it. The firm has announced that its venture extension is partnering with Blockdaemon in a hefty$3.3 million investment project. New York based start up, Blockdaemon, is evidently one of the companies to have benefited the most from the advent and development of blockchain technology. It has been actively involved in distribution of Quorum, Corda, Hyperledger Fabric, and Multichain to its clients. The start up’s attraction of interest from Comcast comes as a result of its successful past works and its decision to extend its work onto the public blockchains. This investment by Comcast is also a move towards increasing the innovation in public blockchain. The move by Comcast is also supported by Boldstart and mState .Comcast Ventures Gil Beyda (MD) stated in an interview that

“We think it can be a great business and we think it can fuel the growth of other blockchains,… Maybe as a byproduct of our investment in Blockdaemon perhaps we’ll see other companies using blockchain and looking for investment.”

The move will also see Gil Beyda join the board of directors of Blockdaemon. About that she further mentioned that

“We have a lot of folks at Comcast and NBC Universal who are developing blockchain applications, and we thought it was brilliant that [Blockdaemon] came up essentially with blockchain as a service.”

What The World Is Going To Get Is More Blockchain

“Blockchain as a service” gained traction way back in 2016 when Microsoft and Azure launched their own blockchain service. Thus, the making of blockchain more “commercial”by Blockdaemon isn’t really new. The Blockdaemon platform gives its clients full support at a base rate of $249 each month, however the investment from Comcast has sparked rumours that this will come to $14.99 per month.

The firm is also rumoured to be set to increase its engineering staff by doubling it 20, a plan by the start up that will proportionately double its collective “run rate” to about a hundred grand per month.

The most popular of blockchain platform has been ethereum, but Blockdaemon plans to introduce more people to Stellar – another well tested blockchain platform that was used by IBM to settle real world transactions. The company’s CEO, Richter, stated in an interview that

“Stellar is important for us,…Because we believe the Stellar ecosystem will be the ethereum of this year.”

As stated earlier, the deal which involves mState, will now have Boldstart become the former’s first participant for three months. This will involve Blockdaemon having to test a product by mState for a Fortune 500 blockchain-exploring firms project. Rob Bailey, CEO of mState highlighted the importance of the test of their “product-market fit” by Boldstart when he told reporters in an interview that

“Getting that reality check from customers and what they’re actually willing to pay for is an incredibly effective filter to be able to look at where we’ll be deploying our capital and time.”

Leave a Reply

Your email address will not be published. Required fields are marked *