Bitcoin SV has proven to be the only blockchain platform that can scale massively to meet enterprise demand. This has led to the rise of several startups that are building revolutionary businesses on the Bitcoin blockchain. One of these is Binde, a startup that has brought the power of blockchain technology to the legal technology industry. At the second Bitcoin Association BSV Venture Pitch Day in February, Binde founder Rogelio Reyna demonstrated how the BSV blockchain could transform documents workflow and contract automation.
Binde began by targeting the industrial market, specifically the manufacturing industry, Reyna told CoinGeek. However, a visit to the Hannover Messe trade fair showed him that this market wasn’t ready for an open access blockchain. The company has since then shifted focus to contract automation and secure document workflow.
Binde records contracts and other legal documents on the immutable BSV blockchain. This gives more confidence to the users in the legal system.
The company started on the Ethereum blockchain, but quickly realized that it wasn’t the right platform for its application. Binde relies on communication between machines, generating several micro-transactions in a day. Only Bitcoin SV is equipped to handle this, with its real-time and low-cost transactions making constant value movement viable.
In his pitch, Reyna outlined how his company helps its clients avert various risks, stating, “We focus on four dimensions of risk management; risks coming from compliance, from data theft, from information loss and market risks.”
In the near future, Binde intends to move beyond contract automation and target the manufacturing industry, enabling “heterogeneous, flexible manufacturing plants.” Its platform will allow multiple companies to assemble production lines that will solve various productivity issues, Reyna revealed. Once a consumer purchases a product, Binde’s platform will automatically distribute the value across all the different components in the value chain.
Watch how projects like Binde and Mannabase prepared for the second BSV Venture Pitch Day in London last February in CoinGeek’s latest documentary, BSV Stories – Back My Business Dream.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
