The company known as the Vemanti Group, Inc. has recently opened up to the idea of using blockchain technology as a part of their business model. The new business model is part of a strategic realignment technique to help the company focus solely on the new technology known as blockchain.
The company’s underlying business model has not fully changed, but the direction of where resources go and the technology that the company will focus on is entirely different. The goal is to work with FinTech and E-commerce applications to help develop new platforms entirely, and help to grow the market in this new space.
For those who don’t know, blockchain is simply a decentralized ledger system that works by recording each and every transaction on the network on each and every computer that is within the network. This is known as peer-to-peer, and is something that is incredibly secure, but also wildly transparent. This has led to increasing amounts of popularity for the new technology.
The most well-known currency that is based off of this technology is known as bitcoin. Among the cryptocurrency world, there are several others. The most prolific of those aside from bitcoin being, ethereum and litecoin. Cryptocurrencies work by using the aforementioned blockchain technology to create a decentralized currency based off of the transparent ledger system.
The currencies use high level encryption techniques that allow them to be incredibly secure, but also visible to all. The CEO of Vemanti recently stated that “Blockchain technology is the biggest innovation after the internet. Like the internet before it, blockchain promises to upend business models and disrupt industries.
We see blockchain as a foundational technology, thus making it our technology focus in our investment and acquisition plans from this point forward. Immediately, we will also start looking at making investments in Bitcoin, Ethereum, and Litecoin.” Hopefully, the company will be one of the next pioneers in the industry.