Colu raises $2.5M to use the blockchain for something other than Bitcoin
Colu is an Israel-based startup aimed at digitizing the ownership of all your things through the blockchain – the public feed of Bitcoin transactions – and it’s announcing $2.5 million in new funding today.
The service provides an easy way to use the blockchain technology, originally meant for Bitcoin transactions, for anything, from cars, to art, to concert tickets.
Think of it like your car’s pink slip, in electronic form.
Imagine you’ve bought tickets for a concert. Instead of receiving a printable or physical ticket, you’d get a string of random numbers – an encrypted token – that verifies you purchased these tickets, and lives on the blockchain. You’ll also get a set of private keys so you and only you can access the ticket. Colu will turn this token into a QR code you scan on your phone to get into the concert. Since it’s digital, you can also transfer it to someone else.
This post was published at Venture Beat on January 27, 2015.