Overstock Tees Up Blockchain Business Win

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It can be stated as fact: most blockchain investments fail, but the ones that win do it so big that no one thinks about those lost causes.

Overstock, founded by crypto true believer Patrick Byrne, has been supportive of cryptocurrency for man years. Its Medici Ventures is the ultimate expression of that.

Although Byrne stepped down as CEO this year, his replacement, Jonathan Johsnon, has worked extensively on blockchain-related business at Medici. In fact, he is still president of the subsidiary.

Today, Medici announced it was pouring $2 million into Evernym, a blockchain ID start-up.

Blockchain ID is one in a basket of obvious applications of the technology. Instead of having to verify your identity with exchanges and other services, you’ll simply scan your cryptographic ID.

A technology such as that, once widespread, would instigate certain changes to the way we use the web. Notably, governments could finally have a verifiable way to ensure that porn sites and other adult providers only served grown-ups.

Blockchain ID Will Unlock The Next Digital Frontier

Companies like Facebook would have a better handle on who their userbase was, for the purpose of policing potentially illegal content, such as child pornography.

In a non-trivial way, the ability to accurately identify ourselves across vast distances is a primary reason for cryptography’s existence in the modern era. Most of the web, for example, uses SSL, which ensures that you’re only receiving the content you intend to receive.

The blockchain will underpin a new era of the connected world, wherein the whole world is at arm’s reach, and we know who’s on the other side.

Utah-based Evernym is the “ world’s leader in decentralized identity” and the $2 million injection might give it an edge over competing projects, such as Civic.

Overstock’s CEO said:

[blockquote] “Evernym’s platform allows every person, organization, and connected thing to have an independent identity … and will help advance our government-as-a-service technology stack for civilization.”

Evernym is not Medici’s first adventure in non-monetary blockchain usage. The company is also behind a land registration-via-blockchain effort in Rwanda and other parts of the world.