Comcast Ventures, the venture capital unit of Comcast Corporation (NASDAQ:CMCSA), has indicated intentions to invest in startups that focus on the distributed ledger technology or blockchain. Consequently the firm has formed a team consisting of five members with the objective of spearheading the strategy. Known as ‘The Blockchain Crew’, the team consists of the managing director of Comcast Ventures, Gil Beyda and other executives at the VC firm.
Earlier in the year Comcast Ventures joined Boldstart Ventures and International Business Machines Corp. (NYSE:IBM) to back mState, an accelerator which makes investments in startups involved in the building of enterprise blockchain solutions. Comcast Ventures also recently invested in Blockchange Ventures which makes investments in firms that have developed technology by use of the centralized protocols that are already in existence.
The reason Comcast Ventures is so widely diversified in the blockchain technologies sector is firstly to generate a return and also to assist its parent company in speeding the learning curve with regards to the distributed ledger technology.
Comcast Ventures’ so-called blockchain crew meets several times each week with a view to discussing the trends that are developing in the blockchain sector and to see how Comcast might be impacted. In the future Comcast Ventures will consider collaborating with other startups that are likeminded.
Blockchain Insights Platform
Other than the investments Comcast is making in blockchain technologies via its VC arm, the cable and entertainment giant is also directly makings its own plays with regards to the distributed ledger technology. Comcast has for instance offered support to Blockchain Insights Platform which is a consortium formed by Cox Communication and Walt Disney Co (NYSE:DIS) among others with the aim of improving the accuracy in ad targeting without having to share customer data that is sensitive with each other.
The Xfinity Home program of Comcast and Comcast Labs have also used blockchain’s data-sharing features in IoT devices. This way devices such as automated locks and cameras in the 15 million homes that are served by Comcast can be privately connected with other homes that get their services from the cable giant’s rivals.