Building With Bitcoin; Gem API
One of the reasons Bitcoin has been slow to gain adoption among enterprises is the complexity of the underlying protocol; it's essentially just been really difficult for the majority developers to integrate that payment functionality within their existing systems.
Couple that with the high-profile (and well-founded) security concerns about the Bitcoin ecosystem and it's no surprise the alternative payments industry is somewhat stagnant at the moment. There are, however, a few interesting solutions emerging which aim to simplify integrating Bitcoin into apps and services and evolving the customer experience (digital or otherwise) as you know it.
Developer API platform Gem serves as the most recent example. Fresh off a $1.3 million funding round led by KEC Ventures, Gem recently announced that it's multi-signature wallet API is now out of private beta and available for developer use.
"Bitcoin is new technology, and let's be honest, a lot of the essentials required to use it are rough to figure out and can take a lot of manpower," said Gem COO Ken Miller. "There are enough adoption hurdles already without developers actually being incented not to integrate Bitcoin. So we decided to do something about that." And do something they did.
Gem's API provides developers with access to a platform that aims to do the heavy lifting when it comes to integration by offering access to multi-signature wallets, key generation and storage, as well as the ability to broadcast transactions to the blockchain. And the focus on security is also well represented. Gem's API provides 2-of-3 multi-sig functionality, a sophisticated set of rules and monitoring to intelligently cosign transactions and prevent fraud.
"We've been speaking a lot with our beta customers, and they've told us repeatedly that our API has freed up their development resources to focus on building experiences their customers love. They also feel they can sleep better at night knowing their customers' bitcoins are safe," said Micah Winkelspecht, Gem CEO and Founder. "They feel empowered, and that was our goal."