BMJ Score: 3.5
Quick Summary35 Investors read this
CommentaryRegistry Blocks is, at its broadest, a fraud prevention platform that assigns a unique and immutable ID to any item or document. The uses are immediate and compelling. Along with replacing old-school notaries, its even bigger use case could be helping insurance companies avoid false claims. While product market fit is promising, we’ve got concerns about the team.
- How to invest: You must register on the site. Registry Blocks will then contact and set up your personal token store account.
- Discount: 50% 1st 0.75% of tokens; 25% next 7.25% of tokens; 20% next 6% of tokens; 10% next 18% of tokens; 0% remaining 33% of tokens
- Eligibility: Residents of the U.S, Republic of China, or Singapore are not allowed to participate.
- Jurisdiction: The Netherlands
- Minimum contribution: 1,000 REG
- Problem addressed/solved: Fraud is exponentially growing every year, and billions of dollars are lost via insurance fraud, which then causes an increase in insurance rates. Furthermore, document and signature forgery, fake degrees, and tampered contracts have been helping criminals achieve illegal financial gain at the expense of others. Internet fraud is rampant.
- Target customers/customer/ segments/verticals: Registry Blocks is targeting the identity crisis and fraud prevention verticals of the blockchain industry, which happen to be two of the most popular blockchain applications in the world. They’ll have plenty of potential customers (i.e people who could be affected by fraud), but they’ll have to really push their project in order for the public to recognize it as something that’s not only beneficial, but necessary. On the insurance front, Registry Blocks acts as a link to connect insurance companies to the items’ unique ID and to facilitate fraud prevention in insurance claims, which leads to reduced insurance costs and will make it more difficult for bad actors to fabricate stolen goods and claim payment because they can be traced. On the notary front, Registry Blocks is a practical solution for document fraud prevention because it replaces traditional paper agreements with a secure esignature system to digitize the documentation process, reduce error margins, and save time.
- Value creation: Registry Blocks Technology links any registered item or document to a UniqueID in the Ethereum blockchain database. This opens up endless opportunities, especially in fraud prevention. By offering a free, intuitive, multi-purpose environment, Registry Blocks makes the internet a bit more honest by enabling buyers and sellers to transact securely and thereby eliminate fraud.
- Competition: Registry Blocks will likely face competition stemming from the blockchain community. A project similar to Registry Blocks would also have to utilize the same type of blockchain application in order to actually prevent fraud in the ways that Registry Block will.
- Market size/potential: Registry Blocks states that “A widespread network of partnered notaries and notary firms utilizing Registry Blocks is essential to broad market penetration.” In the U.S. alone, there are 4,4 million active notaries. As long as Registry Blocks can partner with these notary firms, they’ll have plenty of room to grow and expand in both the U.S and other countries. However, RegistryBlocks does not have any notable partners at this time, and this is something they will need to address to grow.
- Regulatory risks: Registry Blocks generates substantial big data insights through its linkages of registered items, client information, location, and behavior within its platform. Registry Blocks can sell this data to businesses via their REG token. While this will provide numerous marketing and business opportunities, they will have to be mindful of information protection mandates such as GDPR.
- The market is primed and ready for more fraud prevention blockchain projects. It’s one of the most widely known uses for blockchain, and Registry Blocks looks to take advantage of their early establishment in this field. Registry Blocks have created numerous business opportunities through their platform, including insurance, notary, marketplaces, and big data. Competition could be tough, but Registry Blocks creates such a unique value proposition that they may just bypass their competitors. 4.0
- Investor value: Like many other utility coins, REG tokens will derive value from user demand, but Registry Blocks also offers its token holders a unique reward. Registry Blocks rewards REG Token holders by sharing REG income. Rewards will be distributed if Registry Blocks uses less REG tokens for company operation and continuation than the Registry Blocks services generate in REG turnover. 100% of the unused REG amount will be equally distributed over the total amount of REG tokens. This means that REG owners could gain more REG by simply holding them. The company model is geared toward profit generation because various services can be accessed on the platform via the REG token. The whitepaper is long and extensive (67 pages) and goes into all the details of how they will combat fraud with their platform.
- Disclosures: The Registry Blocks project has something that very few, if any, pre-ICOs offer to investors. The top 4 members of the team all list their individual emails for any questions or concerns regarding their particular area of expertise.
- Token distribution: 65% ICO, 15% founders, 15% liquidity reserve, 5% consultants and advisors.
- Use of proceeds: 39% development, 27% marketing & sales, 18% operations, 10% team bonus, 4% legal.
- Caps: Soft cap: $750,000 USD; Hard cap: $29,906,250 USD Contact Information: Phone: +31 – 20 21 01 599 E-mail: [email protected]
- Since Registry Blocks focuses on fraud prevention and identity security, it’s safe to say they practice what they preach. The fact that all top team members provide personal email addresses ensures investors that they’re here to stay. Furthermore, Registry Blocks took it upon themselves to distribute unused REG tokens to current token holders rather than giving them out to team members or associated partners. The only knock in this category would be the 15% team token distribution along with a curious 10% team fund bonus. 4.0
- Track record: The core team members do not boast impressive resumes. Only Roger van Eijk, the company’s CCO, has a reputable LinkedIn account with over 500 connections. He’s had the most professional experience working as an account manager for entrepreneurs, “advising and assisting entrepreneurs from the south of Limburg to achieve their communicative- and marketing goals.” The CEO, Ricardo Boosten, took over his family’s business and supposedly built a bridge between old tech and new tech for the family business. If he can transfer that same knowledge to the blockchain, they should have a smooth transition into this space.
- Integrity: It’s difficult to decipher whether or not the Registry Blocks team has that X-factor that allows investors to sleep at night. They’re not the most experienced group in blockchain tech and the development team seems very small, but they give a variety of ways (email, phone, personal email, letter, etc) for potential investors to reach them with any concerns.
- The Registry Blocks team doesn’t have any glaring red flags, but they also don’t impress with glowing talent or remarkable prior achievements. They also do not have an impressive board of advisors or any prominent partners at this point. The REG team has to prove themselves every step of the way on this project to keep investors happy and hopeful for the future. 2.5
- Ricardo Boosten, CEO (LinkedIn)
- Roger van Eijk, CCO (LinkedIn)
- Luuk Franssen, CIO (LinkedIn)
- Yoni de Boer, COO (LinkedIn)
- MVP: Registry Blocks has a prototype app available on the Google Play store. It currently serves as their Minimum Viable Product.
- Token use case: Registry Blocks uses REG as a token for all Registry Blocks services and to distribute reward airdrops to REG token holders. Every action that requires payment on the REG platform must be paid in the form of REG tokens.
- Value-added: The REG token has significant value to this project as it’s the only way that you can actually use the platform. There’s no other payment method (i.e fiat, BTC, ETH) that will allow you to access the platform’s services other than the REG token. Further, they will be sharing 100% of profits with investors through a reward system to keep the value in the ecosystem, and this will ensure they hold the price of the token.
- Decentralization: Registry Blocks is a fraud prevention platform, based on blockchain technology for decentralized registration of items and documents.
- Token Supply: Registry Blocks issues a supply of 500 million REG tokens. No further REG tokens will ever be created.
- Registry Blocks has a below average total supply, which could positively affect its overall price in the future. Their MVP is available for download on the app store, which allows those with a smartphone to access it and try it out for themselves. Lastly, the REG token is absolutely necessary for all actions on the Registry Blocks platform. This will inherently drive its demand for future uses. 4.5
- Technical difficulty/investment expertise needed: The average investor will find the Registry Blocks concept difficult to understand. It’s an intricate project that has a few different layers since the technology impacts multiple industries (insurance, notarization, and marketplace). The user interface is slick and easy to use, but there needs to be some sort of incentive to gain mass adoption from the general public.
- Halo effect: Registry Blocks does not have any confirmed partnerships, but they list a variety of “potential partnerships” with insurance agencies and notary firms that could benefit from their product. It’s as if they’re saying that there’s the potential for numerous partnerships once the platform is fully functioning.
- Buzz: Registry Blocks has a subpar Twitter following (939) and a below average Facebook following (3,960). It appears Registry Blocks recognizes this problem since they have an affiliate program where individuals or companies can earn ETH for promoting the project, a clever and innovative way to generate more buzz.
- Registry Blocks needs to gain more traction in the online community. They have very low buzz at the moment, and not having listed partnerships worsens their situation. Their concept as a whole could be contributing to the lack of buzz since most people find it difficult to get excited about a fraud prevention project. Having said that, it’s not an excuse that Registry Blocks can afford to use if they really want to get this ICO off to a solid start. 2.5