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Blockchain Technology Adoption Across Businesses are Growing News Commentary

Blockchain Technology Adoption Across Businesses are Growing News Commentary

According to a report from Market Reports Center, the global blockchain market was valued at $708 million in 2017 and is expected to reach $60.7 billion in 2024. The demand for blockchain technology is growing rapidly as it creates new digital economic infrastructure for various industries. Blockchain is a type of distributed ledger that provides enhanced security and greater efficiency in real time digital economic process. The report indicated that blockchain technology has changed the payment system in conducting financial transactions as it creates increased speed of transactions. The blockchain also evolved the digital economy, including conducting business, delivering healthcare, shopping, enhancing education and learning. Victory Square Technologies Inc. (OTC: VSQTF), Seven Stars Cloud Group, Inc. (NASDAQ: SSC), Marathon Patent Group (NASDAQ: MARA), Acacia Research Corporation (NASDAQ: ACTG), Integrated Ventures, Inc. (OTC: INTV)

“Blockchain technology is reimagining the way the world operates,” said Stacey Soohoo, research manager of IDC’s Customer Insights and Analysis group. “From the transparency and decentralized consensus of distributed ledger technology to the security and incorruptibility ensured by cryptographic signatures and encryption, many features make blockchain an appealing solution to problems across various industries. This collaborative technology has the ability to lower the cost of trust while improving business processes, both within and between enterprises. Some would consider blockchain technology a paradigm shift in how enterprises will approach the management and processing of data in the years to come.”

Victory Square Technologies Inc. (OTC: VSQTF) also listed on the Canadian Securities Exchange under the Ticker (CSE: VST). Earlier this week the company announced that as a founder of Silota Research and Development, Inc. it will, “subject to all requisite regulatory approvals, obtain 12.5% of all issued and outstanding shares of the blockchain technology start-up. It will also provide a convertible note of $60,000 to mark the successful incubation of Silota and help set the stage for the launch of the Covalent Terminal, a premier data analytics suite designed to maximize transparency and accountability in cryptocurrency and token offerings.

“We are very pleased to have Silota and their remarkable blockchain technology team become a part of the Victory Square family,” said Shafin Diamond Tejani, CEO of Victory Square, which has worked with the management team of Silota to enhance their offering and put in place the requisite conditions for sustainable scaled growth.

“The Covalent Terminal is going to bring breadth and coverage of blockchain data to crypto investors, traders, and regulators akin to how information and analytics companies such as Bloomberg and Thompson Reuters bring transparency to financial markets,” added Tejani.

Silota is set to launch the first-of-its-kind Covalent Terminal, which features a wide array of modules that are tailored specifically to corporations issuing tokens and for the regulatory and compliance segments of the rapidly-growing cryptocurrency market. The founders of Silota, CEO Ganesh Swami and CTO Levi Aul have a combined expertise of 25 years building, scaling and bringing to market forward-thinking products. They previously built the first business Bitcoin exchange in Canada and co-invented the fastest algorithms for protein-simulation modeling.

“Our Silota team is thrilled that Victory Square has partnered with us to realize our vision of a decentralized future,” said Silota CEO Ganesh Swami. “Corporations with token offerings are raising tens of millions of dollars from retail investors, but unlike publicly-listed companies there are no accountability or reporting requirements. Our partnership with Victory Square and their large network will support us in becoming a major driver for the increased market efficiency that is necessary for the widespread adoption of cryptocurrencies.”

Currently, Covalent Terminal is able to understand and track 70,000 smart contracts along with 500 million contract executions across seven different blockchains like Ethereum and Bitcoin.”

“For corporations, the Covalent Terminal lets them track the health metrics and user adoption of their issued tokens,” said Silota CTO Levi Aul. “For regulators, the Covalent Terminal allows them to track source of funds, disbursement of funds raised, and with the classification of security and utility tokens.”

Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to become a next generation Artificial-Intelligent (AI) & Blockchain-Powered, Fintech company. By managing and providing an infrastructure and environment that facilitates the transformation of traditional financial markets such as commodities, currency and credit into the asset digitization era, SSC provides asset owners and holders a seamless method and platform for digital asset securitization and digital currency tokenization and trading. On April, 2018, the company announced a new digital asset listing and service agreements with new digital asset trading platforms, Bitlim, a new Singapore-based Blockchain Digital Asset Exchange. The agreement will allow the Company to broaden its reach and scope by partnering with a platform that can facilitate the listing, quotations, trading and settlement of SSC’s digital index products. Bitlim is a 24/7 initial issuance, secondary trading and trade matching platform that provides users liquidity, real-time market pricing, cost savings, security and transparency.

Marathon Patent Group (NASDAQ: MARA) is an IP licensing company. Following the acquisition of GBV, the combined company will focus on the development of GBV’s new business involving the blockchain ecosystem and generation of digital assets. GBV is focused on mining digital assets and intends to add specialized computer equipment and plans to expand its activities to mine new digital assets. Earlier this year, the company announced that it has entered into a purchase agreement to acquire four patents related to the transmission and exchange of cryptocurrencies between buyers and sellers. On November 2, 2017, Marathon announced that it has entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures Inc. (“GBV”), a digital asset technology company that mines cryptocurrencies.

Acacia Research Corporation (NASDAQ: ACTG) announced earlier in February that it has entered into a Joint Venture and Services Agreement with Bitzumi, Inc, a company developing macro opportunities in the cryptocurrency and blockchain industries, including a next generation decentralized exchange. Scot Cohen, Executive Chairman and Co-Founder of Bitzumi stated, “Acacia has been a leader in the patent space for over the past decade creating one of the largest independent patent portfolios through representation of individual and corporate patent partners. Acacia has secured licensing revenue exceeding a billion dollars from licenses with many of the largest companies in the world. Partnering with Acacia in the blockchain IP space will allow us to take an early lead and build Bitzumi’s IP position in the blockchain and cryptocurrency industries.”

Integrated Ventures, Inc. (OTCQB: INTV), the technology holdings company with focus on cryptocurrency mining, equipment manufacturing and blockchain development reported on May 15th, Q3 financial results for the period, ended March 31, 2018. Steve Rubakh, CEO of Integrated Ventures, Inc, comments: “We are very pleased with financial progress made for past 6 months. The results for Q3/2018, feature a debt free Balance Sheet, anchored by $1,139,138 (up from $296,280) in mining equipment assets and cash position of $151,951 (up from $31,082). Revenues for Q3, came in the lower range, due to the weakness in digital currency markets, however the Company took advantage of market conditions and acquired additional mining equipment at discounted pricing. We expect cryptocurrency markets to recover in next 45 days, just in time as our PA and NJ locations will become fully operational. Our goal is to have over 820 assorted rigs connected and generating revenues by June 15, 2018.”

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