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While Cryptocurrency Frenzy Explodes - Blockchain Becoming the Next Big Revolutionary Technology for Financial Industry
3 hours 27 minutes ago - DJNF
MarketNewsUpdates.com News Commentary
PALM BEACH, Florida, December 13, 2017 /PRNewswire/ --
According to MarketsandMarkets, the Blockchain market size is estimated to grow from USD $210.2 Million in 2016 to USD $2,312.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5% during the forecast period. Blockchain is increasingly being touted as the next big ground-breaking technology while expected to disrupt and transform the landscape of the financial industries. Blockchain is not only being recognized as the most significant innovation of today but is also being recognized as the potential foundational element of the next industrial revolution. Financial institutions have been the front runners in the development of the technology while already implementing a few successful applications of blockchain ranging from mortgage applications to private market trading platforms to cross border payment platforms. Active companies today include: Block One Capital Inc. (TSX-V: BLOK), Glance Technologies Inc. (OTC: GLNNF) (CSE: GET), Global Payout Inc. (OTC: GOHE), Digatrade Financial Corp. (OTC: DIGAF), MGT Capital Investments Inc. (OTC: MGTI).
Block One Capital Inc. (TSX-V: BLOK.V) is pleased to provide an update, in relation to its release from December 6, 2017 stating that it has executed a binding term sheet (the "Term Sheet") to acquire 40% of the equity of New York based Finzat LLC ("Finzat"), a private company engaged in creating a blockchain system to streamline, and digitize the U. S. residential mortgage process. Benefits will include enhanced compliance and a simpler, auditable, fault tolerant and an overall more efficient process.
The U.S. residential mortgage industry faces many challenges including the need for updated technology to drive efficiency; reduce overall cost; streamline work flow; and simplify loan origination and servicing processes. There are also concerns among mortgage market practitioners regarding customer identity protection and secondary market trading. Finzat intends to develop a blockchain mortgage collateral management system with one or more U.S. Housing Government Sponsored Enterprises (GSE) in various regions in the United States. These partnerships will provide strong validation for the anticipated 2018 ICO offering. Read this and more news for Block One Capital at: http://www.marketnewsupdates.com/news/blok.html
Finzat's product is a streamlined digitized mortgage process that will be compliant with U.S. regulatory requirements, GSE procedures and protocols and SAFE: Simpler, Auditable, Fault tolerant, and Efficient. The initial phase will be to capture and manage collateral and compliance data specific to such documents utilizing blockchain technology, eventually followed by a fuller range of mortgage documents and processes. Finzat will combine current advances in mortgage digital processes and latest blockchain technology to create a proprietary end-to-end solution.
This is a particularly opportune time for Finzat's approach as financial institutions are now filing patents for blockchain applications for processing, file transfer and tracking in blockchain. The financial industry is lagging other industries in blockchain technologies and major mortgage participants are eager for greater standardization by GSEs. The mortgage industry is gravitating towards a mainstream paperless transaction process as blockchain and smart contracts are becoming conventional in the banking and financial markets.
In other industry news and developments:
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) announced last week that it continues to build its presence in the blockchain/cryptocurrency sector with the closing of its latest acquisition. Glance acquired Blockimpact, a blockchain and cryptocurrency with rewards tokenization platform, from Ztudium Limited. Glance is acquiring all the intellectual property comprising the Blockimpact platform for a cost of US$1.1 million, of which 80% has been paid, with the balance of 20% paid upon completion of the integration of Blockimpact with the Glance Pay mobile payment platform.
Global Payout Inc. (OTC: GOHE) closed up over 20% Tuesday on over 26.3 million shares traded by the market close. Earlier this week, the company announced it had signed an agreement with SinglePoint to advance and streamline the process involving the delivery of payment applications. Global Payout's majority owned subsidiary MoneyTrac Technology, Inc. ("MTRAC") is at the forefront of developing a variety of payment solutions within the multibillion dollar cannabis industry and has executed a number of partnerships in recent months that has significantly expanded their network within one of the fastest growing industries. It is SinglePoint's intent to leverage its expertise in mobile payments and other mobile offerings to further optimize MTRAC's technology platform and bring additional value to their services.
Digatrade Financial Corp. (OTCQB: DIGAF) close up over 44% on Tuesday on over 2.1 million shares traded by the market close. Digatrade, a digital-asset (Bitcoin) exchange and blockchain development services company, last month announced the listing addition of Ethereum 'ETH' paired to BTC on the trading platform. As previously announced, this will afford Digatrade customers and shareholders first access to register for the Digafund21 (D21) token release on the already established, safe and secure Digatrade platform. Further ICO information will be provided as it materializes. The Company is currently evaluating security protocol to increase crypto-currency pairings that may include DASH, EOS, BITCOIN CASH, TETHER, MONERO, MERCURY, ZCASH, NEO among others.
MGT Capital Investments Inc. (OTCQB: MGTI) closed up over 17% on Tuesday at $3.85 trading over 8.6 million shares by the market close. The company recently announced that it has executed a new purchase order with Bitmain Technologies for an additional 500 S9 Antminer mining rigs, with shipment expected early in the first quarter of 2018. Following shipment and setup, and in conjunction with the Company's current rigs in operation or in its possession, MGT's Bitcoin mining operations will be comprised of over 5,000 Bitmain S9's. These machines are expected to generate roughly 70 Ph/s of total hash power, and over $4.0 million in monthly revenue, assuming current Bitcoin pricing and Difficulty rates.
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(END) Dow Jones Newswires
December 13, 2017 08:45 ET (13:45 GMT)
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