The Global Blockchain Market is Expected to Grow as Various Sectors Adapt the Technology
NEW YORK, December 6, 2018 /PRNewswire/ --
Many businesses rely on third-party financial institutions to help facilitate their transactions, but now, with the rise of blockchain-based technologies, need for third-party institutions is shrinking. Financial institutions aid businesses by helping them with transactions but blockchain technology allows businesses to track their own information through a secured network. The technology helps authenticate transactions, eliminate reconciliation, reduce duplicative recordkeeping, facilitate faster settlement and minimize errors. According to data compiled by Grand View Research, the global blockchain technology market is projected to reach USD 7.59 Billion by 2024 and register a CAGR of 37.2% during the forecast period. The market is being propelled by the growing number of online transactions, digitalization of currency and the increasing demand for secure online payment gateways. GreenBox Pos LLC (OTC: GRBX), Bank of America Corporation (NYSE: BAC), Overstock.com, Inc. (NASDAQ: OSTK), Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA), Banco Santander, S.A. (NYSE: SAN)
Blockchain technology is being leveraged by multiple businesses across many different sectors. Specifically, businesses that deal with a large number of vendors and customers are particularly looking to leverage the technology. The technology would help businesses establish a more secure platform while processing transactions at a faster rate. Improving security and speed while reducing costs is what companies look for in their use of blockchain. "Blockchain now has many more advancements that are seeing it penetrate the payment scene and potentially make it a much more accepted payment technology," said Chalmers Brown, Co-Founder & Chief Technical Officer at Due. "It's the idea that blockchain can improve the security, speed and cost of each payment that has more companies looking for ways to innovate through the addition of this technology."
GreenBox Pos LLC (OTC: GRBX) earlier this week announce that, "on Friday, November 30, 2018, the Company onboarded over 100 new clients, setting a new corporate record and a performance matching top-tier processors in the nation.
'We are excited about the Company's ability to grow at this pace, stated Ben Errez, Executive Vice President of GreenBox. 'As we realize that onboarding may be a gating factor for our growth, we continue to invest in new onboarding technology - and very quickly recognized the value of that effort. GreenBox POS is the only national transactional technology company in the Blockchain space, so we must demonstrate our leadership in all meaningful key performance indexes.'
About GreenBox POS, LLC: GreenBox POS ("GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA.
For more information, visit the company's website at https://www.greenboxpos.com "
Bank of America Corporation (NYSE: BAC) is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Recently, Bank of America Merrill Lynch was selected as the top financial innovator in North America by Global Finance, a monthly magazine for corporate leaders, bankers and investors. The publication also chose BofA Merrill's Intelligent Receivables as one of its 19 top financial innovations of the past year. The awards are part of Global Finance's The Innovators 2018 program. Intelligent Receivables is designed for large, complex companies seeking to reduce costs, decrease days-sales-outstanding, and improve cash forecasting and end-user experience. Clients who have used Intelligent Receivables have experienced up to three days' faster posting, with auto-posting rates up to 91 percent, compared to less than 20 percent for the majority of companies, according to industry data. The global solution is available to business clients in the United States, Canada, Mexico, Europe and several markets in the Asia Pacific region, and will launch in additional markets in the Asia Pacific region later this year. "BofAML is using artificial intelligence (AI) and incorporating it as part of its customer solutions," the magazine reads. "A product known as Intelligent Receivables is helping clients reconcile multiple payment channels. By combining AI, machine learning and optical character recognition, clients can improve straight-through reconciliation of incoming payments and post receivables significantly faster than before. Whether the technology is around blockchain, enhanced customer experiences or cybersecurity, the financial sector is trending toward faster, smarter and better systems that use AI and machine learning as the starting point."
Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, decor, rugs, bedding, and home improvement. Overstock.com, Inc. recently announced that its blockchain-meets-property rights subsidiary, Medici Land Governance, has signed its second Memorandum of Understanding (MOU) with an African nation to develop a blockchain-based platform to manage land governance and property rights. This latest MOU has been signed with the Rwanda Land Management and Use Authority (RLMUA) and the Rwanda Information Society Authority (RISA) to implement Medici Land Governance's technology to move Rwanda to a paperless, secure, corruption-proof, blockchain-based system of land governance. Plans for the full scope of the project include developing a blockchain-based platform with mobile capabilities, including payments. The platform will accommodate streamlined regulations and data collection to assist government decisions around city planning and land use. The MOU will be in force for one year and includes options for six-month extensions up to a duration of two years. "We are encouraged by the prospect of working with Rwanda, which clearly understands the value of establishing the rights of land ownership as an essential incentive for bolstering agricultural productivity and sustained investment for long-term economic growth," said Medici Land Governance Chief Executive Officer, Dr. Ali El Husseini. "At Medici Land Governance, we appreciate the clear objectives and strategic road map the Rwandan government has outlined toward economic empowerment. By using our expertise in blockchain, mobile apps, and other technologies, we can help Rwanda fulfill the goals of its major land reform efforts in standardizing land ownership on a digital, secure, user-friendly system that provides equal access for all people in a timely, responsive manner."
Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is a global financial group that operates a customer-focused retail business model, offering clients a comprehensive range of financial and non-financial products and services around the world. Recently, BBVA and Repsol closed a revolving credit facility (RCF) which for the first time uses distributed ledger technology (DLT) in a pioneering pilot in the area of corporate finance. Negotiation of the long-term credit line worth EUR 325 Million was completed using BBVA's blockchain network, which reduced the process to a matter of hours rather than days in a fully transparent operation that allowed the tracking and approval of the documentation involved. The agreement comes within BBVA's strategy of harnessing the advantages of blockchain in corporate banking and of enhancing the use of the entire range of products and services in this business area. BBVA recently unveiled the first corporate loan using blockchain technology in conjunction with the Spanish technology group Indra in a deal worth EUR 75 Million. Earlier, BBVA Chief Executive Officer Carlos Torres Vila announced that the Group will begin testing the negotiation and contracting of syndicated loans using blockchain, which will allow to dramatically streamline processes in this kind of operation. Alicia Pertusa, Head of Strategy and Blockchain at BBVA, said the first pilot by BBVA and Repsol kicks off an alliance to explore the potential of DLT technology in corporate finance. "This operation is the fruit of BBVA's pursuit of integrating innovative and disruptive financial products for corporate clients and to offer them the best solutions that meet their needs," Pertusa explained while taking part in the third day of the Spanish Association of Economic News Journalists (APIE) conference organized at the International Menendez Pelayo University (UIMP) in Santander and sponsored by BBVA.
Banco Santander, S.A. (NYSE: SAN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. Banco Santander and the new digital platform we.trade recently announced in Spain the first real-time trade transactions among companies using blockchain. Over the past few days, 10 companies have completed seven international trade transactions via various banks across five countries using we.trade. Santander is a founding partner of we.trade, a joint venture owned by nine leading European banks which has developed a new blockchain-based platform with the aim of simplifying financial transactions for companies by addressing the challenge of managing, tracking and protecting domestic and international trade transactions. Santander Spain is already carrying out international trade transactions with several companies. Many banks and companies are looking for a more efficient and cost-effective way to trade internationally. The we.trade solution, built on the IBM Blockchain Platform, powered by Hyperledger Fabric technology, offers banks' customers access to a user-friendly interface by leveraging innovative smart contracts, and opens up potential new trading opportunities. Roberto Mancone, Chief Operations Officer at we.trade, said: "The we.trade platform is a live blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield."
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