Blockchain Technology Becomes Increasingly Essential for Financial Sector Beyond Bitcoin Cryptocurrency

Blockchain Technology Becomes Increasingly Essential for Financial Sector Beyond Bitcoin Cryptocurrency

MarketNewsUpdates.com News Commentary

PR Newswire

PALM BEACH, Florida, December 6, 2017

PALM BEACH, Florida, December 6, 2017 /PRNewswire/ --

Blockchain, originally developed as a supporting technology for cryptocurrency Bitcoin, is a distributed ledger that tracks transactions, connecting them to other transactions nearby and securely encrypting the information. This ledger technology has proved to be the larger value of cryptocurrencies, with implications for almost every industry, not just tracking digital currency. The business value-add of blockchain is expected to grow to more than $176 billion by 2025, and to exceed $3.1 trillion by 2030, according to Gartner. The financial industry for example can use blockchain to redesign costly legacy workflows, improve liquidity, and free up capital. The technology can also help reduce infrastructure costs, increase transparency, reduce fraud, and improve execution and settlement times. Active companies today include: Block One Capital Inc. (TSX-V: BLOK), Digatrade Financial Corp. (OTC: DIGAF), Hive Blockchain Technologies Ltd. (TSX-V: HIVE) (OTC: PRELF), BTCS Inc. (OTC: BTCS), Overstock.com Inc. (NASDAQ: OSTK)

Block One Capital Inc. (TSX-V: BLOK.V) is pleased to announce that it has signed 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 create a streamlined, digitized mortgage process that is more compliant and SAFE: simpler, auditable, fault tolerant and efficient.

Pursuant to the Term Sheet, the Company is to invest US$600,000 to acquire up to 40% of Finzat. The Company shall make an additional milestone payment of US$80,000 upon Finzat meeting certain conditions set forth in the Term Sheet. The Company and Finzat intend to enter into a definitive agreement to set out the terms and conditions of the acquisition. In the event that no agreement is entered into, the binding Term Sheet will act as the definitive agreement. Read this and more news for Block One Capital at: http://www.marketnewsupdates.com/news/blok.html

Finzat's blockchain system aims to solve a myriad of problems in the approximately ten trillion dollar United States residential mortgage market, namely: transaction tracking, compliance, auditing and security. Currently, the proof of compliance is generally thought not to be adequately measured or properly saved. Existing systems are not designed to retain data, documents, rules or decisions, nor maintain current or historical loan performance metrics. Traditional audit protocols attempt to ensure quality control standards by sampling a subset of a much larger universe of individual loan portfolios. Weaknesses inherent in this approach can expose lenders and loan servicers to expensive and time-consuming remedies, including fines and loan repurchase obligations. The Finzat system aims to permanently preserve loan information at the point of every decision and eliminates the need to recreate proof at the backend. The need for such a system is validated by more rigorous and standardized compliance regulations that are being phased in, as mortgage markets continue to move towards a mainstream paperless mortgage process.

Finzat was founded by Mr. Gnanesh Coomaraswamy. Mr. Coomaraswamy holds a PhD in Electrical Engineering and Computer Science from Northwestern University with a strong background in cryptography. He is a published co-author of two papers in the area of authentication and confidential communication across networks; some of the foundational precepts of which were also alluded to in the original whitepaper on blockchain. Mr. Coomaraswamy is also a Certified Financial Analyst (CFA) and Certified Financial Risk Manager.  

In other industry news and developments:

Digatrade Financial Corp. (OTCQB: DIGAF) closed up over 3% on Tuesday at $0.27 trading over 700,000 shares by the market close. Digatrade Financial, a digital-asset (Bitcoin) exchange and blockchain development services company, in November 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.

Hive Blockchain Technologies Ltd. (TSX-V: HIVE.V) (OTC: PRELF) at the end of November released its results for the second quarter ended Sept. 30, 2017 (all amounts in U.S. dollars, unless otherwise indicated). In the quarter, Hive formed a strategic partnership with Genesis Mining Ltd., the world's largest digital currency mining hashpower provider. In conjunction, Hive acquired and commenced operations at its initial 2.05-megawatt digital currency mining facility in Iceland. Included in the financial results for the quarter are just 12 full days of operations from the initial facility, which resulted in revenues of $170,819 and a mining margin of $112,959 (1). Although not illustrative of a full quarter or of Hive's rapidly expanding operations, these results mark the beginning of the company's commercial activity. Subsequent to the quarter, Hive raised $71.5-million (Canadian), acquired a second operating facility in Iceland and began a major expansion into Sweden. The added 1.75-megawatt Icelandic facility, together with both phases in Sweden (6.8 megawatts each), is expected to increase the company's overall power consumption dedicated to digital currency mining by over eight times, for a total of 17.4 megawatts. With this significantly expanded capacity, along with recent Ethereum network improvements, the company anticipates a strong increase in revenue for Q3 and into 2018. For more information on the Sweden expansion, please refer to the company's news releases dated Oct. 23, 2017, and Oct. 25, 2017.  

BTCS Inc. (OTC: BTCS) is an early entrant in the Digital Asset market and one of the first U.S. publicly traded companies to be involved with Digital Assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other "protocol tokens" to provide investors a diversified pure-play exposure to the bitcoin and blockchain industries. BTCS intends to acquire digital assets through: open market purchases, participating in initial digital asset offerings (often referred to as initial coin offerings). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers and earning rewards in digital assets by securing their respective blockchains.

Overstock.com Inc. (NASDAQ: OSTK) recently announced it chose Snowflake Computing to augment and scale its data science initiatives. Snowflake enables Overstock, one of the world's premier home goods and furnishings retailers, to fast-track highly impactful data science projects to deliver on its brand promise of using technology to help customers find just what they want, for less. Overstock joins fellow online retailers Rue La La and Rent the Runway in leveraging Snowflake's modern, cloud-built data warehouse. "A common meme in the data science world is that data scientists spend 80 percent of their time prepping data and 20 percent of their time building models. We wanted to flip that ratio," Overstock Vice President of Product and Analytics Joe Kambeitz said. "A key part of that initiative is investing in the right tools for our data scientists, and Snowflake is that solution when it comes to allowing data scientists to rapidly scale and deploy their workloads." Read the full release here: https://finance.yahoo.com/news/overstock-com-selects-snowflakes-cloud-140000764.html

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