Blockchain's Wide Array of Uses the Driving Force Behind its Global Market Growth - American Express (NYSE:AXP)

NEW YORK, November 29, 2018 /PRNewswire/ --

Blockchain is becoming heavily adopted among many businesses due to its innovative technology, causing a major demand for blockchain related services. The strong demand is rapidly transforming the market, which is expected to grow at a robust pace. According to data compiled by MarketsandMarkets research, the global blockchain market is projected to grow from USD 411.5 Million in 2017 to USD 7.68 Billion by 2022. It is also expected to continue growing at a CAGR of 79.6%. Businesses across many different sectors such as finance, banking, retail, real estate, entertainment, government, travel and others are looking to leverage blockchain technology for many different applications. Blockchain within businesses allows reduced total cost of ownership, faster transactions and simplified business process with transparency and immutability. Specifically, businesses are applying blockchain to certain applications such as payment solutions, smart contracts, documentation, digital identity and supply chain management. GreenBox Pos LLC GRBX, International Business Machines Corporation IBM, American Express Company AXP, Starbucks Corporation SBUX, HSBC Holdings plc HSBC

The banking, financial services and insurance (BFSI) sector is projected to dominate the blockchain market as well as grow at the highest CAGR during the forecasted period. The distributed ledger technology behind blockchain allows for easier and efficient transactions with customers. The technology allows for new business models in payment solutions, internet banking and financial transaction technologies. "Digital currency provides a plethora of unprecedented benefits for corporate payments that should not be ignored, with the most important benefit being transparency. Whilst there is much progress to be made in this area, for those responsible for corporate payments, this is certainly one to watch," said Andrew Pritchard, Managing Director for Blockspace.

GreenBox Pos LLC GRBX earlier today announced breaking news that, "it entered into a joint venture agreement with Sigue Corporation, one of the world's largest private money transfer entities ("Sigue"). Operating in over 100 countries and employing nearly 200,000 agents, Sigue offers GRBX the capacity and infrastructure to deploy the Company's blockchain transactional technology on a massive scale. The joint operations will deploy Sigue's licensed bandwidth and enable the creation of never-before available transactional solutions for businesses, such as secured, private, reliable and extendable Venmo ™ style business-to-business applications with instant settlement capabilities, and complete blockchain transactional infrastructure for banks and larger financial institutions. The deal plays into GRBX global reach plans, which started with the Company's wholly own subsidiaries in Mexico and Canada and continued through GRBX European penetration.

'GreenBox has an interesting new technology and capabilities we have been looking for,' said Jorge De Feria, Senior Vice president, Treasury and Corporate Development of Sigue Corporation. 'This cooperation allows both companies to offer new levels of service technology to new and existing customers. We welcome the opportunity to work closely with the Company to address the world's money transfer service needs.'

'We have the technology, and Sigue has the size. Together, we can deliver our solutions to a substantially larger audience,' said Ben Errez, Executive Vice President of GreenBox POS. 'GreenBox continues to carve a unique path as the world's leader in blockchain transactional infrastructure provider. We look forward to providing escalating levels of services and expectations to clients of both our companies.'

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."

International Business Machines Corporation IBM is recognized as the leading enterprise blockchain provider. Smart Dubai and IBM recently announced the launch of the Dubai Blockchain Platform, the first government-endorsed blockchain platform as-a-service in the United Arab Emirates (UAE). Delivered through an IBM Cloud environment and built locally in the UAE, the enterprise-ready platform will serve as a stepping stone for organizations in the UAE and globally to transition their blockchain testing and development into full-production. It will also transform and digitize applicable government processes and citizen services. The new Dubai Blockchain Platform will help integrate digitized services and experiences run on IBM Blockchain into citizens' day-to-day lives. Organizations will also benefit from keeping their data in-country and conducting transactions locally, and in turn, lower operational costs. The Dubai Pay Blockchain Settlement and Reconciliation System, officially launched on 23rd September, will be one of the first projects to migrate onto the Dubai Blockchain Platform. Through this service, a process that used to take entities approximately 45 days to reconcile and settle payments with other government entities, banks and financial institutions, is now reduced to real time. "In the past few years, technologies such as blockchain have moved up on the agenda in Dubai. Today, proof of concepts are bypassed and organizations are moving into full-scale production," Amr Refaat, General Manager, IBM Middle East and Pakistan. "Blockchain provides an added layer of trust and transparency among government organizations and businesses and helps make collaboration more efficient. The new IBM Blockchain-based service will enable organizations to keep their data in-country and conduct transactions locally. It also conforms to Dubai Government's Information Security Regulation standards."

American Express Company AXP is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. American Express announced earlier this year the introduction of blockchain-enabled, business-to-business cross-border payments. The American Express® FX International Payments (FXIP) business is working with Ripple, provider of enterprise global blockchain solutions, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security that American Express customers know and expect. Santander UK is the selected partner to initiate this exciting new transaction channel, which has the potential to expand substantially over time. With the integration of Ripple into the American Express FXIP platform, non-card payments can be routed through Ripple's real-time payment network, known as RippleNet. Compared with traditional payment processes, blockchain-enabled payments improve international transactions by simplifying connections with intermediaries and providing immediate end-to-end visibility into the transaction status and cost. "American Express has a long history of integrating new technologies into innovative products and services that differentiate and enhance the customer experience," said Marc Gordon, Executive Vice President and Chief Information Officer at American Express. "This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world."

Starbucks Corporation SBUX, since 1971, has been committed to ethically sourcing and roasting high-quality arabica coffee. Intercontinental Exchange recently announced that it plans to form a new company, Bakkt, working with Starbucks, BCG, Microsoft, which intends to leverage Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets. Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain. The new company will create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network. "As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks," said Maria Smith, Vice President, Partnerships and Payments for Starbucks. "As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers."

HSBC Holdings plc HSBC, the parent company of HSBC Group, is headquartered in London. HSBC and ING Bank recently announced that they have successfully executed a live trade finance transaction for international food and agriculture conglomerate Cargill using R3's Corda scalable blockchain platform. The blockchain transaction involved a bulk shipment of soybeans from Argentina, through Geneva's trading arm of Cargill, to Malaysia, through Cargill's Singapore subsidiary as the purchaser. A Letter of Credit was issued using Corda by HSBC to ING. The two banks were acting on behalf of the Cargill entities. The transaction demonstrates that blockchain as a solution to trade digitisation, is commercially and operationally viable. Conventional exchanges for paper-based documentation related to letters of credit usually take between 5-10 days. This exchange was done in 24 hours. "What this means for businesses is that trade finance transactions have been made simpler, faster, more transparent and more secure," said Vivek Ramachandran, HSBC's Head of Growth and Innovation. "The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses."

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