Market Overview

Blockchain Technology Value Grows as it Spreads to Additional Sectors


Blockchain Technology Value Grows as it Spreads to Additional Sectors News Commentary

PR Newswire

NEW YORK, July 25, 2018 /PRNewswire/ --

According to a new report published by the International Data Corporation, IDC's Worldwide Semiannual Blockchain Spending Guide expected the worldwide spending on blockchain solutions to reach USD 11.7 Billion in 2022 after growing at a robust pace of a five-year compound annual growth rate of 73.2% during the forecast years. Blockchain technology creates a decentralized ledger that keeps a record of all transactions. The technology also allows for asset transfers without using a trusted intermediary. Potential applications can be found in financial, healthcare, supply chain and distribution sectors. The financial sector led the blockchain spending with USD 754 Million in 2018. Glance Technologies Inc. (OTC:GLNNF), Net Element Inc. (NASDAQ:NETE), ChinaNet-Online Holdings Inc. (NASDAQ:CNET), MoneyGram International Inc. (NASDAQ:MGI), Xunlei Limited (NASDAQ:XNET)

Jessica Goepfert, program Vice President at IDC's Customer Insights and Analysis, said, "We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management. Highly visible scandals combined with complex supply chains and incomplete information set the stage for investments and projects in these areas. End to end, the stakeholders have a vested interest in solving these issues. Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers."

Glance Technologies Inc. (OTCQB:GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE:GET). Last week, Glance Technologies Inc. and Big Blockchain Intelligence Group Inc. announced that they, "have entered into a strategic alliance agreement.

Under the terms of the agreement, Big and Glance will work together to:

  1. Establish a mutual referral and strategic marketing relationship;
  2. Further explore ways to work together;
  3. Collaboratively market and promote the businesses of both Big and Glance.

Glance's focus is to streamline mobile payment services. Glance owns and operates Glance Pay, a proprietary, streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn loyalty rewards, and interact with merchants. Its Glance Merchant service works with Glance Pay to allow businesses to accept mobile payments instantly and provide superior analytics. Glance is also developing its own cryptocurrency, Glance Coin, a reward token, with the objective of simplifying and enabling the adoption of cryptocurrency into everyday life. Glance Coin will give consumers instant access to a network of preferred merchants that not only accept Glance Coin, but also offer member-only crypto-based loyalty rewards that help customers build their crypto account with every dollar they spend."

"We're excited to explore the strategic ways we can work with Glance to the mutual benefit of both companies," said Big Chief Executive Officer, Lance Morginn. "Glance's current work on developing Glance Coin as a rewards-based cryptocurrency to be integrated into their platform could be a natural fit with the tools and services Big offers. In the case of Glance Pay, there could be possibilities of cross-integrations or introductions to potential clients as Glance has significant licensing agreements in place with companies in markets ranging from cannabis to fitness and wellness, and foreign students and tourism. We look forward to working with Desmond and the team of experts at Glance."

Desmond Griffin, Chief Executive Officer of Glance, commented, "I see this agreement as just the beginning of working with Big to position both our companies front and centre in the global market. As the co-founder of a previous company that processed tens of millions of mobile payments for millions of consumers in 100-plus cities around the world, I know you can only build a global presence and client base through this type of partnership and collaboration. We will accomplish so much more by working together. My team and I welcome the opportunities and the chance to work with Big's team in the days to come."

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Net Element Inc. (NASDAQ:NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. Earlier this year, the Company announced that it has completed a USD 7.55 Million private placement of restricted common stock and warrants with a New York-based family office that has made several investments in companies with blockchain technology platforms. The new investment will fuel the continued development of the Company's blockchain-focused unit, support growth initiatives and allow for potential acquisitions. Net Element's blockchain-focused business will be a decentralized crypto-based ecosystem that will act as a framework for value-added services ("VAS") that can connect merchants and consumers directly utilizing blockchain technology while increasing the speed and efficiency of transactions made through the Company's processing, settlement and services ecosystem.

ChinaNet-Online Holdings Inc. (NASDAQ:CNET) is an integrated online advertising, precision marketing, and data analysis and management platform company. In June, the Company announced the formation of its closed loop Business Opportunity Social Ecosystem (BOSE), a blockchain-powered marketing and advertising transaction system. BOSE is developed on the Company's Business Opportunity Chain (BOC) as a network that integrates the Company's existing marketing and advertising infrastructures with its blockchain-powered business opportunity transaction platforms such as BOH. The network is designed to address the problems that occur in modern advertising and marketing activities such as the fair distribution and monetization of business opportunities. The network will also improve the credibility of enterprises through the verification of sales leads and transactions.

MoneyGram International Inc. (NASDAQ:MGI) is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Earlier this year, the Company has partnered with Ripple to pilot XRP in their payment flows. MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity. XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about USD 30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour. For MoneyGram, the second largest money transfer company in the world, this strategic partnership will allow them to understand how blockchain technology and XRP can improve the efficiency of their global treasury operations and consumer experience.

Xunlei Limited (NASDAQ:XNET) is a leading cloud-based acceleration technology company in China. Earlier this month, the Company announced that it has launched the ThunderChain File System (TCFS) and three TRC Smart Contract Standards to support the development of blockchain applications. The Company also revealed the winners of Xunlei Blockchain Applications Global Challenge final tournament held in Shenzhen. ThunderChain File System (TCFS), based on Xunlei's proprietary distributed technology and millions of shared computing nodes, is a distributed file system for data storage and authorized distribution. It is built specifically for blockchain platforms including ThunderChain and other platforms. Blockchain developers and enterprises can build decentralized applications (DApps) with distributed data storage and integration, possessing the improved capabilities in openness, transparency, non-temper ability, traceability, reliability, security and encryption, mass storage and authorization.

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