Market Overview

Data Shows the Blockchain Market is Set to Grow Rapidly Until 2022


Data Shows the Blockchain Market is Set to Grow Rapidly Until 2022 News Commentary

PR Newswire

NEW YORK, August 21, 2018 /PRNewswire/ --

According to a report published by MarketsandMarkets, the blockchain market is expected to grow at compound annual growth rate of 79.6%, to USD 7,683.7 Million by 2022. The rising adoption of blockchain technology solutions and the increasing demand for Blockchain-as-a-Service are the main factors that drive the growth across market segments. Based on applications, the payment segment is expected to have largest market share during the forecast years as blockchain technology improves efficiency and transparency in payment systems. The blockchain digital identity segment is expected to see the fastest growth rate due to reduced fraud rate and easy management. Victory Square Technologies Inc. (OTC:VSQTF), Banco Santander S.A. (NYSE:SAN), Banco Bilbao Vizcaya Argentaria S.A. (NYSE:BBVA), ChinaNet Online Holdings, Inc. (NASDAQ:CNET), Net Element, Inc. (NASDAQ:NETE)

Based on providers, the application and solution provider segments are expected to dominate the blockchain market and grow at the fastest rate during the forecast years, due to significant value added to the businesses, rising demand for international online money transfer network and cloud-based services. The report indicates that the North American region would continue to have the largest market share during the forecast periods due to its early adoption of cryptocurrency and blockchain technology, while Asia-Pacific region is expected to grow at the highest CAGR as blockchain technology is increasingly used in multiple industries such as BFSI, retail and e-commerce, and real estate.

Victory Square Technologies Inc. (OTC:VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE:VST). Earlier last week, the Company announced that it is, "partnering with the Virtual Reality and Augmented Reality Association ('VRARA') to host the 2018 VR/AR Global Summit (the 'Global Summit') September 21st and 22nd at the newly-opened Parq Vancouver, a casino, entertainment and hospitality complex situated adjacent to BC Place Stadium in Vancouver.

As the premier marketplace and conference for industry leaders in immersive technology content, knowledge and creation, the Global Summit will feature dynamic keynote speakers, collaborative forums, workshops, creative hubs, demonstrations, exhibits, breakout meetings and a variety of exclusive VIP events. It will showcase the best and most interesting projects that the industry has to offer.

'Having the support from Victory Square Technologies as a Presenting Sponsor of the VR/AR Global Summit is truly an honour,' said Nathan Pettyjohn, President of the VR/AR Association. 'Victory Square is helping to bring together a global community of some of the brightest minds in the VR and AR industry, as well as some of the leading brands utilizing VR and AR technologies. We're excited to have them on board in a leadership position with our Global Summit.'

The VR/AR Global Summit boasts an impressive list of speakers from companies such as Amazon, NASA, IBM Watson, The Vatican, HTC Vive and Adobe Systems. Each marquee company will be offering their insight of how immersive technology is being used as a vital tool in the world's most progressive companies today and how applications will only grow over the next few years.

'The VR/AR Global Summit is an impressive forum in which we can and will bolster our deepening pool of high tech incubation prospects while extending our reach and influence in the network of elite industry giants,' said Victory Square CEO Shafin Diamond Tejani. 'Our immersive technologies and gaming division has already generated over 300% year-over-year growth in revenues derived from building customized games, AR/VR and immersive experiences for large global brands such as Chrysler, Intel, SONY, Paramount and TED. The VR/AR Global Summit is simply another stepping stone in building our presence and engagement at the highest levels of our industry.'

Victory Square will host the first-ever 'Pitchfest' at the VR/AR Global Summit on Friday, September 21st, with eight startup finalists presenting their innovative technology and/or products to an audience of accredited global VR/AR investors dedicated to investing in game-changing entrepreneurs. After each finalist gives a three-minute presentation, one startup will be selected to receive a prize of USD 15,000.

It is another example of how Victory Square has used leadership in incubation and acceleration to create an immersive technology portfolio that includes companies such as Shape Immersive, Fantasy 360 Technologies Inc. (dba Immersive Tech), V2 Games & Flo Digital Inc.

'Strong growth from this segment comes from the ingenuity behind products such as Flo Digital's Virtual Reality Test Drive Simulator for Chrysler Canada, Immersive Tech's customized immersive pop-up experiences built for Intel and the world's first and most spatially accurate multi-player MR experience, created by Shape Immersive and presented at TED 2018,' noted Tejani.

Tejani added that Victory Square is very pleased with the progress of its companies in their respective immersive technology portfolios as they continue to reach milestones and leverage significant market opportunities in North America and around the world."

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, 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 Santander is a founding partner of, 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 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, said, "The platform is a live blockchain based trade platform. These transactions prove that 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".

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. BBVA and Repsol recently 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.

Net Element Inc. (NASDAQ:NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. 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. Recently, 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.

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