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Data Shows the Global Blockchain Market is Expected to Reach USD 60 Billion by 2024

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Data Shows the Global Blockchain Market is Expected to Reach USD 60 Billion by 2024

FinancialBuzz.com News Commentary

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NEW YORK, August 30, 2018 /PRNewswire/ --

According to a report published by Wintergreen Research, the global blockchain market was valued at USD 708 Million in 2017 and is expected to reach USD 60 Billion by 2024. Blockchain is a type of distributed ledger system that provides enhanced security to real-time transaction processing. It also increases the speed and efficiency of transaction processing. Additionally, the blockchain technology is increasingly being adopted within various industry sectors. Online payments have benefited from using the blockchain technology as the distributed ledger technology further enables tracking of financial transactions. Victory Square Technologies Inc. (OTC:VSQTF), Marathon Patent Group, Inc. (NASDAQ:MARA), Grayscale Investments, LLC (OTC:GBTC), India Globalization Capital, Inc. (NYSE:IGC), Wipro Limited (NYSE:WIT)



According to another report from Tractica, enterprise blockchain revenue is expected to grow from USD 4.6 Billion in 2018 to USD 20.3 Billion by 2025. The report suggested that blockchain enables a new business model that will replace intermediate trust agents. Principal analyst, Joe Hoffman, said, "Markets and applications ripe for blockchain are those where trust among participants is low and the need for records security and integrity is high. New market opportunities can be created with blockchains without ever having a trusted authority other than the enterprise blockchain network, a key factor that will accelerate adoption in the years to come."

Victory Square Technologies Inc. (OTCQX:VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE:VST). Earlier last week, the Company announced, "A dynamic new technology and promotional partnership between its portfolio company FansUnite Entertainment Inc. ("FansUnite") and the Leicester City Football Club, the 2016 English Premier League Champions.

The partnership will introduce the FansUnite brand to Leicester City FC supporters through targeted promotions and co-branded activations both in and outside the stadium."

"Leicester City FC is a truly special story and a premier global sports brand," said FansUnite CEO, Darius Eghdami. "Not only are The Foxes one of just six clubs to hoist the Premier League Trophy since its inception in 1992, they are at the forefront of innovation, incorporating new technology to help improve player performance and fan engagement."

Eghdami added: "Partnering with a globally-recognized brand such as Leicester City that shares our commitment to improving conditions for sports fans through the application of new technology was a natural fit and a win-win for both companies."

FansUnite (http://www.fansunite.com ), a blockchain protocol on target to disrupt and revolutionize the sports betting and sports data markets, is pioneering a tamper-proof and transparent global store for sports data. The FansUnite model will have far-reaching implications in a world that is increasingly conscious of data rights and sports integrity. Sports betting, daily fantasy and betting exchanges will be built atop the FansUnite Protocol.

"FansUnite has set their sights on powerfully transforming the entire sports betting and sports data marketplaces with their proprietary blockchain protocol and we couldn't be happier to welcome Leicester City to the Victory Square family," said Shafin Diamond Tejani, CEO of Victory Square. "The global reach and influence of The Foxes will expose FansUnite to millions of sports fans around the world. It serves as a great validation of their continued growth and success."

The FansUnite sports betting protocol will launch before the end of 2018. It will allow operators and government-run wagering sites around the world to offer bettors lower fees and increased payback percentages directly to the waging public.

"We take the saying 'Better for Bettors' seriously," said FansUnite CEO Eghdami. "FansUnite truly is 'Better for Bettors.'"

In addition to the sportsbook offering, the FansUnite Protocol serves as the blockchain-based infrastructure for sports data applications, daily fantasy sports and a variety of other applications reliant on receiving secured sports data. Following their Series A financing of CAD 4.45 Million, FansUnite has been developing the protocol in preparation for their regulatory-compliant token launch later this calendar year."

Marathon Patent Group, Inc. (NASDAQ:MARA) is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. The Company announced earlier this year that it has commenced bitcoin mining at its new facility in Quebec. Previously, on February 8th, 2018, the Company announced it had purchased 1,400 Bitmain Antminer S9 miners and on February 15th, 2018 the Company announced it had leased 26,700 sq. ft. of data center space in Quebec, Canada. The Company is pleased to announce the completion of its installation and the commencement of operations which are expected to utilize approximately 2.0 MW and deliver approximately 19 Ph/s of ASIC mining capacity. The Antminer S9s are presently mining Bitcoin but are able to mine other digital assets/cryptocurrency using the SHA256 algorithm. Merrick Okamoto, Marathon's Interim Chief Executive Officer and Chairman of the Board of Directors, stated, "The announcement represents a milestone for the Company. I'd like to thank everyone that worked so hard to make this day a reality for our shareholders."

Grayscale Investments, LLC (OTCQX:GBTC) established in 2013 by Digital Currency Group, is a trusted authority on digital currency investing. Grayscale provides secure access to the digital currency asset class through its single-asset and diversified investment products, including Bitcoin Investment Trust™ (OTCQX:GBTC) and Digital Large Cap Fund™.  Grayscale is a wholly-owned subsidiary of Digital Currency Group, which builds and invests in more than 130 bitcoin and blockchain companies in more than 30 countries around the world. Grayscale recently released the inaugural Grayscale Digital Asset Investment Report, a first-of-its-kind report that highlights industry trends and analyzes investment activity across the Grayscale family of products during the first half of 2018. Grayscale raised USD 248.4 Million into its single-asset and diversified investment products, marking the strongest fundraising over any six-month period since Grayscale launched its first product, Bitcoin Investment Trust™, in September 2013.

India Globalization Capital, Inc. (NYSE:IGC) has two lines of business, a legacy commodity trading, and infrastructure business, and a cannabis-based complementary medicines business that has developed a lead product for treating Alzheimer's patients. The Company recently announced that during its Annual Meeting of Shareholders scheduled for, and convened on August 6th, 2018, voting on all matters as disclosed on the Definitive Proxy on Form 14A filed with the SEC on July 6th, 2018 were passed. At the Annual Meeting, the following proposals were approved: (i) the election of Richard Prins to the Company's Board of Directors, (ii) the proposal to ratify Manohar Chowdhry & Associates as the Company's independent registered public accounting firm for the 2019 fiscal year, and (iii) approval to adjourn the meeting if necessary. The Company is focused on the development of a QR code-based system that allows patients to access a website with information on its alternative medicine products, specific per state. As the number of states in which the product is available increases, the Company expects to expand the backend to a blockchain that allows for inputs directly from growers, processors, and dispensaries. The Company expects to expand the QR code-based system in several phases over fiscal 2019.

Wipro Limited (NYSE:WIT) is a leading global information technology, consulting and business process services company. Wipro Limited recently announced that it has become an Affiliate of the Energy Web Foundation (EWF), a global nonprofit organization focused on accelerating the adoption of blockchain technology in the energy sector. In collaboration with more than 50 Affiliates from around the globe, EWF is building and scaling the Energy Web Chain, the first public, open-space blockchain platform tailor-made for the energy sector. Wipro can now leverage EWF's R&D investments in blockchain technology and thereby, gain early access to the overall energy blockchain system, deepen use case research and development, get access to a managed ecosystem of application developers, and utilize EWF's educational material (regulators and standards) to accelerate blockchain adoption in the energy sector. Subbi Lakshmanan, Senior Vice President and Head of Digital for Energy, Resources & Utilities business, Wipro Limited said, "Joining the EWF consortia reflects our commitment to the energy sector and our belief that blockchain and allied technologies such as IoT, Analytics and AI will play a central role in helping the industry embrace the path-breaking move towards a new energy economy, enabled by distributed energy resources. Wipro is excited to be the only technology company in this consortium of some of the most visionary energy organizations in the world."

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