According to a research report published by Global Market Insights, the blockchain market size is expected to surpass USD 16 Billion by 2024. The blockchain technology builds a secure record of transactions between two parties, eliminating the need for a third-party intermediary. The technology was first applied in cryptocurrency and now, it is widely used in various industry. The market is expected to witness rapid growth as the technology can significantly reduce the cost of operation and enhance efficiency for businesses. As a result, the financial sector is expected to benefit the most from the development of the technology. Victory Square Technologies Inc. (OTC: VSQTF), Pareteum Corporation (NYSE : TEUM ), Seven Stars Cloud Group, Inc. (NASDAQ : SSC ), Appian Corporation (NASDAQ : APPN ), Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA ).
Investment in blockchain technology continues to grow as the number of new patents filed for the technology has surged. According to data from Thomson Reuters, the number of new patents filed for blockchain-related technology rose to a record high of 406 in 2017, up from 134 in 2016. About 56% of patents filed in 2017 came from China, followed by the United States. Alex Batteson, an editor in the IP & IT practice area at Thomson Reuters Practical Law, said: “Blockchain is seen as the next frontier of financial services technology architecture – an area that swallows up vast amounts of capital expenditure every year. Companies are keen to stake out their territory as the technology rapidly advances.”
Victory Square Technologies Inc. (OTCQX: VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Earlier last week, the Company announced breaking news that, “one of its portfolio companies, PayVida Solutions Inc. (“PayVida”), an emerging global payment processor and card issuer, has become the exclusive partner and preferred vendor of British Columbia’sAlliance of Beverage Licensees (“ABLE BC”).
ABLE BC is the united voice of and a powerful advocate for British Columbia’s private liquor industry. Its 1000+ members include private liquor stores, pubs, bars, nightclubs and hotel liquor licensees.
‘ABLE BC selected PayVida over other merchant service providers because of its instant application approval process and innovative payment technology,’ said PayVida CEO Ryan Strauss. ‘We anticipate reducing transaction costs for our members, while growing our membership base through our new partnership.’
PayVida’s partnership with ABLE BC creates a direct channel into a network of BC’s private hotels and pubs. ABLE BC’s Executive Director Jeff Guignard recently completed a 10,000 kilometre, 20 city, 250 liquor licensee tour of BC. Discussions included recent and pending changes to BC’s liquor policies and the emerging licensing framework for cannabis retail stores.
‘PayVida is more than a payment processing company,’ said Guignard. ‘This is an opportunity for us to collaborate with an innovative financial technology company, giving our members point-of-sale integrations and same day funding.’
B.C. currently has 670 private liquor stores and 195 government locations, generating over $3 billion of alcohol sales and several billion dollars of indirect economic activity. (Source: https://ablebc.ca/wp-content/uploads/2018/04/Member-Handbook-Updated-April-2018.pdf )
‘ABLE BC is a hub to 1,000 thriving businesses that understand the importance and the power of a highly scalable FinTech and payment processing solution to accelerate their business growth. After reviewing other competitors, ABLE selected PayVida to partner with because of the value they place on leading solutions in the payments industry,’ said Victory Square Technologies CEO Shafin Diamond Tejani.
Tejani continued, ‘PayVida is helping to innovate the FinTech community and Victory Square remains confident that they will continue to make significant strides in this industry and stands fully ready to help support and fuel their growth.’
About Victory Square Technologies Inc. – Victory Square Technologies is an emerging technology accelerator. Victory Square portfolio companies are using blockchain, machine learning, artificial intelligence, and virtual and augmented reality to disrupt established technology and create completely new industries. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally.”
Pareteum Corporation (NYSE : TEUM ) is a rapidly growing Global Software Defined Cloud company with a mission to connect “every person and everything.” Pareteum Corporation, delivering award-winning mobile enablement solutions, announced recently that a U.S. mobile marketing technology company has signed a 3-year USD 8 Million agreement to utilize Pareteum’s Global Software Defined Cloud (GSDC). Through the Pareteum enabling software and mobility platform, our new customer will facilitate mobile services to advertisers, businesses, and service vendors. Hal Turner, Pareteum’s Executive Chairman and Principal Executive Officer, said, “Pareteum continues to innovate by applying data science and modeling to our Super API. Through our Cloud Enablement software and platform, we are delivering analytics and insights, that are trustfully secured with blockchain technology for the benefit of our customers and their end-users. Applying these powerful solutions to benefit marketers means better value and services to customers, through the power of our cloud and our software… another step toward the vision of ‘anytime and anywhere’ now coupled with ‘and, customized for my needs’.”
Seven Stars Cloud Group, Inc. (NASDAQ : SSC ) is determined to become one of the most prominent global digital asset companies. Seven Stars Cloud Group, Inc. (to be renamed Ideanomics) recently announced its acquisition of Grapevine Logic Inc., a world leading end-to-end influencer marketing platform. Grapevine will play a pivotal role in SSC’s consumer asset digitization strategy. Blockchain and Artificial Intelligence technology, core assets for SSC, enable seamless and decentralized collaboration between counterparties, eliminating the need for a central authority. By applying blockchain-enabled technologies such as smart contracts and the tokenization of assets to Grapevine’s existing ecosystem and existing social media influencer business model, SSC looks to revolutionize the way influencers and celebrities alike, engage with fans, brands and communities on a global scale. “We are very excited to welcome Grapevine and its robust and vibrant network of influencers and brands to the SSC family,” said Bruno Wu, Executive Chairman & Chief Executive Officer of SSC. “We believe Grapevine’s existing global ecosystem will be the foundation for a broad application of blockchain technologies throughout the media and entertainment industry and be the cornerstone of our consumer digital asset business line. We look forward to working closely with Grapevine’s team to expand the platform, enhance the interactions between the participants and help identify and compensate major up-and-coming stars.”
Appian Corporation (NASDAQ : APPN ) provides a software development platform that combines intelligent automation and enterprise low-code development to rapidly deliver powerful business applications. Luxoft Holding Inc., a global IT service provider, recently announced that it has built a blockchain adapter for Appian’s rapid application development platform. It is now available exclusively to businesses using Appian’s Business Process Management (BPM) tool and will allow its users to integrate a blockchain network into their day-to-day business processes, creating a secure, digital environment that facilitates data sharing. “The launch of this adapter is about helping businesses realize the potential of blockchain by making it easier to use,” said Vasiliy Suvorov, Vice President of Technology Strategy at Luxoft. “Problems integrating blockchain into existing in-house systems are often the biggest obstacles to its adoption. Now, by integrating blockchain into a BPM, a business can leverage the benefits of a decentralized model whilst retaining its existing IT architecture. This means business don’t have to rip out their old IT systems to use blockchain.”
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 ACS have signed a EUR 100-Million long-term bilateral corporate loan to be used for financial general needs. The use of blockchain technology in this type of operations is a great leap forward in efficiency in financial processes. Blockchain technology can bring significant improvements. It guarantees the transparency and traceability of contracting, with both ACS and BBVA being able to independently consult at any time the state of the contractual process and the conditions due to the traceability afforded by the technology. The system also digitizes the negotiating process leading to a shortening in the management time from days to hours.