Blockchain Technology Becomes Increasingly Essential for Financial Sector Beyond Bitcoin Cryptocurrency - iCrowdNewswire
  • Spain
  • Brazil
  • Russia
  • France
  • Germany
  • China
  • Korea
  • Japan

RSS Newsfeeds

See all RSS Newsfeeds

Global Regions

United States ( XML Feed )

Jan 3, 2018 7:30 AM ET

Blockchain Technology Becomes Increasingly Essential for Financial Sector Beyond Bitcoin Cryptocurrency

iCrowdNewswire - Jan 3, 2018

Blockchain, originally developed as a supporting technology for cryptocurrency Bitcoin, is a distributed ledger that tracks transactions, connecting them to other transactions nearby and securely encrypting the information. This ledger technology has proved to be the larger value of cryptocurrencies, with implications for almost every industry, not just tracking digital currency. The business value-add of blockchain is expected to grow to more than $176 billion by 2025, and to exceed $3.1 trillion by 2030, according to Gartner. The financial industry for example can use blockchain to redesign costly legacy workflows, improve liquidity, and free up capital. The technology can also help reduce infrastructure costs, increase transparency, reduce fraud, and improve execution and settlement times. Active companies today include: Block One Capital Inc. (TSX-V: BLOK), Digatrade Financial Corp. (OTC: DIGAF), Hive Blockchain Technologies Ltd. (TSX-V: HIVE) (OTC: PRELF), BTCS Inc. (OTC: BTCS), Inc. (NASDAQ: OSTK)

Block One Capital Inc. (TSX-V: BLOK.V) is pleased to announce that it has signed a binding term sheet (the “Term Sheet”) to acquire 40% of the equity of New York based Finzat LLC (“Finzat”), a private company engaged in creating a blockchain system to create a streamlined, digitized mortgage process that is more compliant and SAFE: simpler, auditable, fault tolerant and efficient.

Pursuant to the Term Sheet, the Company is to invest US$600,000 to acquire up to 40% of Finzat. The Company shall make an additional milestone payment of US$80,000 upon Finzat meeting certain conditions set forth in the Term Sheet. The Company and Finzat intend to enter into a definitive agreement to set out the terms and conditions of the acquisition. In the event that no agreement is entered into, the binding Term Sheet will act as the definitive agreement. Read this and more news for Block One Capital at:

Finzat’s blockchain system aims to solve a myriad of problems in the approximately ten trillion dollar United Statesresidential mortgage market, namely: transaction tracking, compliance, auditing and security. Currently, the proof of compliance is generally thought not to be adequately measured or properly saved. Existing systems are not designed to retain data, documents, rules or decisions, nor maintain current or historical loan performance metrics. Traditional audit protocols attempt to ensure quality control standards by sampling a subset of a much larger universe of individual loan portfolios. Weaknesses inherent in this approach can expose lenders and loan servicers to expensive and time-consuming remedies, including fines and loan repurchase obligations. The Finzat system aims to permanently preserve loan information at the point of every decision and eliminates the need to recreate proof at the backend. The need for such a system is validated by more rigorous and standardized compliance regulations that are being phased in, as mortgage markets continue to move towards a mainstream paperless mortgage process.

Finzat was founded by Mr. Gnanesh Coomaraswamy. Mr. Coomaraswamy holds a PhD in Electrical Engineering and Computer Science from Northwestern University with a strong background in cryptography. He is a published co-author of two papers in the area of authentication and confidential communication across networks; some of the foundational precepts of which were also alluded to in the original whitepaper on blockchain. Mr. Coomaraswamy is also a Certified Financial Analyst (CFA) and Certified Financial Risk Manager.  

In other industry news and developments:

Digatrade Financial Corp. (OTCQB: DIGAF) closed up over 3% on Tuesday at $0.27 trading over 700,000 shares by the market close. Digatrade Financial, a digital-asset (Bitcoin) exchange and blockchain development services company, in November announced the listing addition of Ethereum ”ETH” paired to BTC on the trading platform. As previously announced, this will afford Digatrade customers and shareholders first access to register for the Digafund21 (D21) token release on the already established, safe and secure Digatrade platform. Further ICO information will be provided as it materializes.

Hive Blockchain Technologies Ltd. (TSX-V: HIVE.V) (OTC: PRELF) at the end of November released its results for the second quarter ended Sept. 30, 2017 (all amounts in U.S. dollars, unless otherwise indicated). In the quarter, Hive formed a strategic partnership with Genesis Mining Ltd., the world’s largest digital currency mining hashpower provider. In conjunction, Hive acquired and commenced operations at its initial 2.05-megawatt digital currency mining facility in Iceland. Included in the financial results for the quarter are just 12 full days of operations from the initial facility, which resulted in revenues of $170,819 and a mining margin of $112,959 (1). Although not illustrative of a full quarter or of Hive’s rapidly expanding operations, these results mark the beginning of the company’s commercial activity. Subsequent to the quarter, Hive raised $71.5-million (Canadian), acquired a second operating facility in Iceland and began a major expansion into Sweden. The added 1.75-megawatt Icelandic facility, together with both phases in Sweden (6.8 megawatts each), is expected to increase the company’s overall power consumption dedicated to digital currency mining by over eight times, for a total of 17.4 megawatts. With this significantly expanded capacity, along with recent Ethereum network improvements, the company anticipates a strong increase in revenue for Q3 and into 2018. For more information on the Sweden expansion, please refer to the company’s news releases dated Oct. 23, 2017, and Oct. 25, 2017.  

BTCS Inc. (OTC: BTCS) is an early entrant in the Digital Asset market and one of the first U.S. publicly traded companies to be involved with Digital Assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other “protocol tokens” to provide investors a diversified pure-play exposure to the bitcoin and blockchain industries. BTCS intends to acquire digital assets through: open market purchases, participating in initial digital asset offerings (often referred to as initial coin offerings). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers and earning rewards in digital assets by securing their respective blockchains. Inc. (NASDAQ: OSTK) recently announced it chose Snowflake Computing to augment and scale its data science initiatives. Snowflake enables Overstock, one of the world’s premier home goods and furnishings retailers, to fast-track highly impactful data science projects to deliver on its brand promise of using technology to help customers find just what they want, for less. Overstock joins fellow online retailers Rue La La and Rent the Runway in leveraging Snowflake’s modern, cloud-built data warehouse. “A common meme in the data science world is that data scientists spend 80 percent of their time prepping data and 20 percent of their time building models. We wanted to flip that ratio,” Overstock Vice President of Product and Analytics Joe Kambeitz said. “A key part of that initiative is investing in the right tools for our data scientists, and Snowflake is that solution when it comes to allowing data scientists to rapidly scale and deploy their workloads.” Read the full release here:

DISCLAIMER: (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated twenty three hundred dollars for news coverage of the current press release issued by Block One Capital Inc. by a non-affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

Contact Information:
Media Contact
email: [email protected]

Contact Information:

Media Contact
email: [email protected]

View Related News >