Growth of Blockchain Technology Changing the Landscape of Financial Industry

PALM BEACH, Florida, January 25, 2018 /PRNewswire/ --

MarketNewsUpdates.com News Commentary  

With the initial hype surrounding blockchain technology beginning to settle, more and more companies are developing solid use cases and exploring opportunities for blockchain commercialization. Many are adapting to blockchain for managing financial, medical and legal records-a scenario in which blockchain might eventually replace banks, credit agencies, and other traditional intermediaries as the gatekeeper of trust and reputation. Gartner Inc. projects that blockchain's business value-add will grow to $176 billion by 2025. A group of big financial institutions wants to use the blockchain to make it easier and less costly to track home mortgages packaged into securities. Credit Suisse Group AG, U.S. Bancorp, Wells Fargo & Co. and Western Asset Management Co. said recently that they successfully tested the distributed ledger technology as a way to standardize the data involved in securitized home loans and make it more transparent, according to an article published on Bloomberg.com. Active companies today include: Block One Capital Inc. (TSX-V: BLOK), Digatrade Financial Corp. (OTC: DIGAF), Pareteum Corporation (NYSE: TEUM), HIVE Blockchain Technologies Ltd. (TSX-V: HIVE.V) (OTC: HVBTF), Bank of America Corporation (NYSE: BAC).

Block One Capital Inc. (TSX-V: BLOK.V) an investment issuer focused on the emerging blockchain and digital currency markets, is pleased to announce that it has entered into a definitive agreement with Finzat Block LLC ("Finzat") to acquire 40% of the New York, USA based mortgage blockchain company. Under the terms of the definitive agreement, the Company has paid Finzat US$600,000.

In order to incentivize and spur the ongoing development of the Finzat business, Block One has offered to make an additional cash payment to Finzat upon the completion of certain milestones, and has offered certain management an option to acquire 6% of Block One's ownership if Finzat completes a financing, such as an initial coin offering, approved by Block One. Read this and more news for Block One Capital at:   http://www.marketnewsupdates.com/news/blok.html  

"We are excited to have finalized our investment in Finzat and continue to be impressed by the team and the steadfast progress they have made in taking the concept to prototype stage and commencing early development, while at the same time engaging with stakeholders in the U.S. mortgage market," said Mr. David Berg, CEO of Block One.

Finzat's business proposition is to streamline and digitize the approximate ten trillion dollar United States mortgage market using innovative blockchain applications to create a system which is Simple, Auditable, Fault-tolerant and Efficient (SAFE).  

"When we launched Finzat, we did so with a comprehensive understanding of the US mortgage market and the inherent pains that various market participants face. Our goal from day one has been to offer a single solution that addresses the many shortcomings of existing systems, while building a business that has a clear-cut monetization strategy. We are pleased with the inbound feedback we have received from industry participants and potential partners.  With the investment from Block One, we look forward to selecting a technology partner, engaging with additional stake holders and providing additional updates in the near term," said Mr. Gnanesh Coomaraswamy, founder of Finzat.  

In other blockchain industry news and developments:

Digatrade Financial Corp. (OTCQB: DIGAF) a digital-asset (Bitcoin) exchange and blockchain development services company this month announced the execution of a technology development contract with No Limits Consulting Limited (DBA: ANX International, ANXPRO, ANX Technologies) to develop the Digatrade Mobile Application for iOS & Android. The following features will be developed for the Digatrade Mobile App; Digatrade home page, portfolio page with account balance display, activities page with transaction records, funding including deposit / withdraw function, trading page with instant liquidity access to Digatrade multi-currency order-book and standalone APK for android users in Chins. The application is expected to go-live Q102018.

Pareteum Corporation (NYSE: TEUM), the rapidly growing Cloud Communications Platform company, announced this week that it has expanded its relationship with AirFox by adding AirFox's Blockchain and AirToken (AIR) platform to the Pareteum Global Cloud Service Platform. As Pareteum continues to expand into the global and emerging markets, the companies previously partnered to provide subscriber connection subsidies, for Pareteum's MVNO customers, and their retail customers, via paid advertising by Google and other advertising management platforms.

HIVE Blockchain Technologies Ltd. (TSX-V: HIVE.V) (OTC: HVBTF) announced last week the completion of the first phase ("Sweden Phase 1") of a multi-phase build-out of a large-scale GPU-based mining complex in Sweden. HIVE's Sweden Phase 1 operation commenced mining Ethereum on January 15, 2018 and increases the Company's energy consumption dedicated to cryptocurrency mining by over 175% to 10.6MW. HIVE is fully financed to add an additional 13.6MW of GPU mining capacity in Sweden by April 2018 and a further 20.0MW of ASIC mining capacity, facilities capable of mining Bitcoin and Bitcoin Cash, by September 2018. HIVE's expansion into Sweden diversifies the Company's existing operations located in Iceland , where it has been producing newly mined digital currency continuously since September 2017.

It was report on FintechFinance.com that Bank of America (NYSE: BAC) is trying to steal a march on the latest developments in the technology behind digital currency bitcoin by loading up on blockchain-related patents. Blockchain works like a huge, decentralized ledger for the digital currency bitcoin which records every transaction and stores this information on a global network so it cannot be tampered with. Major financial institutions - including the Bank of England - have released a number of notes over the last year on the potential of the technology and have created teams within their organizations to look into how to develop the cryptocurrency.

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