Blockchain Market Continues to Grow as More Big Corporations Adopt the Technology

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Sep 25, 2018, 09:42 ET

NEW YORK, September 25, 2018 /PRNewswire/ --

According to a report published by Grand View Research, the global blockchain technology market size is expected to grow at a compound annual growth rate (CAGR) of 37.2% to reach USD 7.59 Billion by 2024. The blockchain is a distributed ledger, or database, which works as an electronic transaction-processing and record-keeping system. The benefits of using blockchain technology include reductions in transaction cost and improvements in transparency and fraud controls. Blockchain technology has continued to be adopted by various industries as it increases operational efficiencies. The financial sector is expected to benefit the most from using the technology, while other industries such as retail, healthcare, media and telecom, public sector, and transportation have potential to unlock the value of the blockchain. Squire Mining Ltd. (OTC: SQRMF), Accenture plc (NYSE: ACN), HSBC Holdings plc (NYSE: HSBC), Hewlett Packard Enterprise Company (NYSE: HPE), Overstock.com, Inc. (NASDAQ: OSTK)

Many corporations have applied blockchain technology to improve their operational efficiencies. Recently, the world's largest retailer Walmart has announced that it told leafy greens suppers to trace their products all the way back to the farm using blockchain technology. Walmart stated in a statement: "This change means that the information gathered by these suppliers will be open and accessible through technology that offers real-time, end-to-end traceability from farm to table. Blockchain allows for digitized sharing of data in a secure and trusted way."

Squire Mining Ltd. (OTCQB: SQRMF) is also listed on the Canadian Securities Exchange under the ticker (CSE: SQR). Just earlier today, the company announced breaking news that, "SQUIRE ANNOUNCES SAMSUNG ELECTRONICS AS FOUNDRY PARTNER TO MANUFACTURE ASIC CHIPS, Squire is very pleased to announce Gaonchips as our design house and Samsung Electronics as our chosen foundry partner to manufacture our ASIC chips in Korea. On August 1, 2018, we announced that Squire had engaged an undisclosed arm's length design fabrication firm to perform the back-end design, testing and initial mass production run of our next generation ASIC chip for mining Bitcoin. We are delighted that we are now able to disclose Gaonchips as our design house and Samsung Electronics as our foundry partner.

Our front-end development team of engineers and programmers is currently working with Gaonchips to develop the Company's initial ASIC chip to mine Bitcoin and other associated cryptocurrencies using a wafer process technology that, once confirmed and accepted as meeting certain prescribed specifications and criteria, will form the basis of an initial mass production test run of the ASIC chip by Samsung Electronics.

In addition, once a working FPGA prototype of our initial ASIC chip is developed, we will be able to aggressively accelerate the design and development of our initial mining rig for Bitcoin and associated cryptocurrencies.

We anticipate completing a FPGA prototype of our initial ASIC chip by September 30, 2018."

Accenture plc (NYSE: ACN) is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. The Institutes RiskBlock™ Alliance, a blockchain consortium for the risk management and insurance industry, recently announced that Accenture plc will serve as the lead framework architect responsible for building a production-grade platform to develop and implement blockchain and distributed-ledger use cases. The platform will enable the RiskBlock Alliance to implement and test multiple use cases by the end of 2018. "As insurers increasingly rely on partnerships to create business efficiencies and improve customer experiences, blockchain technology will be critical to holding partners accountable without first needing to establish trust," said Michael Costonis, who leads Accenture's Insurance practice globally. "RiskBlock has built a powerful alliance, and we're eager to work with them to develop scalable blockchain use cases in insurance. Blockchain has the power to simplify, secure and speed up the way the insurance industry works."

HSBC Holdings plc (NYSE: HSBC), the parent company of HSBC Group, is headquartered in London. HSBC and ING Bank recently announced that they have successfully executed a live trade finance transaction for international food and agriculture conglomerate Cargill using R3's Corda scalable blockchain platform. The blockchain transaction involved a bulk shipment of soybeans from Argentina, through Geneva's trading arm of Cargill, to Malaysia, through Cargill's Singapore subsidiary as the purchaser. A Letter of Credit was issued using Corda by HSBC to ING. The two banks were acting on behalf of the Cargill entities. The transaction demonstrates that blockchain as a solution to trade digitization, is commercially and operationally viable. Conventional exchanges for paper-based documentation related to letters of credit usually take between 5-10 days. This exchange was done in 24 hours. "What this means for businesses is that trade finance transactions have been made simpler, faster, more transparent and more secure," said Vivek Ramachandran, HSBC's Head of Growth and Innovation. "The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses."

Hewlett Packard Enterprise Company (NYSE: HPE) helps customers use technology to slash the time it takes to turn ideas into value. Hewlett Packard Enterprise recently announced that it plans to invest USD 4 Billion in Intelligent Edge technologies and services over the next four years. This strategic organic investment will be focused on helping customers turn all of their data - from every edge to any cloud - into intelligence that drives seamless interactions between people and things, delivers personalized user experiences, and employs AI and machine learning to continuously adapt to changes in real time. For example, Aruba and HPE Pointnext services are helping Gatwick Airport achieve its goal of becoming the most technologically advanced airport in the world. HPE's Edge systems are helping Texmark create the refinery of the future which will make the manufacturing of chemicals safer and more efficient and helping Streamr grow their marketplace for data monetization by collecting and storing data from an individual car on a blockchain, ultimately giving control of the data to the driver. "Data is the new intellectual property, and companies that can distill intelligence from their data -whether in a smart hospital or an autonomous car-will be the ones to lead," said Antonio Neri, President and Chief Executive Officer, HPE. "HPE has been at the forefront of developing technologies and services for the Intelligent Edge, and with this investment, we are accelerating our ability to drive this growing category for the future."

Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. Medici Ventures, a global leader in blockchain technology, recently announced that its portfolio company, Bitsy.com, has commenced the limited beta launch of a digital wallet service that creates a simple, secure, and convenient bridge between traditional fiat currencies and cryptocurrencies. Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. "Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised," said Patrick Byrne, Chief Executive Officer and Founder of Overstock.com. "This new Bitsy wallet has extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website."

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