Banks, financial institutions and many others are adopting blockchain technology faster than anticipated.
Case in point, a Markets and Markets report that breaks down the blockchain market size projects the industry will grow from $241.9 million in 2016 to a staggering $7.68 billion in 2022, representing a compound annual growth rate (CAGR) of an impressive 79.6 percent.
Fueling that growth, the report says, will range from the increasing demand for distributed ledger technology; reduced total cost of ownership; the rise of cryptocurrencies and their market caps, as well as initial coin offerings; increasing demand for “simplified” business processes; creating transparency and immutability; quicker transactions and the increasing adoption of blockchain-as-a-service.
Investors Business Daily, in an article titled, “Bitcoin, Blockchain And Private Industry: You Ain’t Seen Nothing Yet”
‘A growing number of blockchain startups, though, have nothing to do with Bitcoin or its peers. They aim to harness the technology for a long and growing list of other purposes in private industry. These begin with financial services, e-commerce, food safety and supply-chain management, but also include digital media, pharmaceuticals, cybersecurity and transportation — so far.
The list of big companies funding blockchain startups is also long: Alphabet’s (GOOGL) Google, Citigroup (C), Goldman Sachs (GS) and Cisco Systems (CSCO) are just a few, says research firm CB Insights.
The momentum gathering behind blockchain isn’t simply a matter of venture capital. Giant tech companies — the likes of Microsoft (MSFT), IBM (IBM), Oracle (ORCL), Intel (INTC) and Accenture (ACN) — are also jumping on the bandwagon.‘
Eastman Kodak (KODK) announced on Tuesday it would launch a cryptocurrency of its own, specifically for photographers. It also plans to create an encrypted blockchain ledger of rights ownership enabling photographers to register both new and archived work.
According to Forbes:“Technology Not Currency”
“Bitcoin is a terrific technology … the concept of the blockchain definitely has a bright future. Its encryption algorithm and hyper-powerful worldwide virtual network ensures verifiable transaction integrity that is, for all intents and purposes, completely unhackable. But, sadly, that doesn’t make it a currency.
A paper currency is a local phenomenon issued by a sovereign nation to standardize its local system of exchange. So, to buy a cup of coffee in Japan a consumer pays in Yen. In New York the dollar is used. In London, it’s Pound Sterling. And, for continental Europe, it’s Euros. The only way a traveling consumer can pay for a cup of coffee in any of those places is to convert their native currency into that of the nation where the coffee shop is located.
Proponents of Bitcoin claim that it circumvents that system of foreign exchange because it eliminates the middleman and allows consumers anywhere to buy anything from anyone without the hassle or expense of foreign exchange. That might be the case someday, but it certainly isn’t so today. And, while there are lots of places that accept Bitcoin as a form of payment, it isn’t as universally accepted as the Yen, Dollar, or Euro. Bitcoin can’t be deposited in a bank and can’t be exchanged for any currency. So, it’s more novelty than legal tender. But, it’s still a very cool technology!”
Blockchain Technology Stocks
- 360 Blockchain (CSE:CODE)
- BTCS (OTCQB:BTCS)
- BTL Group (TSXV:BTL)
- Coinsilium Group (NEX:COIN)
- DigitalX (ASX:DCC)
- eXeBlock Technology (TSXV:XBLK)
- Global Blockchain Technologies (TSXV:BLOC)
- HashChain Technology (TSXV:KASH)
- HIVE Blockchain (TSXV:HIVE)
- Marathon Patent Group (NASDAQ:MARA)
- MGT Capital (OTCMKTS:MGTI)
- Neptune Dash (TSXV:DASH)
Additionally Richtopia Leaderboard lists 99 more!
Not all the stocks deal with creation of cryptocurrency, most deal with blockchain technology as it is rapidly growing in use in other industries!
Cornell and other universities have formed the Initiative for CryptoCurrencies & Contracts, or IC3, which is focused on blockchain-based solutions in finance and banking.
Fidelity, Microsoft, Intel and IBM also belong to IC3.
Companies such as travel-booking site Expedia (EXPE) have experimented in accepting Bitcoin.
- CORNELL UNIVERSITY
- CAMBRIDGE UNIVERSITY
- PRINCETON UNIVERSITY
- STANFORD UNIVERSITY
- NEW YORK UNIVERSITY
- DUKE UNIVERSITY
- MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT)
Energy & Power
- Grid Singularity
- Energy Web Foundation
- LO3 Energy
- Power Ledger
- Sun Exchange, Sun Exchange’s motto is “solar-powered money.”
- Veridium Labs
The article ends with: “GTM will host an entire panel session on Blockchain at the first annual U.S. Power & Renewables Conference in November. You’ll get an in-depth look at how the renewable energy market will interact with the U.S. power market, and how those interactions can impact overall industry development and market growth. ”
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