Fintech and Blockchain Markets Are Expected to Grow With Demand for New Technology
FinancialBuzz.com News Commentary
NEW YORK, April 16, 2018 /PRNewswire/ --
According to a report from Netscribes, Inc., the global blockchain technology market is expected to be worth 13.96 by 2022, along with a compound annual growth rate of 42.8 percent during the forecast period. Blockchain is a decentralized network that can record transactions between two parties. The blockchain solutions is being increasingly used in various industries, including Banking, Financial Services, and Insurance (BFSI), government & public sector, healthcare & life sciences, retail & ecommerce, automotive, media & entertainment, and others. The demand for blockchain solutions is increasing rapidly as it helps improve efficiency and lower cost for processing transactions. Glance Technologies Inc. (OTC: GLNNF), India Globalization Capital, Inc. (NYSE: IGC), On Track Innovations Ltd (NASDAQ: OTIV), Eastman Kodak Co (NYSE: KODK), Pareteum Corporation (NYSE: TEUM)
The Banking Financial Services and Insurance (BFSI) segment has become increasingly interested in blockchain technology for their payment services. Santander recently has launched the first blockchain technology-based international payments service, which is called Santander One Pay FX. The service will be available in Spain, UK, Brazil and Poland. Ana Botín, Executive Chairman of Banco Santander, said: "Blockchain technology offers tremendous opportunities to improve the services we offer our customers, and the launch of Santander One Pay FX is the first of many potential applications".
Glance Technologies Inc. (OTCQB: GLNNF) also listed on the Canadian Securities Exchange under the Ticker (CSE: GET). Just earlier today the company announced breaking news that, "is upcoming Ticket Pay feature within its Glance Pay platform, further demonstrating the platform's flexibility, value, and applicability to a wide range of payment scenarios. The initial feature will allow users to pay for parking violation tickets at the time of receipt simply by snapping a picture of the ticket via the Glance Pay app and confirming the amount - thus reducing headache for consumers and potentially saving them significant money due to eliminating late payment fees and possibly vehicle impound fees. Additionally, Glance is exploring the potential to apply this to other types of tickets such as traffic violations.
A common scenario for consumers today who park in urban areas is to return to their vehicle to find a dreaded $70 parking violation ticket on their windshield. If the ticket is not paid within a limited number of days, the payment amount can increase significantly, sometimes by $35 or more. Consumers often throw the ticket in their car and carry on, hoping to remember to pay it sometime in the future. Often the payment options are not convenient. For example, some jurisdictions still require payment for traffic violations to be done by mailing checks. And if a few unpaid parking tickets buildup, consumers' vehicles may be towed and impounded, which is quite inconvenient and costly.
Glance Pay intends to initially launch a trial version of its ticket payment capability in one geography to help solve this problem for consumers - and to potentially save them money and headache surrounding ticket payments. When a user receives a ticket, on the spot they will be able to just snap a picture of the ticket via the Glance Pay app, confirm its amount, and the ticket will be paid…
"The hassle of paying for parking and traffic tickets is something that we have wanted to solve for some time," says Glance CEO Desmond Griffin, "This is a natural fit for our Glance Pay application and we are excited by the opportunity it presents. We believe there are many more payment scenarios like this which can benefit from our technology to improve convenience for consumers and operators alike."
About Glance Technologies Inc. - Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and interact with merchants. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing. Glance has also recently purchased an end-to-end blockchain solution and is working on a rewards-based cryptocurrency intended to be integrated into the Glance Pay app."
India Globalization Capital, Inc. (NYSE: IGC) announced that it will leverage its existing team of technology and healthcare experts to develop methods utilizing blockchain in areas such as product identification assurance (PIA). According to a recent study that was published in JAMA and detailed on http://www.pennmedicine.org, nearly 70% of all cannabidiol products sold online are either over or under labeled. "We understand the unique challenges facing the cannabis industry and believe that our team has the expertise to be the first to create meaningful solutions to address these issues using distributed ledgers inherent in blockchain technology. As we work to develop blockchain in the rollout of Hyalolex, our goal would be to establish a universal cannabis platform applicable to solving multiple industry challenges facing dispensaries and consumers. This would include addressing issues such as transactional difficulties, inadequate product labeling, product identification assurance (PIA) and product origin assurance," stated Ram Mukunda, CEO.
On Track Innovations Ltd (NASDAQ: OTIV) announced earlier this month that accepts cryptocurrency as a way to purchase its innovative cashless payment solutions. A cryptocurrency is an alternative asset designed to work as a medium of exchange and uses cryptography to secure its transactions. "Bitcoin, Bitcoin Cash, Ethereum & Ripple Digital Currencies, amongst other digital currencies, have become the conventional bearer for cryptocurrencies, and we predict it will become a market standard in the future of global payment," says Shlomi Cohen CEO OTI Group "We look to the future with cryptocurrencies and are ready to encourage the purchase of our unique solutions."
Eastman Kodak Co (NYSE: KODK) is a technology company focused on imaging. Earlier this year the company and WENN Digital, in a licensing partnership, announced the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management. Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.
Pareteum Corporation (NYSE: TEUM) is the rapidly growing Cloud Communications Platform company. In February, the company announced that it has published a whitepaper to explore the opportunities that Blockchain enables including security, identity management and settlement. The whitepaper begins with defining how Blockchain supports the integration of various forms of traditional and next generation payment models. Providing real-world use cases, the whitepaper demonstrates how Blockchain relates to the communications market. The Whitepaper explores how the Pareteum Global Cloud Service Platform supports Blockchain enablement and why it's important for mobile solutions providers to understand the basics of this new technology.
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