International Data Corporation notes that global expenditure on blockchain solutions will reach $1.5 billion this year.
It is anticipated that the monetary sector will lead the investment drive with nearly $552 million in investments.
The increase in blockchain spending is due to the rapid acceptance of the technology by the banking industry.
That’s because the technology can be used and trusted for regulatory compliance, cross-border payments & settlements. Apart from this, it is also applicable in the areas of custody and asset tracking, trade finance, and post-trade/transaction settlements.
As per the predictions, the US will contribute the highest expenditure, followed by Western Europe and the Asia/Pacific region. Victory Square Technologies Inc. (OTC: VSQTF), Overstock.com Inc. (NASDAQ: OSTK), Xunlei Limited (NASDAQ: XNET), Riot Blockchain Inc. (NASDAQ: RIOT), and HIVE Blockchain Technologies Ltd. (OTC: HVBTF) will also contribute.
Research Manager of International Data Corporation, Stacey Soohoo, says, “Enthusiasm for blockchain continues to be universally shared across regions as businesses and organizations alike continue to explore the technology’s potential business application. Regulatory concerns and industry standards continue to hinder widespread adoption as governments around the globe work with enterprises to formulate policies and governance. As such, cross-business collaboration and blockchain interoperability are emerging as key aspects in the growth of the distributed ledger technology (DLT).”
Agreement of Overstock and t0.com Inc. (“tZERO”)
Overstock and t0.com Inc. (“tZERO”) have of late signed term sheets with a Hong Kong-based private equity firm, GSR Capital. As a result of this agreement, the companies would be investing almost $374.55 Million USD. The investment is likely to be in exchange for subsidiary tZERO’s common equity as well as common equity in Overstock.com.
Xunlei Limited (NASDAQ:XNET)
Xunlei Limited (NASDAQ:XNET) of China has recently set in motion the ThunderChain File System (TCFS) and 3 TRC Smart Contract Standards. As a result of this, the growth of applications gets support.
Riot Blockchain (NASDAQ:RIOT)
Riot Blockchain Inc. (NASDAQ: RIOT) concentrates on building, supporting, and operating technologies, mainly via its cryptocurrency mining operations. It also does this via its internally developed businesses through feasible joint ventures and acquisitions. Besides this, it also takes into consideration the targeted investments in the region. The firm, furthermore, made an announcment about the private Bitcoin Mining Pool, a beta development of its own.
HIVE Blockchain Technologies Ltd
HIVE Blockchain Technologies Ltd. (OTC: HVBTF) says that it will launch 200 Petahashes (“PH”) of cloud-based SHA-256 mining power in September 2018. Consequently, the Cloud Mining comes as a modification to the stipulations of HIVE’s previous agreement.
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