The Global Blockchain Market is Expected to Grow Rapidly in the Coming Years

Actualizado el 7 de noviembre, 2018 - 15.00hs.

The Global Blockchain Market is Expected to Grow Rapidly in the Coming Years

FinancialBuzz.com News Commentary

PR Newswire

NEW YORK, November 7, 2018 /PRNewswire/ --

According to data compiled by MarketsandMarkets, the global blockchain market was valued at USD 411.5 Million in 2017 and is projected to grow to USD 7.68 Billion in 2022. It is also projected to register a CAGR of 79.6%. The industry is growing at a rapid rate due to key factors such as reduced cost of ownership, faster transactions, simplified business processes, cryptocurrencies and initial coin offerings (ICO). The research expects the application and solution provider sector to have the largest market share during the forecast period. The applications and providers will deliver significant value to businesses by leveraging technology such as cloud-based networks to allow for efficient transactions. Current, as well as emerging, technology is expected to deliver disruptive outcomes and reshape the digital business environment. Squire Mining Ltd. (OTC: SQRMF), Hewlett Packard Enterprise Company (NYSE: HPE), Appian Corporation (NASDAQ: APPN), Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA), Wipro Limited (NYSE: WIT)

Blockchain is being heavily adopted by many companies that thrive on a digital business platform. The technology has become so versatile that it's being used in applications such as finance, banking, Internet of Things (IoT), agriculture and even household smart appliances. Not only does the technology benefit the business itself, but it also allows for ease of transactions with consumers. "The potential for blockchain to become a new open-standard protocol for trusted records, identity, and transactions cannot be simply dismissed. Blockchain technology can solve the need for an entity to be in charge of managing, storing, and funding a database," said McKinsey analysts Brant Carson, Giulio Romanelli, Patricia Walsh, and Askhat Zhumaev in a research report. "With the right strategic approach, companies can start extracting value in the short term. Dominant players who can establish their blockchains as the market solutions should make big bets now."

Squire Mining Ltd. (OTCQB: SQRMF) is also listed on the Canadian Securities Exchange under the ticker (CSE: SQR). Earlier last month, the Company announced, "the appointments of two new Directors and the subsequent appointment of three accomplished executives to its leadership team. Given the recent successful milestones achieved by the Company, specifically related to progress with the development of Squire's next generation ASIC chip and mining rigs for Bitcoin Cash (BCH), Bitcoin Core (BTC) and associated cryptocurrencies, the Board has undertaken to establish a market leading executive team to help evolve the Company from a research and development business to include an international sales and marketing group focused on launching our next generation Bitcoin mining rig to Squire's exclusive distribution partner, CoinGeek.com.

To undertake this next phase in corporate growth, both Taras Kulyk and Marco Strub have been appointed to the Board of Directors of the Company (the "Board").

Taras Kulyk has spent his career in venture capital, banking, and technology. Most recently, Mr. Kulyk led the CoinGeek Mining and Hardware team where he oversaw the development and growth of one of the largest crypto mining fleets globally. Before joining CoinGeek, Mr. Kulyk was part of Decentral's leadership team in Toronto, Canada. Prior to this, Mr. Kulyk spent three years in investment banking at CIBC World Markets and BMO Capital Markets in the resources sector, followed by two years with TD Securities with the Communications, Media and Technology team, where his coverage focus was on the Canadian tech and media sectors. He is a graduate of Osgoode Hall Law School at York University where he received a Juris Doctor with a focus in Banking, Corporate, Finance, and Securities Law, and earned his MBA, with distinction, with a specialization in Finance and Strategic Management from the Schulich School of Business.

Marco Strub has over 25 years of experience as an entrepreneur and executive in the financial services and consulting sectors. Since March 2003, Mr. Strub has been the Principal and Chief Executive Officer of Sircon AG, a portfolio management company based in Zurich, Switzerland. Prior to this, Mr. Strub served as a Partner of Exulta AG from 1997 to 2003. He has been an Independent Director of numerous private and publicly listed companies, including Triumph Gold Corp and ZincX Resources Corp, listed on the TSX Venture Exchange. Mr. Strub received a Master of Arts degree from the University of St. Gallen, Switzerland in 1982.

The foregoing appointments fill vacancies on the Board as David Rokoss and Garry Stock have each resigned as directors of the Company. In connection with such appointments, the Board has granted 200,000 options to Mr. Stock at an exercise price of CAD 0.4250, exercisable for a term of one year from the date of grant. The Board wishes to thank both Mr. Rokoss and Mr. Stock for their many contributions to the Company, and wishes them well for the future.

Following the above appointments, the Company is pleased to announce that the new Board has appointed Mr. Kulyk as Chief Executive Officer of Squire. Mr. Kulyk will lead the Company as it aims to become an international leader in the development, production and sales of leading cryptocurrency mining technology. Simon Moore, Squire's current CEO and Chairman has stepped down effective immediately to facilitate the transition. The Company sincerely appreciates the leadership and dedication Mr. Moore has provided, guiding the Company from its early conceptual stage to its current form.

Joining Mr. Kulyk at the executive level will be Yevgeniy Meshcherekov, who has been appointed Chief Financial Officer (CFO) of the Company. Mr. Meshcherekov is a Chartered Professional Accountant with more than 15 years of management experience in industry and public practice. He has demonstrated financial and organizational leadership in the wealth management, blockchain technology and fintech sectors within operations spanning Canada, Europe and Asia. Prior to joining Squire, Mr. Meshcherekov was Director of Finance of the nChain Group, a global leading blockchain research and development company. Previous to that he was Director of Finance of nTrust Technology Solutions Corp., a regulated money transfer platform which evolved into a Bitcoin wallet and exchange. He started his career and gained extensive experience through a Canadian audit firm providing tax, reporting and accounting assurance services to private and publicly traded companies. Mr. Meshcherekov has board and committee level experience, having recently served a three year term on the board of a local not-for-profit organization. Mr. Meshcherekov replaces Rich Wheeless, the current CFO of Squire, who has resigned effective today.

Additionally, the Company is pleased to announce that Angela Holowaychuk has been appointed as its Chief Operations Officer. Over the last 15 years, Mrs. Holowaychuk has found herself at the forefront of emerging technologies, holding senior management positions leading day to day operations, technical development teams and global expansion projects within the fintech, regtech and most recently, blockchain and Bitcoin exchange sectors. Her expertise is building global operations and service channels from the ground up and working closely with legal and regulatory advisers, executives and technology specialists. Mrs. Holowaychuk attended the British Columbia Institute of Technology for Operations and Supply Chain Management.

Richard Underhill has also resigned as an executive officer of the Company."

"I am very excited to be joining the Company at this critical stage of growth," commented incoming CEO and Director Taras Kulyk. "The team is very excited by the vast potential of our new technology."

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."

Appian Corporation (NASDAQ: APPN) provides a leading low-code software development platform that enables organizations to rapidly develop powerful and unique applications. Luxoft Holding Inc., a global IT service provider, recently announced that it has built a blockchain adapter for Appian's rapid application development platform. It is now available exclusively to businesses using Appian's Business Process Management (BPM) tool and will allow its users to integrate a blockchain network into their day-to-day business processes, creating a secure, digital environment that facilitates data sharing. Luxoft will demonstrate how the adapter can be used to benefit the healthcare sector for the first time at Appian World in Miami, FL, U.S. at the Luxoft booth (#16). In particular, Luxoft will show how the blockchain adapter can reduce claims processing errors and inaccurate medical bills. The blockchain creates a secure, reliable and auditable way for medical and pharmacy systems to share and update real-time accumulators, meaning medical insurers, healthcare providers and pharmacies using the Appian Platform instantly have access to the same claim data. "At Appian we value our partner ecosystem and are committed to supporting them as we grow in the key Healthcare market," said Marc Wilson, Senior Vice President of Global Partnerships & Industries at Appian. "Blockchain impacts organizations across all industries, but it is an especially difficult challenge within the Healthcare industry given the complexities they face. Through our partnership with Luxoft, our customers now have a solution specifically designed to address these needs within the Appian platform."

Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) has been developing a strategy for years based on diversification in markets with high growth potential, a customer-centric business model and technology as a key element in order to face the transformation process being experienced in the financial sector. Recently, BBVA successfully completed the first global corporate loan transaction using blockchain technology from the negotiation of the deal to its signing, in line with their close collaboration to leverage cutting-edge technologies to streamline business processes. The pilot enabled the closing of a EUR 75 Million loan using a solution developed by BBVA based on distributed ledger technology (DLT). This demonstrates how BBVA continues to incorporate innovative and disruptive technology into its customer solutions, including those products that up to now have seen limited digital innovation, as is the case with wholesale finance. BBVA's Global Head of Customer Solutions, Derek White, said: "BBVA's digital transformation continues to gather pace and reach into new areas, and this is a prime example of where disruptive technology can add real value to business processes. The use of blockchain in this transaction has greatly increased transparency and speed, while equally improving efficiency - it's a win win for both us and Indra."

Wipro Limited (NYSE: WIT) is a leading global information technology, consulting and business process services company. Wipro Limited recently announced that it has joined the Blockchain in Transport Alliance (BiTA) to spearhead the development of blockchain standards and drive blockchain adoption in the transportation industry. Srini Pallia, President, Consumer Business Unit, Wipro Limited said, "Our membership with BiTA is reflective of our commitment to be an integral part of blockchain-driven transformation in the transportation industry. We will collaborate with BiTA and our customers to take a business use-case approach and leverage blockchain to solve complex new-age logistics and transportation issues. We also look forward to actively contributing to the standards for the use of blockchain in the transportation and logistics industry, and working closely with our global customers to bring these standards to action in their blockchain journey."

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