More Companies Adopting Blockchain Technology

More Companies Adopting Blockchain Technology

PayVida is a blockchain-based product that is currently helping British Columbia’s Alliance of Beverage Licensees (ABLE BC) sort out their 1,000 private and and government liquor stores, offering them not only payment processing but also same-day payment.

‘PayVida is more than a payment processing company,’ said Guignard. ‘This is an opportunity for us to collaborate with an innovative financial technology company, giving our members point-of-sale integrations and same day funding.’

Blockchain is 1) not vaporware 2) not theoretical 3) not limited to cryptocurrency applications 4) already helping complex national and multinational companies get a hold and get control of their logistics networks.

According to a research report published by Global Market Insights, the “blockchain market size is expected to surpass USD 16 Billion by 2024.” Blockchain builds a secure record of transactions peer to peer in a distributed ledger, eliminating the need for a third-party. Blockchain was invented by Satoshi Nakamoto, mysterious inventor of Bitcoin but has been adapted to be used in various industry.

Distributed ledger technology (DLT) significantly reduces the cost of operation and enhances the business efficiency. The financial sector will benefit the most from blockchain technology.

According to Thomson Reuters, the number of new patents filed for blockchain-related technology rose to a record high of 406 in 2017, up from 134 in 2016. About 56% of patents filed in 2017 came from China, followed by the United States.

IP & IT editor, Thomson Reuters Practical Law, said: “Blockchain is seen as the next frontier of financial services technology architecture – an area that swallows up vast amounts of capital expenditure every year. Companies are keen to stake out their territory as the technology rapidly advances.”

Blockchain has jumped the tracks and gone off in directions that Satoshi Nakamoto might have never imagined. Ethereum has only made is quicker, faster, cheaper, and easier, being built as a platform for the development of products, apps, and system. If it’s reliable enough to sell and manage Canadian booze, it’ll probably work for anything and anyone.

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