NetworkNewsWire
Editorial Coverage: Less than a decade ago, blockchain sounded
like the fodder of science fiction; today, the technology is
demonstrating its ability to revolutionize the finance industry. By
stepping outside the existing payment structures, blockchain
provides a new and secure way to execute financial transactions.
The use of the technology is rapidly expanding, and because of the
innovative nature of the technology, its wide-ranging possibilities
are being explored and developed by a range of companies with
unique objectives. Some, such as SinglePoint, Inc. (SING)
(SING
Profile), are looking at how to
integrate these technologies to provide a better service for select
markets. While alarming articles predict the bursting of the
“blockchain bubble,” established companies such as Bank of
America Corp. (BAC) and Mastercard, Inc.
(MA) have moved to adopt blockchain technology, signalling
its acceptance by mainstream banking. Meanwhile, companies such as
Bitcoin Services, Inc. (BTSC) and Discover
Financial Services (DFS) continue looking for new ways to
exploit the technology’s potential.
The Future of Payment
Blockchain is a system for recording and sharing information,
including financial data. Because of the way data is stored within
a blockchain, there is no need for a central organization tasked
with controlling records. This decentralization makes it easier to
transfer data or money while reducing the risk of fraud or error.
The benefits are such that the World Economic Forum has predicted
that 10% of GDP will
be stored on blockchain technology by 2025.
Blockchain has become famous mostly through the meteoric rise of
bitcoin, which has seen the market value of cryptocurrencies rise
to over $540
billion. But its use goes far beyond this. Its ability to
verify clients and products is expected to lead to better records
of property ownership and certification of diamonds. It could
provide smart contracts that automatically pay out when success
criteria are hit. By acting as a secure system for direct payments,
it will reduce the need for intermediaries in financial systems,
allowing people to make payments more quickly and directly.
Putting the Pieces Together
One of the companies seeking to take advantage of these
capabilities is SinglePoint
(SING), which has grown from a mobile technology provider into
a diverse holding company with a growing portfolio of investments
in blockchain-related technology. SinglePoint’s aggressive,
acquisition-based growth strategy has seen it dramatically expand
its services and brand awareness in the investment community.
SinglePoint is implementing blockchain to the core of its
business strategy, specifically as it pertains to the cannabis and
other “high-risk” industries. By acquiring companies and
technologies with established roots in blockchain services,
SinglePoint can provide increasingly integrated options for
blockchain-based payment systems. For example, the company’s recent
agreement to acquire Bitcoin Beyond will provide SinglePoint a
user-friendly point-of-sale payment system that will provide
merchants and bitcoin users a range of unprecedented capabilities.
Bitcoin Beyond was created to overcome the challenges of merchants
in the cannabis industry, which is crippled by cash management
issues due to the lack of banking options. Functioning as a
general-purpose point-of-sale system, Bitcoin Beyond is poised to
address the growing demand for fast and reliable electronic payment
processing for the cannabis industry.
“We are thrilled with this opportunity. Acquiring Bitcoin Beyond
put us ahead of what we believe merchants have access to now. This
platform has by far the easiest user interface we have seen in the
market, and we are confident merchants will be quick to adopt this
solution as it stands as the sole alternative to traditional
options offered to the cannabis industry,” SinglePoint President
Wil Ralston stated in the press release (http://nnw.fm/l7DK5).
One of the advantages of the Bitcoin Beyond System is that it
makes cryptocurrency transactions easy by instantly doing the
conversion for USD for merchants and customers. It can process
payments in bitcoin, the most popular blockchain payment system,
from any web-enabled terminal available at checkout, from a cell
phone or tablet to a full PC.
SinglePoint also has its own proprietary bitcoin exchange
(app.singleseed.com), launched in November 2017. Customers can
easily sign up using a credit or debit card, then use the system to
benefit from blockchain’s quick, secure payments.
SinglePoint’s commitment to integrated solutions extends beyond
acquiring companies and into collaborations. The company has
agreements with various businesses, including fintech solutions
provider Global Payout
(GOHE), to advance and streamline the process involved in
delivering payment applications.
The company has also teamed up with SharkTank veteran and
entrepreneur Kevin Harrington - which has led 20 companies to reach
revenues of over $100 million - to develop and promote a range of
cryptocurrency projects, including SinglePoint’s exchange and
bitcoin payment platform and the integration of Procurrency, an
e-commerce and rewards platform using blockchain currency (http://nnw.fm/qV7Xp).
With these initiatives, SinglePoint is tapping into not just one
fast-growing sector but two, as many of its financial and
technological solutions are geared toward cannabis merchants.
Financial Services for a New Market
With cannabis sales now legal in 29 U.S. states, and legislators
opening the way to recreational as well as medical use, cannabis is
a lucrative business. But federal legislation designed for the war
on illegal drugs has created problems for legal cannabis
businesses. Many are unable to access the financial services
available to other companies and have been forced to work on a cash
basis, making them vulnerable to theft and fraud. Blockchain
payment systems provide them with a secure alternative to cash
payments without needing to engage with banks.
Services such as SingleSeed are specifically geared toward this
market, providing a much-needed product for a growing industry.
SinglePoint’s blockchain-based services allow secure payments for
cannabis merchants. Its collaborations with other companies,
including developing mobile apps with AppSwarm (SWRM), ensure that
these services are easily accessible. SinglePoint’s willingness to
move quickly is vital in these fast-growing sectors. The AppSwarm
collaboration began with an aim to launch their first app within 90
days.
SinglePoint’s services for the cannabis sector show how
blockchain technology and the companies behind it can provide more
than just financial solutions. The work with AppSwarm will allow
safe delivery to customers in their homes, increasing the speed,
security, and efficiency of the cannabis supply chain.
The technology provided by SinglePoint goes beyond just a
payment system. It also provides vendors with a system to digitally
track their inventories, provide information about products to
customers, and automatically remove products from the inventory
once sold. Though this is currently targeted at cannabis suppliers,
it is a system that could be useful for any cash-based business
looking for a more secure way to operate. Thanks to money from the
fast-growing legal cannabis market, SinglePoint is creating
software that will be useful for all manner of small
businesses.
SinglePoint’s interest in integrating systems and supply chains
extends into other parts of the cannabis industry. The company
recently established a joint venture with Smart Cannabis (SCNA),
making a major move into California’s cannabis market before
blanket marijuana legalization in that state. Having previously
acquired Discount Indoor Garden Supply in California and invested
in California-based cannabis equipment supplier Convectium,
SinglePoint is now the owner or investor in products and services
covering the whole cannabis supply chain. It is in a position to
provide the same sort of integrated services it has pioneered in
blockchain payments.
The partnership with Smart Cannabis is particularly valuable in
capturing market share within California’s red-hot commercial
marijuana cultivation market. Smart Cannabis provides a range of
innovative products for cannabis growers, including automated
greenhouse systems and a unique seed-to-sale app. Seed-to-sale
systems are important in
managing cannabis sales and ensuring compliance with government
regulations. The joint venture will allow the two companies to
incorporate blockchain currency into Smart Cannabis’ SMARTAPP and
sell it to growers, integrating seed-to-sale and payment mechanisms
(http://nnw.fm/t2SAz).
The Bigger Picture on Blockchain
While SinglePoint is providing some of the most interesting
examples of integrated systems using blockchain, an increasing
number of companies are also exploring the services this technology
can provide.
Bank of America (BAC), the second largest bank
in America and the largest wealth management company in the world,
has long distanced itself from bitcoin, the leading blockchain
currency. But as the holder of at least 27 blockchain patents and
39 relating to cryptocurrency, including some
for exchanging currencies, it is clear that the bank is
interested in the broader technologies. CEO Brian Moynihan has played down
the bank’s interest in cryptocurrencies, even as his
organisation prepares for a future built around blockchain.
Mastercard (MA), one of the largest payment
processing companies in the world, prides itself on its
forward-looking approach to finance, listing “Putting technology
first” among its areas of focus. It has repeatedly shown an
interest in blockchain. In a patent filed
on the 9th of November 2017, it set out details for a
blockchain database that would reduce delays in payment transfers.
Like Bank of America, its leaders are pro-blockchain but
anti-bitcoin.
Bitcoin Services (BTSC) provides support
services for people dealing in the most prominent blockchain
currency, bitcoin. The company is also working on developing
blockchain software, as this technology keeps moving forward.
Direct banking and payments company Discover Financial
Services (DFS) has singled out blockchain as one of the
most important technologies shaping the future of payments.
Describing blockchain as secure, transparent, and closer in the way
it works to cash than to card payments, Discover has identified the
technology as one to keep an eye on. Though the company has not yet
announced any blockchain innovations of its own, comments on its
Discover Network suggest it is preparing its customers for a
blockchain future (http://nnw.fm/BlW3O).
Like any transformative technology, blockchain creates
challenges as well as benefits. It relies on large data sets,
meaning that new infrastructure may be needed to support widespread
use. Its ability to provide direct payments with a minimal data
trail has created concerns about money laundering and regulatory
oversight. But the genie is out of the bottle, and given its
benefits, the question isn’t whether anyone will overcome these
challenges, it is who will.
For more information on SinglePoint, visit SinglePoint
(SING)
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