NetworkNewsWire
Editorial Coverage: It’s difficult to imagine
childhood without a set of building blocks, be it Tinkertoys,
Legos, or the tried-and-true backyard stick structures. Regardless
of the construction method, the drive to solve problems and build
something useful never really goes away, especially when it comes
to business. In fact, it’s the anchoring thought behind the
blockchain revolution made famous by bitcoin and other
cryptocurrencies. Blockchain technology, described as a distributed
database or ledger that maintains a continuous list of transactions
or records, has the potential to disrupt any public or private
sector. Companies actively pursuing and building on the
opportunities provided by this technology include Global
Payout, Inc. (GOHE) (GOHE
Profile), International Business Machines
Corporation (IBM), Microsoft Corporation
(MSFT), Oracle Corporation (ORCL), and
United Parcel Service Inc. (UPS).
Lego My Blockchain
It’s helpful to envision the concept of building a blockchain
the same way you once (or still do) play with Legos, maintains one
research analyst who works for Cisco (http://nnw.fm/2ZLrm). Each transaction is like a Lego
block that is transmitted to every party in the network and
verified so it can be added to a chain, which creates a structure –
something like that giant Lego tower you once built. Unlike the
real Lego blocks, which can be pulled apart, broken or reused, a
block in a blockchain is fixed, immutable and unchangeable.
Gaining Traction
A December 2017 “Tech Trends 2018” article published by Deloitte
discusses blockchain’s significant potential in the vast ecosystem
of cross-industry use cases (http://nnw.fm/StI3X). Blockchain, the article states,
is “finding applications in every region and sector.”
Discovering these applications is the goal of Global Payout
(GOHE) subsidiary SecurCapital. Based in Los Angeles,
SecurCapital is focusing on logistics supply chain finance services
by introducing a “one-click solution” that offers fintech and
blockchain services to the logistics marketplace. Transparency
Market Research projects the logistics sector will reach $15.5
trillion by 2023 (http://nnw.fm/WdY29), and SecurCapital’s aim is to
transform the global logistics and supply chain industry by
creating strategic blockchain-based solutions to optimize
efficiencies for these sectors that desperately need to develop
cost-cutting measures.
Blockchain is shaking up the transport and logistics industry in
a big way as some of the world’s largest companies – think Walmart,
Visa and FedEx – are beginning to invest in the technology,
according to an article in Cryptoslate (http://nnw.fm/Zkv9I). It’s estimated six out of 10
major companies are researching ways to apply blockchain
technology.
Global Impact
For payment solutions provider Global Payout, providing global
access to this nascent technology for the consumer, enterprise and
governmental markets has made sense for quite some time (http://nnw.fm/Z0OXy). Founded in 2009, Global Payout
provides fully customized, comprehensive payment solutions for both
domestic and international organizations transferring funds
throughout the world.
The company’s Global Reserve Platform is a fully configurable
“banking-in-a-box” web-based platform that can fulfill the
front-to-back office processing requirements of domestic, foreign
exchange and international payment service providers. This platform
is designed to improve workflow, operational efficiencies, and
global financial management for enterprises with a widespread
infrastructure (http://nnw.fm/5D30t).
A recently announced joint-venture agreement with GreenBox POS,
LLC, a company that leverages blockchain technology to develop
customized payment solutions for various industries, is expected to
deliver another effective resource to Global Payout customers and
their partners (http://nnw.fm/8gnOB).
The Unbankables
The legalized cannabis industry is a significantly underserved
market because of federal regulations that keep cannabis illegal in
the United States. Termed “unbankable” by nearly everyone involved
in cannabis research, retail and ancillary services, the
states-legalized industry is searching for improvements and
blockchain-based financial solutions are taking the lead. Global
Payout subsidiary MoneyTrac Technology, Inc. (“MTRAC”), which
offers full-service solutions for alternative banking needs,
provides several options.
As a “New Age Technology Holding Company,” MTRACs offerings
include payment platform, blockchain, crypto-commodity exchange,
compliance, POS, e-wallet, mobile application and digital payment
solutions.
On March 8, MTRAC announced its intention to pursue the launch
of MTRAC-Token, a cannabis-focused cryptocurrency being developed
to overcome the restrictions on banking accessibility and e-payment
in the highly regulated cannabis industry (http://nnw.fm/3PD5f).
MTRAC is also widening the scope of its PotSaver brand to
include businesses outside of the cannabis industry. MTRAC CEO
Vanessa Luna said while PotSaver was initially established to
connect cannabis consumers with legal products, the industry has
expanded to include other options. In fact, MoneyTrac’s core
objective and mission is stated as “banking the unbankable,” Luna
said in a news release (http://nnw.fm/oe2Hb).
“As the industry has morphed into the multi-billion-dollar
industry it is today, we recognize that this is now, more than
ever, a community made up of your everyday consumers who are
looking for more than just deals on cannabis products, but who are
also eager to find deals on other products and services that are
offered by the many different businesses in their local
communities, and we are committed to developing PotSaver into a
resource they can rely on for all of this,” Luna said.
Making a Difference
Blockchain technology has applications far beyond corporate
boardrooms and profit sheets – it potentially means financial
freedom and accessibility for the approximately 2 billion
working-age adults worldwide who are not part of a formal financial
system, according to an April 2017 report issued by the World Bank
(http://nnw.fm/QtX4e). People who have access to
a transaction account to store money and send or receive payments
literally hold a building block to manage their financial lives, an
article in Forbes states (http://nnw.fm/5fFKf).
By improving the flow of money and commerce, which includes
utilizing blockchain payment solutions now being touted by an
increasing number of businesses, the statistics regarding adults
who are denied a higher quality of living through financial freedom
could change for the better. That’s a worthy goal shared by many
entrepreneurs in the booming blockchain technology space, including
Global Payout and SecurCapital, which recently launched a new
foundation aimed at philanthropy.
The new initiative, called SecurFoundation, is focused on
improving communities around the world by designating 1 percent of
SecurCapital’s capital structure, products, earnings and employees’
time for charitable causes.
“Every company has a responsibility for allocating some of their
assets to the social good,” Steve Russell, chairman of
SecurCapital, said in a news release (http://nnw.fm/cw6Bo). “This can apply in so many ways,
such as providing internships for better job training and
opportunities or supporting events that raise funds for good causes
and contributing thousands of hours to worthy causes across a broad
chain of philanthropic initiatives.”
Structured Concept
The allure of blockchain is in its infrastructure. According to
Tractica, annual revenue for enterprise applications of blockchain
is projected to increase from $2.5 billion worldwide in 2016 to
$19.9 billion by 2025 (http://nnw.fm/Dau1c). The market intelligence firm’s
analysis pinpoints 29 key use areas that will touch at least 19
different industry sectors. Principal analyst Jessica Groopman said
blockchain “has the potential to impact a wide variety of
industries, most notably finance, manufacturing, healthcare,
energy, and insurance, among many others.”
Other Players on the Block
International Business Machines Corporation
(IBM) is an IT giant with an operating history dating back
over a century, so it should come as no surprise to anyone that IBM
is thick in the middle of blockchain research. IBM recently
announced a new regional cross-border blockchain payments solution
in a venture with a Silicon Valley non-profit, Stellar.org, and a
regional services firm, KlickEx Group. The goal, an article in
Forbes states, is to “improve the efficiency and reduce the cost”
of making global payments for business and consumers (http://nnw.fm/0wGfH). The team effort is only one of a
number of blockchain projects IBM engineers are digging into these
days.
Another huge player in the blockchain space is Microsoft
Corporation (MSFT), a global provider of software,
hardware and services. Interest in blockchain technology is high
among Microsoft users, the company said in announcing its new Coco
(or Confidential Consortium) Framework. The innovation is a
blockchain protocol technology meant to be compatible with any
ledger or operating system that supports a compatible trusted
environment on the cloud or elsewhere (http://nnw.fm/uBC63). The ultimate goal is to remove
existing complexities that plague many blockchain protocols such as
performance, confidentiality of data, governance and required
processing power.
In October 2017, Oracle Corporation (ORCL)
announced its intention to leverage blockchain’s disruptive
technology with the “Oracle Blockchain Cloud Service.” Part of the
Oracle Cloud Platform, the service is designed to deliver an
enterprise-grade blockchain platform with industry leading
resiliency, scalability and security. Amit Zavery, senior vice
president for the Oracle Cloud Platform, extolled the virtues of
the new endeavor with high praise for blockchain technology.
“Blockchain holds the promise to fundamentally transform how
business is done, making business-to-business interactions more
secure, transparent and efficient,” Zavery said in a news release
(http://nnw.fm/i2FVo).
As the world’s largest parcel delivery company, United
Parcel Service (UPS) is betting on blockchain as the
future of the globe’s trillion-dollar shipping industry (http://nnw.fm/5UG9e). The promise of blockchain
technology isn’t lost on UPS, which recently announced it would
join the Blockchain in Transport Alliance (BiTA), a forum for the
development of blockchain technology standards and education for
the freight industry. The alliance (http://nnw.fm/U6Azy) dedicates plenty of space on its
website to the impact blockchain technology is expected to have on
the $8 trillion transportation industry.
Linda Weakland, UPS director of enterprise architecture and
innovation, said the technology has multiple applications for the
logistics industry with the potential to “increase transparency and
efficiency among shippers, carriers, brokers, consumers, vendors
and other supply chain stakeholders” (http://nnw.fm/aLGy1).
Growing Interest
While fully embracing blockchain technology will take time and a
significant investment for many enterprises and industries, the
consensus is that blockchain represents an inevitable forward
progression. Even in the peer-reviewed world of hard science, the
underlying technology is making tentative inroads as researchers
take a look at the potential benefits being touted by blockchain
enthusiasts. The potential to merge public interest with corporate
goals holds promise, especially when those goals can overcome
hurdles that both parties face. Global Payout appears to be
positioning itself to lead the way in this industry-changing move
forward.
For more information on Global Payout, visit Global Payout
(GOHE)
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