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Blockchain Technology Brings Efficiency to Diverse Businesses

NetworkNewsWire Editorial Coverage: As blockchain becomes better established, companies across a wide range of industries are finding ways to benefit from the technology. Payment solutions company Global Payout, Inc. (GOHE) (GOHE Profile) is providing blockchain services for logistics, payment, and high-risk businesses through a set of subsidiaries. Nvidia Corporation (NVDA) is seeing a period of growth as demand for its processing hardware rises to support blockchain software. Shopping chain Walmart, Inc. (WMT) has taken out a patent for blockchain-based package tracking and is working with IBM on blockchain food supply chains. United Parcel Service, Inc. (UPS) has also taken an interest in using the technology to track deliveries, investing in the future through the Blockchain in Trucking Alliance, and even oil giant BP plc (BP) has a pilot program to explore how blockchain could improve energy supplies and trades.

The Growth of Blockchain

Blockchain started out as a technology for the financial sector. Its most famous use has been in cryptocurrencies such as bitcoin, whose entire model is built around blockchain. But there are many other financial uses of this distributed ledger system. It can facilitate fast currency exchanges, execute swift payment on smart contracts and improve the audit trail on interactions thanks to its secure record keeping. Though older financial institutions have resisted the lure of cryptocurrency, they are now taking an interest in blockchain, using this novel technology to build better versions of traditional products.

With the groundwork laid in finance, other industries have started paying attention and are finding that they too can transform the way they work. The blockchain playing field is increasingly diverse, covering finance, administration, logistics and a host of other applications. For investors, this means the opportunity to diversify their portfolios while still benefiting from the growth of blockchain, investing in a range of different companies that all use this cutting-edge technology. As blockchain helps businesses expand beyond their core services, it creates more options for investors who are not focused on finance. A recent report identified more than 30 industries undergoing dramatic changes because of blockchain, showing that the time is ripe to take a look at this innovative technology.

Faster Finance

Among the companies finding diverse applications for blockchain is Global Payout, Inc. (GOHE). A payment solutions company focused on providing better technology for businesses, Global Payout has made blockchain central to its systems. The technology allows it to provide payment processing systems that are efficient, adaptable and focused on a better customer experience.

Global Payout’s leading product is the Global Reserve Platform (GRP). This “banking-in-a-box” system provides businesses with a full range of financial services, from front-end payment solutions to back-office support. Its customizable nature means it can be adapted to the needs of the business using it. Every company deals with different issues, and customizable payment platforms such as GRP allow businesses to move beyond one-size-fits-all solutions to get the functionality they need.

This is made possible by the wide range of financial products GRP supports. It can provide online banking, card management, mobile wallets, merchant payment processing, biometric payments and authentication management, bill payments and P2P payments, international remittances, government benefits management, loans management, FOREX and SWIFT/ACH/SEPA payments. In short, whatever a business needs from its payment package, GRP works to provide.

This integration of systems creates efficiencies as well as adaptability. Because the different parts of the payment package work together, processing and record keeping are designed to be faster and more effective. Efficiency gains may be driven across the organization as everybody works together using a single, flexible tool.

Blockchain Solutions for New Sectors

In addition to GRP, Global Payout is offering a different sort of innovative payment solution through its MoneyTrac Technology, Inc. (“MTRAC”) subsidiary.

MoneyTrac’s core business is providing cash-flow support for the cannabis industry. Since the emergence of a state-by-state legal cannabis market in the United States, companies supplying and distributing the product have found themselves badly served by the traditional banking sector. Federal restrictions have made banks nervous about offering their services to the industry. Although cannabis is legal in many states, it has long been the target of law enforcement under DEA-led guidelines. This initially drove medical cannabis companies to require cash for most transactions, putting them at greater risk of theft, fraud and error. The larger the industry grew, the bigger the problem became.

MTRAC is a customizable, web-based payment system powered by GreenBox, a blockchain company. The system can be adapted to suit both the brand and the practical needs of a given business. By using blockchain-powered payments, users can eliminate cash-only headaches without needing direct access to traditional payment systems.

Backing its technology up with business consulting expertise, MoneyTrac has found a place in the cannabis market, providing vital financial services to a fast-growing sector. But this may not be the only area where the company’s services could prove useful.

Expanding beyond the Core Business

Though the cannabis industry has struggled more than most with payment solutions, it isn’t the only sector that might benefit from the faster, more efficient and adaptable payment processing solutions that blockchain provides. As a result, MoneyTrac is now looking to expand beyond its core market.

That expansion began with a relatively low-tech move. Having invested in PotSaver, a community periodical offering readers discounts on cannabis products, MoneyTrac is expanding that brand’s mission. PotSaver will provide information on a wider range of deals, not just cannabis-related products, to reach a new client base (http://nnw.fm/wEs3N).

The company is also looking to expand the reach of its payment services. The launch of its MTRAC-Token provides the foundation for a more extensive and integrated payment solution (http://nnw.fm/DxT8y). Each token will be a half share in the company, used as security for financial interactions through a blockchain payment system. This will provide a basis on which to offer banking solutions to a wide selection of high-risk businesses, achieving the company’s goal of “Banking the Unbankable™”

“The MTRAC-Token™ is a unique type of investment opportunity providing investors a way to be involved in revolutionizing a multitude of industries,” said MTRAC CEO Vanessa Luna. “There has never been a time like the present, when technology and finance converge to create viable, and much needed, solutions in a burgeoning new industry, which is expected to grow exponentially over the next few years.”

Better Logistics

Global Payout’s work is about the varied potential of technology, and this is evident in the use of blockchain by another subsidiary, SecurCapital.

SecurCapital provides payment and capital solutions for mid-tier logistics businesses. Its proprietary logistical ecosystem is controlled by the customer, allowing it to improve the flow of cash and services. This system does more than just facilitate payments. It provides proof of delivery and invoices, integrating the elements of the logistical flow. Faster payments and delivery are made possible through the support of blockchain technology.

The Potential of Blockchain

As blockchain’s use expands to a diverse range of sectors, plenty of companies are finding ways to profit from its potential.

As a technology company known for its computer hardware, Nvidia (NVDA) is seeing a period of growth thanks to blockchain. The company’s graphics processing units (GPUs), developed for gaming, are being used to provide computing power for cryptocurrency mining. The processing needed to support blockchain has increased sales for the company and led to a rise in its stock price (http://nnw.fm/4QSrg). As blockchain grows in popularity, this trend is likely to continue.

Shopping giant Walmart (WMT) might sound like an unlikely player to enter the blockchain field, but it has reasons for taking an interest. The company recently filed a patent for a blockchain-based tracking system to be incorporated into smart packages (http://nnw.fm/jqDZ0). This would allow better shipping and more accurate records following the package through as it reaches its destination. Walmart is also working with International Business Machines (IBM) and other companies on using blockchain to improve data management in the food supply chain (http://nnw.fm/MaxC1).

Like Walmart, United Parcel Service (UPS) is exploring ways to apply blockchain to improve delivery services. The company has joined the Blockchain in Trucking Alliance (BiTA), involving itself in efforts to bring new effectiveness to the trucking industry (http://nnw.fm/Fov9t). Because of the way blockchain records are kept, the company believes that it could lead to faster, more secure and more accurate processing of information around deliveries. This should speed up the logistics chain, bringing products quickly, cheaply and precisely to where they need to be.

In the energy sector, blockchain appears set to transform both the trading and provision of energy. BP plc (BP) has invested in a pilot program exploring the potential uses of blockchain in the sector (http://nnw.fm/3rDhO), where it could speed up trades. The peer-to-peer nature of information sharing through blockchain could also support the exchange of surplus energy, for greater efficiency (http://nnw.fm/9BRbp).

From crude oil to cannabis, blockchain is working its way into every corner of the economy. Now more than ever, investors can benefit from this technology without having to tie themselves to a single sector.

For more information on Global Payout, visit Global Payout (GOHE).

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