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.
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.
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 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.”
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).
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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