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Blockchain Tech Appears in a Myriad of Financial Applications

Blockchain, the technology behind the cryptocurrency craze, is becoming more and more popular thanks to its potential to optimize operations in various fields of business. It is a type of distributed ledger system, providing enhanced security to the real time digital economic process, and is comprised of blocks of digitally recorded data. Generally, the blockchain market is segregated based on “type” such as Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management. Applications built with this technology are utilized in governmental agencies, the healthcare industry, as well as in media, retail, hospitality and energy sectors, amongst others. Overall, the global blockchain market is expected to grow by USD 15.1 Billion by 2024, and at a CAGR of 69.3% according to Market Research Engine. TD Holdings, Inc., Riot Blockchain, Inc., HIVE Blockchain Technologies Ltd., SOS Limited, CleanSpark, Inc.

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Business and major corporations have become much more open to investing in blockchain. Just this week, Mastercard announced that it has agreed to acquire the blockchain analytics start-up CipherTrace, in the latest sign of how major companies are warming to the technology. “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Ajay Bhalla, President, Cyber & Intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.”

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TD Holdings, Inc. just announced breaking news that, “the Company has entered into a strategic cooperation framework agreement with Guangzhou Wensheng Blockchain Technology Co., Ltd. (GWBT), a high-tech company focusing on “blockchain+” application solutions to apply blockchain technology in the supply chain financing and development of cloud based warehouse.

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Pursuant to the Agreement dated September 8, 2021, both parties agree to share blockchain technology related information and jointly apply blockchain technology in the supply chain financing and digital cloud warehouse business. GWBT agrees to support the Company in building and improving its digital cloud warehouse logistics platform and optimizing the settlement and payment system for commodities trading. GWBT also agrees to provide the Company with technical equipment and consulting services regarding tracing and financing of supply chain. The parties plan to enter into definitive agreement with details of the cooperation in the future.

Ms. Renmei Ouyang, the Chief Executive Officer of the Company, commented, ‘We are excited to become a strategic partner of GBWT. Leveraging the respective advantages of GBWT’s blockchain technology and the Company’s access to U.S. capital market as a U.S. listed company, we believe the alliance will further enhance our existing platform and business. With the tremendous market potential of blockchain in the supply chain financing and digital cloud warehouse business, we look forward to working with GBWT on this important initiative.'”

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