Riot Blockchain, a Leading Blockchain Company & Only Nasdaq List - Erie News Now | WICU & WSEE in Erie, PA

Riot Blockchain, a Leading Blockchain Company & Only Nasdaq Listed Pure Play Blockchain Company (Nasdaq: BIOP, Soon to Be Nasdaq: RIOT)

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BEND, OR / ACCESSWIRE / October 6, 2017 / Riot Blockchain, Inc. (NASDAQ: BIOP), Bitcoin, and other virtual currencies are made possible by what’s known as blockchain technology. A Blockchain is essentially a global public ledger capable of automatically recording and verifying a high volume of digital transactions, regardless of location.

Bitcoin’s popularity is proving blockchain’s usefulness in finance, but entrepreneurs have come to believe blockchain could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless – especially since blockchain operates through a decentralized platform requiring no central supervision, while still remaining resistant to fraud.

As startups use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from payments to public policy. Some of the latest innovative ways companies are harnessing the power of global blockchain in the industries listed below:

Banks:

From a macro perspective, banks serve as the global storehouses and transfer hubs of value. As a digitized, secure, and tamper-proof ledger, blockchain could serve the same function, injecting enhanced accuracy and information-sharing into the financial services ecosystem.

Swiss bank UBS and UK-based Barclays are both experimenting with blockchain as a way to expedite back office functions and settlement, which some in the banking industry say could cut up to $20B in middleman costs. Banks are among the growing number of financial services giants investing in blockchain startups.

Payments & Money Transfers:

The World Economic Forum has argued that decentralized payments technologies like bitcoin could transform the “business architecture” of money transfers, which, due to reliance on central authorities such as banks and clearinghouses, has remained static for the last 150+ years.

Blockchain could be used to create a more direct payment flow that connects payers and payees – across borders or domestically – without intermediaries, at ultra-low fees and almost instant speed.

Digital currency startup Coinbase – which has served over nine million customers as a digital platform for buying and selling bitcoin, ether, and other cryptocurrencies – recently became the first cryptocurrency company in the Global Unicorn Club.

Cybersecurity:

Though blockchain’s ledger is public, its data communications are sent and verified using advanced cryptographic techniques – ensuring that data is coming from correct sources and that nothing is intercepted in the interim. Thus, if blockchain is more widely adopted, the probability of hacking could go down, as the cyberprotections of the technology are more robust than legacy systems.

One way blockchain reduces conventional cybersecurity risk is by simply removing the need for human intermediaries – thus lessening the threat of hacking, corruption, or human error.

Other potential applications include using blockchain to provide massive scale data authentication. For example, using its blockchain-enabled KSI (Keyless Signature Infrastructure).

Riot Blockchain, Inc. has reserved and plans to change its Nasdaq ticker symbol to RIOT, in line with a shift in direction of the company. The name and symbol change are subject to Nasdaq approval. Moving forward, Riot Blockchain’s focus will be as a strategic investor and operator in the blockchain ecosystem, with a particular focus on the Bitcoin and Ethereum blockchains.

As part of this focus, the company announced it has made a strategic investment in Coinsquare Ltd., one of Canada’s leading exchanges for trading digital currencies. This investment into a blockchain-focused company is indicative of similar opportunities Riot Blockchain plans to pursue, including possible acquisitions of businesses serving the blockchain ecosystem.

“At Riot Blockchain, our team has the insight and network to effectively grow and develop blockchain assets,” said Michael Beeghley, Chief Executive Officer of Riot Blockchain. “With new applications being developed for blockchain every day, this is a rapidly growing and evolving market. We are excited to have partnered with and led an investment in Coinsquare, a company we believe is well positioned to capitalize on the opportunity in this sector.”

Why is this exciting and why are we writing on this company? According to a recent article published by Bloomberg, “Other companies have shown that a foray into the cryptocurrency space is often rewarded by investors, at least initially, as the astronomical increase in the value of virtual coins has lured everyone from big banks to startups. Overstock.com Inc. shares rallied after the online retailer said it was starting a digital-coin exchange. Shares of MGT Capital Investments Inc., the cybersecurity firm with ties to controversial anti-virus software developer John McAfee, soared after the company announced a move into bitcoin mining.” The Bloomberg article highlights that early investors in cryptocurrency companies have been rewarded and Riot Blockchain has moved up from $3.92 to $7.30 just in the past 30 days, a near double. We are excited about the team behind Riot Blockchain and believe this industry is in its infancy with considerable room to grow. According to Research & Markets, the Blockchain market size is expected to grow from USD $210.2M in 2016 to USD $2,312.5M by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5% during the forecast period. The major growth drivers of the Blockchain market are transparency and immutability, faster transactions, and reduced total cost of ownership.

The Blockchain market is segmented by provider, application, organization size, industry vertical, and region. The infrastructure and protocols provider segment is expected to dominate the Blockchain market during the forecast period, whereas the application and solution provider is projected to witness the highest growth rate due to the increased demand for fast processing applications for payments and transactions.

Payments application holds the largest share of the Blockchain market in 2016. The need for banking and financial transactions has evolved from traditional payments systems to be seamlessly integrated into new and always connected lifestyle, which is fueling the growth of Blockchain-based payment solutions. The digital identity market is expected to grow at the highest rate as the Blockchain would make digital identities more secure and efficient, resulting in seamless sign-ons and will reduce identity frauds.

The Banking, Financial Services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share during the forecast period, whereas the media and entertainment vertical is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of Blockchain across smart contracts, document management, and digital identities in the media industry.

Small and Medium Enterprises (SMEs) and large enterprises are rapidly deploying the Blockchain solutions. The demand for Blockchain solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in SMEs, where low cost solutions are much required.

In closing, consider Riot Blockchain, a company we believe may be positioned to participate in a rapidly growing industry with a top tier management team and first mover advantage in the public markets given its Nasdaq listing.

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SOURCE: Sylva International LLC

ReleaseID: 477259

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