Global Blockchain Technologies launching the SWIFT Network of Blockchain
Global Blockchain Technologies Corp. (CSE: BLOC) (“Global Blockchain”) entered the market promising investors access to a basket of hand-picked blockchain holdings managed by a team of industry pioneers and early adopters of all major cryptocurrencies. With former NYMEX Chairman Richard Schaeffer now at the helm, the company has set about becoming a major fintech player by launching the SWIFT network of the blockchain ecosystem.
With a breakthrough technology based on the Ethereum cryptocurrency (the Laser network), all ledgers can now operate faster and with better anonymity. Crucially, the Laser network will allow all independent blockchains to communicate effectively and quickly – something that even the intra-European banking system hasn’t yet managed. Global Blockchain stock has gained around 40% over April as positive announcements continued to hit the wire.
As blockchain uptake grows, the space is becoming increasingly competitive, and experience such as that of Mr. Schaeffer is now invaluable; he oversaw NYMEX’s transition to electronic trading and played a significant role in moving the financial industry online. During his tenure, the company’s IPO and listing on the NYSE was the most successful public offering of its time. Considering management teams, Global Blockchain is now one of the most competitive blockchain stocks on the market.
The company are ahead of the curve on tech, too. Much like with the global banking situation, numerous blockchain systems have been developed independently during times when interoperability was not crucial to success. As these systems have grown and their borders have met, users increasingly demand cross-compatibility. Banks solved the problem with the SWIFT network, but no such solution existed for cryptocurrencies until now.
By standardizing properties such as wallet numbers, it will be possible for users of one blockchain to make transactions with users of another blockchain without the use of a third-party exchange. This effectively does away with the borders of the blockchain ecosystem and opens up a vast realm of new possibilities in a more effective manner than has yet been seen.
To illustrate, a transaction sent between two UK banks arrives instantaneously, but you would have to wait around 24 hours to transfer between two European countries. This has long been a sticking point for European people who are financially active in multiple countries, and this problem could now be solved by adopting a blockchain solution, and the list of uptake incentives continues to grow.
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Whatever your opinion of cryptocurrencies, it would be difficult to ignore the rampant interest from the general public and the hundreds of billions of dollars in market capitalization that continues to climb. There is a strong upward momentum for this sort of innovation in fintech; Core Consultants has previously recommended a blockchain solution for the cobalt supply chain and notes that similar projects are well underway globally.
Global Blockchain’s crypto-mining subsidiary is also looking increasingly lucrative as positive sentiment slowly returns to the alternative coin markets. The almighty crash that rang in the start of 2018 has diminished to a light echo, and bitcoin has settled back into a clear upward trend; albeit a much more sensible one.
Global Blockchain is great option for those wanting to streamline the currently arduous and complicated process that interested investors must undergo in order to gain exposure to the cryptocurrency space; the company’s aim of becoming the first vertically-integrated originator and manager of top tier blockchains and digital currencies is an attractive proposition indeed. Considering April’s moves, we’d say they’ve got it covered.
Lara Smith has spent over a decade covering commodity markets. She started her career as a buyside analyst in South Africa where she covered soft ... <Read more about Lara Smith>