Liam Frost · 13 hours ago · 2 min read
The future application of blockchain technology is impressive. It is heavily touted as the next big step in networking the world. Dubbed the ‘Internet 3.0,’ blockchains are set to change the way we transfer and store digital data. The peer-to-peer advantages continue to be more and more evident thanks to the startling growth of cryptocurrencies in 2017.
It is no surprise that banking and financial institutions are developing and adopting Bitcoin and blockchain technology advances. Many more industries are taking note as the wider use becomes apparent. The security bonuses could be key to storing and transacting data. Blockchains are one of the most secure ways to store sensitive personal data that is currently entrusted to third parties.
Future elections, real estate, gaming, and tech industries are all examples of sectors that will benefit from recording data in an uneditable network. Currently, the opportunities appear endless, with development still in its infancy.
What’s in a name?
Investors are not blind to the changes coming. Companies working with blockchains are seeing share prices skyrocket overnight, some even surging in percentages by the hundreds.
British company On-line PLC drew vast interest recently for simply adding the word “blockchain” to its name. On-line Blockchain PLC’s share price rose a staggering 394% in a single day with news of the name change. It was the biggest move in the share price since its listing in 1996.
Incredibly, in just two days the trading volume of the shares was 16 times more than the entire previous year. The Essex-based company said in a statement:
“Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time. We feel the time is right to rename the company to reflect these developments, where we believe the future growth will be in our sector.”
The company now retains a market value of over $5.27 million – pretty incredible for a simple name change.
This signals confidence in blockchain technology. Investors are jumping on any indications from organizations shifting focus to the development of new networks.
BiOptix Inc, a Colorado-based company, experienced a similar jump in stock value. The market watched its share price nearly double as it changed its name to Riot Blockchain.
The Future of Blockchain
Markets are filling with confidence for companies investing in this future. Online retailer Overstock tripled in value over the past year as they push forward with adopting blockchain tech. Recently, Overstock grew another 30% when CEO Patrick Byrne announced that a blockchain subsidiary is seeking a $500 million investment through an ICO launch.
There are still years of work ahead before the full benefits of transacting and storing data on blockchains are completely evident. Short term profits still continue to stream in from companies trading cryptocurrencies which lead the way in development. Profits from other blockchain solutions are still speculative, but you can expect to see some big moves around the world as 2020 approaches.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all benefits
Posted In: Adoption