Charlie Glavin of Boardwalktech discusses how 26 Fortune 500 companies have integrated the company’s blockchain technology.
Charlie Glavin, CFO of Boardwalktech (TSXV:BWLK), spoke with the Investing News Network about how enterprises apply blockchain technology to improve both operational efficiencies and return on investment (ROI) by as much as five times.
In addition to this, Glavin discussed his company’s work with Fortune 500 companies.
“A typical Fortune 500 company would have a hundred different applications that could be run on a centralized distributed ledger, and that’s what we provide,” Glavin said at the Extraordinary Future Conference in Vancouver, British Columbia.
Despite being a relatively small company, Boardwalktech works with 26 Fortune 500 companies.
“We have a Fortune 50 financial services company who has deployed (our technology) globally,” Glavin said. “One of the largest consumer electronic companies uses our technology to track all of their cost and delivery schedules, and the CEO gets a report every single day on it.”
Glavin said that Boardwalktech’s technology allows for auditability, traceability and accountability.
“(Boardwalktech) actually creates a centralized form — a distributed ledger — where you can have multiple people around the world working on the same spreadsheet at exactly the same time.”
Despite a turbulent year during which the company’s share price has declined over 30 percent year-to-date, Boardwalktech has a 90 percent client retention rate and solid gross margins.
“We have actually grown our revenue since (going public), reduced our earnings before interest, taxes, depreciation and amortization — we’re targeting six months to get to profitability at this point — and (we have) halved our debt as well,” said Glavin.
The trouble with operating in the blockchain space is being identified with cryptocurrency companies, added Glavin. At the corporate level, Boardwalktech applies its technology on top of existing software to improve inefficiencies.
“We actually have a patented cell-based technology that tracks every single transaction with a time stamp and hash tagging,” Glavin said.
In closing, Glavin explained the revenue model for Boardwalktech enterprise applications looking ahead.
“We’re looking at 10 applications per customer, a US$250,000 base license and US$75,000 for each one of those additional applications. That’s US$1 million per year (of) recurring revenue per customer.”
Watch the video above for more on what Glavin had to say, and stay tuned for additional Extraordinary Future coverage. Our full playlist for the event can be found on YouTube.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.