Blockchain continued to be adopted by different sectors this year. Here’s a look at some of the top blockchain stories of 2019.
As the end of 2019 draws closer, the Investing News Network (INN) is looking back at the most influential news items for the blockchain sector.
This year saw some interesting developments for blockchain as the digital ledger technology further established itself in the investing space.
Heading into 2020, investors can take a look at some of the blockchain news stories that stood out as the technology continued to be adopted into different sectors. Keep reading to catch up on the biggest developments from 2019.
At the start of 2019, NetCents Technology (CSE:NC) confirmed it had managed to evolve its cryptocurrency platform into a software-as-a-service platform, which gave it increased flexibility that benefited both itself and merchants.
In its corporate update for 2018, the company said its new platform included a brand new user interface and front-end merchant gateways, as well as four more cryptocurrencies.
NetCents CEO Clayton Moore said the company’s goals for 2019 were to see its revenue grow and to complete planned expansions.
Next on the list is a chat with Squire Mining (CSE:SQR) CEO Angela Holowaychuk, who told INN about the company’s aspiration to become the largest blockchain miner in the world.
Squire Mining started out as a resource company but shifted into cryptocurrency as a way to diversify its operations. Now, the firm has plans to take over the sector.
“We want to be able to be a vertically integrated services provider for enterprise-level clients,” said Holowaychuk. “I think it’s inevitable that institutions and enterprises will want to get into this industry, and we want to be able to take care of the complex business operations while providing a turnkey solution for those types of clients so that it can streamline their entry into this industry.”
In January, TruTrace Technologies (TSXV:TTT,OTC Pink:BKKSF), formerly known as BLOCKStrain Technology, burst onto the blockchain scene with a first-of-its-kind blockchain program to track, register and monitor property and products in the cannabis industry alongside Canadian licensed producer WeedMD (TSXV:WMD,OTCQX:WDDMF).
According to TruTrace CEO Robert Galarza, the partnership represented science and technology working together “in the right way at the right moment.”
You can check out another interview with Galarza about using the blockchain tech with Shoppers Drug Mart’s ecommerce cannabis platform here.
Squire Mining earns its second appearance in our top stories list thanks to a new business deal with Core Scientific that was announced in June.
Stefan Matthews, chairman of Squire Mining, said in a release at the time that Core Scientific’s secure facilities were a key consideration in the original agreement between the two firms.
“(Core Scientific’s) focus on optimal performance, dedicated maintenance and internal controls will have a significant impact on Squire’s operations and the longevity of our assets,” Matthews said.
To cap off the list, we have a purchase from Hut 8 Mining (TSXV:HUT) that gave the company nine data centers at the cost of US$7 million from Bitfury.
The new data centers, along with an increase in capacity for Hut 8 Mining’s facility in Medicine Hat, Alberta, boosted the firm’s operational capacity by 19 percent.
Andrew Kiguel, Hut 8 CEO, told INN that, despite the difficulties in the competitive bitcoin-mining sector, the company’s main focus was geared towards increasingly efficient mining in the hopes of one day becoming the largest bitcoin miner in the world.
“We’ll continue to keep that portfolio of bitcoin. We’ll continue to try and grow the operations,” Kiguel said. “We’re sitting on quite a lot of bitcoin so we get the option of growing our output internally. I think as a focus going forward, we’re trying to expand in areas that perhaps have renewable energy sources.”
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Securities Disclosure: I, Danielle Edwards, 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.