Venzee Expands Further into Blockchain With BTL Group Partnership

Venzee Technologies (TSXV:VENZ) can officially be added to the ever-growing list of companies that has caught the blockchain bug.

On Wednesday (January 31) at the CanTech Investment Conference in Toronto, the company announced that it ad BTL Group (TSXV:BTL) had entered into a partnership that will bring their technologies together.

Venzee’s Mesh’s platform, which is the first of its kind, is a data transformation solution that enables businesses to easily connect everyday apps and enterprise solutions with blockchain networks, while BTL’s Interbit is a blockchain development platform. With the partnership, the companies hope the platforms will “result in a number of client projects.”

While Venzee uses artificial intelligence to sync product information between retailers and their supply chain, Venzee first dipped into the blockchain sector with the Mesh platform, announced in November of last year. In addition to connecting apps and enterprise solutions with blockchain, Mesh validates, transforms, and filters data before it reaches the blockchain platform.

“Since announcing Mesh, we have had interest from enterprise customers, including major retail and globally recognized banks who are looking to deploy blockchain as part of their data strategy,” Kate Hiscox, president of Venzee Technologies said in the joint announcement. “BTL offers a world-class permissioned blockchain solution that, combined with Mesh, means we can provide an end-to-end solution that helps companies achieve their blockchain goals more efficiently.”

Venzee’s additional expansion into the blockchain sector is just another addition to the laundry list of how this sector will continue growing over the next several years. According to a report called “Blockchain Market by Provider, Application, Organization Size, Industry Vertical And Region – Global Forecast to 2022,” the overall blockchain industry is projected to grow from $411.5 million in 2017 to a staggering$7.68 billion by 2022, representing a compound annual growth rate of 79.6 percent between now and then.

Following Wednesday’s announcement, shares of Venzee Technologies have dipped 8.59 percent to $1.17 as of 12:21 p.m. EST on Friday, while BTL’s have increased 13.7 percent to reach $9.13 as of 12:06 p.m. EST Friday.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: Venzee Technologies is a client of the Investing News Network. This article is not paid for content.