Blockchain-related Applications Gain Momentum

NEW YORK, March 6, 2018 /PRNewswire/ --

NetworkNewsWire Editorial Coverage 

Blockchain technology has taken the world by storm. From its initial use as the technological architecture underlying cryptocurrencies such as Bitcoin, the technology has grown in popularity to the point that now an ever-increasing number of industries and applications around the globe make use of the innovative distributed ledger. Each day, the value of blockchain technology gains further ground as its myriad of potential applications attract the interest of new developers, users, and investors. EPAZZ, Inc. (OTC: EPAZ) (EPAZ Profile), SinglePoint, Inc. (OTC: SING) (SING Profile), Bitcoin Services, Inc. (OTC: BTSC), Glance Technologies, Inc. (OTC: GLNNF) (CSE: GET), and HashChain Technology, Inc. (OTC: HSSHF) (TSX-V: KASH) are among the public companies which have positioned themselves to benefit from the continuing growth of the blockchain phenomenon.

Blockchain's Expansion

Blockchain technology has expanded far beyond the cryptocurrency sector where it first gained widespread notice. Its core function, enabling the transparent and secure transfer of data, can be used in a multitude of industries and applications, providing a wide range of growth opportunities for companies developing the technology. By working across peer-to-peer networks, blockchain eliminates the need for a middleman to validate transactions, improving the speed and efficiency with which they can be processed. In the case of cryptocurrencies, the increasing popularity of these digital currencies has led to many businesses accepting Bitcoin and other such currencies for transactions. From purchasing a home to buying a pizza, the blockchain has enabled the dawning of a new money transfer paradigm.

The revolutionary aspect of the blockchain's functionality has led to rapid innovation in many industries. In the financial industry, in addition to providing an underlying mechanism for speeding up money transfers, blockchain can help revolutionize banking. By enabling the movement of money around the globe rapidly with robust security, more people than ever can use banking services. The music industry offers another avenue for expansion, as blockchain technology can enable musicians to bypass distribution platforms which currently capture a significant portion of the income from musical sales. Another industry where the blockchain can provide major benefits is sports betting. By offering a transparent record of transactions, bettors can be assured of the integrity of the betting process. The anonymity of digital transactions, which don't require linking to bank accounts, also provides another level against ID theft for such transactions.

A Digital Innovation Pioneer

Epazz, Inc. (OTC: EPAZ) is making a name for itself when it comes to disruptive, groundbreaking blockchain applications. The company specializes in enterprise cryptocurrency blockchain mobile apps and cloud business process software, offering innovative technology solutions that make it easy to convert legacy systems into cloud business process software.

In the blockchain sector, Epazz is pushing the envelope with its ZenaPay software, a cutting-edge payment solution offering consumers a means of buying items online or in stores using Bitcoin. The development of the ZenaPay wallet is designed to solve a major problem facing high-risk industries: the difficulty of getting paid. The system encrypts all transaction data anonymously through Bitcoin, enabling stores to accept digital currency rather than being restricted to just cash, as is the case with cannabis merchants in the U.S. where cannabis remains prohibited at the federal level.

Since its debut on the Android Play Store on December 31, 2017, Epazz's ZenaPay Bitcoin Ethereum wallet has been downloaded more than 25,000. As the company strives toward reaching a million active users, the company intends to support other cryptocurrencies as well (http://nnw.fm/a9UKd). Additionally, an upcoming POS application will offer merchants a POS solution for just $99 per year.

Future updates of ZenaPay will also feature other blockchain wallets to support SegWit, which is said to be able to reduce median fees by 33%. The company believes that supporting multiple cryptocurrencies will eventually eliminate fees altogether.

"ZenaPay Wallet App is the first blockchain product the company has released," Epazz CEO Shaun Passley stated in the press release. "We are quickly catching up to other competitors in the marketplace. We believe that this is the beginning of mainstream acceptance of blockchain technology. The adoption of multiple cryptocurrencies within a single blockchain wallet makes completing transactions simple and quick for users."

Epazz's portfolio also includes CyrptoFolio, an innovative android app which securely tracks and manages Bitcoin and Altcoin portfolios, with plans to add additional cryptocurrencies and languages to the app as well as offering an iOS version to increase the user base. The next version of CyrptoFolio, which will include all the features from Bitcoin Charts and Bitcoin Altcoins Tracker, is scheduled for release on May 30, 2018.

Using Blockchain to Create Communities and Enhance Legal Documentation

Epazz's technology seamlessly converts legacy systems into cloud business process software for which the company can then charge an annual subscription fee. The company has acquired 11 software companies that either have converted or are in the process of converting their legacy software products to cloud software using this technology. Once the conversion is complete, Epazz markets the new cloud-based solutions to new and existing customers.

Epazz's BoxesOS™ applications are able to create virtual communities for enhanced communication, provide information and content for decision-making, and create a secure marketplace for any type of commerce. Calling blockchain-based technology the "future of the Internet," Passley says Epazz will integrate blockchain into all of its products in coming months using BoxesOS.

"The company has been working with customers to understand the best uses of blockchain, and we are excited about filing the first of many blockchain patents, with many more to come," he says.

Currently on deck, when it comes to IP protection, is the company's patent-pending Blockchain Smart Legal Contract Technology, to be named Cordtell (http://nnw.fm/LP2pR). The technology, which is under development, automatically verifies signatures, distributes the contract to the blockchain, records the transaction and verifies the terms are being followed via blockchain apps, which also trace any changes. The company has filed a provisional patent for the technology.

Cordtell will work with Microsoft Word and Google Docs to provide real-time contract edits and updates via version control. The company will primarily market these features to law firms, health care providers, businesses, and governments to help prevent fraud and to make sure that all parties are notified of and have an easily accessible record of any contract activity. By instantly updating the ledger when any changes are made, transparency is improved for all participants in the process.

"2018 is a major software development year for the company," Passley stated. "We are increasing our blockchain software team to take advantage of new technology and are also updating our existing cloud products and creating new blockchain cloud products."

One of Cordtell's core features is blockchain storage technology, enabling users to view this data on mobile devices. Building on this capability, Epazz plans to launch a social media workflow blockchain app based on its proprietary blockchain storage technology initially created for the Cordtell product (http://nnw.fm/tLn23).

Epazz believes that this app represents a major opportunity to expand the block storage technology into other blockchain mobile apps.

"We are taking features of Cordtell that are in the final stages of development and releasing them into separate applications to monetize the technology. We believe there are several more applications that could be created based on our proprietary technology," said Passley.

Further expanding its reach in the cryptocurrency app space, Epazz acquired the Play Store app Bitcoin Altcoins Tracker (http://nnw.fm/Bc1zW). The app tracks more than 1,600 cryptocurrencies which it converts into over 50 native currencies it supports. The app's features will be included into the company's CryptoFolio blockchain mobile.

Epazz expects its growing portfolio of blockchain apps to help with cross-platform sales and upsales. The company said that all users of ZenaPay will be given the option to make in-app purchases via the CryptoFolio app, while the purchase of Bitcoin Altcoins Tracker will enable CyrptoFolio users the ability to convert cryptocurrencies into native currencies.

"We are quickly building up the next version of CryptoFolio, which will attract more ZenaPay users and create new sources of revenue," Passley stated (http://nnw.fm/gt96U).

Additional Opportunities in the Blockchain Space

Another company offering an innovative product for the cryptocurrency transaction platform market is SinglePoint (OTCQB: SING). The company has developed from a full-service mobile technology provider into a diversified holding company with operations in multiple industries and verticals including two high-performing market sectors: legal cannabis and cryptocurrencies. SinglePoint's strategic entry into legal cannabis industry and cryptocurrencies markets includes customized mobile payment solutions, a virtual crypto-wallet, and a bitcoin payment platform. Its broader acquisition-based expansion strategy is centered on multiple joint ventures, key acquisitions and closing of new deals within existing agreements.

Bitcoin Services (OTC: BTSC) has positioned itself to benefit from the worldwide spread of blockchain technology, especially as it relates to conducting third-party transactions. The company is involved in mining Bitcoin and other cryptocurrencies including DASH, which is a cryptocurrency that can be used to make payments either online or in-store. Bitcoin Services also provides Bitcoin escrow services, serving as a neutral third party between online buyers and sellers. The company has announced the creation of a new subsidiary called Crypto Capital Corp that plans to develop a cryptocurrency wallet. Bitcoin Services is also focused on the development and sale of blockchain software.

Glance Technologies (OTCQB: GLNNF) (CSE: GET) is the owner of Glance Pay, a mobile payment system in the process of transforming how smartphone users interact with merchants and buy products. The system includes a merchant manager app and a technology hosting environment with anti-fraud functionality. The company's partially owned subsidiary, Cannapay Financial, has formed licensing agreements with Glance Pay to leverage the Glance Pay App and the Glance Merchant App's data analytics. Cannapay Financial is currently developing a mobile-to-mobile payment system for the marijuana industry and SuperDope Delivery, a mobile ordering and delivery app for cannabis consumers.

HashChain Technology (TSX-V: KASH) (OTCQB: HSSHF) is a blockchain company that is expanding beyond its initial focus on cryptocurrency mining. The company engages in highly scalable and flexible mining operations across the four major cryptocurrencies. To diversify its business, the company acquired NODE40, which developed NODE40 Balance, a SaaS app that improves the accuracy of cryptocurrency tax reporting. The software enables cryptocurrency users and traders to complete accurate reports of their capital losses and gains for tax purposes. NODE40 also serves as one of the top masternode server-hosting providers for the DASH digital currency network and is currently looking for additional alternate coin masternode hosting opportunities.

Leading cryptocurrency mining hashrate provider Genesis Mining owns roughly 26% of HIVE Blockchain Technologies, the first publicly listed blockchain infrastructure company that bridges blockchain and cryptocurrencies to traditional capital markets. These two recognizable brands have formed an exclusive global partnership to develop and own cryptocurrency mining infrastructure and other related blockchain businesses. In its third-quarter financial results, HIVE noted that it among other quarterly highlights it raised $147 million (CDN $187 million) of growth capital in the quarter to finance rapid expansion and future growth opportunities and investments, and generated revenues of $3.2 million, with a gross mining margin of $2.3 million, from mining of digital currencies at Iceland facilities.

Recognized as one of the largest U.S.-based bitcoin miners, MGT Capital Investments is another player rooted in blockchain technology. In early February the company announced a purchase order from Bitmain Technologies for 1,000 S9 Antminer mining rigs. With this order, MGTI said its cryptocurrency mining operations will be comprised of over 7,000 Bitmain S9's plus 50 GPU-based Ethereum miners. The company expects all rigs announced to date to be operating by the end of the first quarter of 2018, at which point the machines are expected to generate nearly 100 Ph/s of total hash power.

As more and more companies realize the efficiencies to be gained from adopting the technology, investors have increasingly turned their attention to identifying businesses poised to benefit from this trend. Each of the companies discussed above are worthy of further due diligence by investors interested in finding opportunities to participate in the anticipated growth of the blockchain going forward.

For more information on Epazz, visit Epazz, Inc. (OTC: EPAZ)

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