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PALM BEACH, Florida, – The multi-billion dollar blockchain market has emerged as a powerhouse in the financial services sector as transactions become increasingly digital and in turn, open to numerous risk factors. The global blockchain technology market size is expected to reach USD 7.59 billion by 2024, according to a new report by Grand View Research, Inc., registering a 37.2% CAGR during the forecast period. Increasing demand for this technology across financial services, consumer or industrial products, technology, media and telecom, healthcare, transportation, and public sectors is largely responsible for market growth. According to Grand View, the market is expected to exhibit significant growth owing to abundant benefits provided by this technology, such as eliminating the need for any financial institution to authenticate transactions, eliminating reconciliation, reducing duplicative recordkeeping, facilitating faster settlement, and minimizing error rates. This technology allows access to databases from everywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and help improve efficiency. Active companies today include: Block One Capital Inc. (TSX-V:BLOK) (OTC:BKPPF), LexinFintech Holdings Ltd. (NASDAQ : LX ), Fiserv Inc. (NASDAQ : FISV ), Seven Stars Cloud Group Inc. (NASDAQ : SSC ), Global Blockchain Technologies Corp. (CSE:BLOC) (OTC:BLKCF).
Block One Capital Inc. (TSXV: BLOK.V) (OTCQB: BKPPF) BREAKING NEWS: Block One Capital, an investment company focused on early stage and high growth opportunities in the blockchain sector, is pleased to provide the following corporate update.
Finzat Block LLC., a Block One Capital portfolio company, announced that Alex J. Pollock has become a Senior Advisor to the firm. Mr. Pollock, former President and CEO of the Federal Home Loan Bank of Chicago, will provide Finzat with guidance regarding business strategy, product innovation, and executive leadership.
“Blockchain is emerging as a potential paradigm-shifting technology in mortgage finance. I look forward to working with Finzat Block on using blockchain to restructure the technological underpinnings of mortgage market transactions,” Mr. Pollock said.
Mr. Pollock is currently a distinguished senior fellow at the R Street Institute in Washington, DC. Previously, he was a resident fellow at the American Enterprise Institute. As President and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004, Mr. Pollock was the creator of the MPF mortgage origination program that was the first to provide community financial institutions a way to share credit risk and provide a meaningful alternative to selling mortgages to Freddie Mac and Fannie Mae.
Mr. Pollock currently serves as a director of the CME Group (Chicago Mercantile Exchange), Great Lakes Higher Education Corporation and the Great Books Foundation, and is a member of the Advisory Board of the Heller College of Business at Roosevelt University. He was also the past-President of the International Union for Housing Finance.
Mr. Pollock has written extensively on economic cycles, risk and uncertainty, mortgage markets, central banking and the politics of finance. His new book, “Finance and Philosophy”, is expected to be published by Paul Dry Books in October of this year.
Mr. Pollock is a graduate of Williams College. He completed his MA at the University of Chicago and MPA in international affairs at Princeton University.
“We are fortunate to have Alex’s considerable experience and mortgage market knowledge on the team as Finzat strives to bring the benefits of blockchain into the mortgage mainstream”, said Gnanesh Coomaraswamy, Finzat founder and CEO.