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Blockchain Technology to Become More Popular in Banking and Financial Sectors

NEW YORK, May 3, 2018 /PRNewswire/ --

According to a report from Netscribes, Inc., the global blockchain technology market is expected to reach USD $13.96 billion by 2022, growing at a compound annual growth rate of 42.8 percent during the forecast years. Blockchain is a decentralized ledger of all transactions across a pier to pier network. Blockchain technology is employed in Banking, Financial services and Insurance (BFSI) segment, healthcare sector, supply chain management, energy, media and informatics. BFSI still holds the largest market shares in the market, while supply chain management is expected to grow at the fastest rate. Victory Square Technologies Inc. (OTC: VSQTF), Net Element, Inc. (NASDAQ: NETE), Eastman Kodak Co (NYSE: KODK), BTL Group Ltd. (OTC: BTLLF), On Track Innovations Ltd. (NASDAQ: OTIV)

According to a report from Deloitte, advantages of blockchain includes cost and time saving and increased transparency: "In complex transactions for purchases of goods, for example, buyers issue purchase orders, shippers issue packing lists, sellers submit invoices, and banks release funds, all of which are wrapped up in agreements, contract terms, and numbering schemes that enforce tracking, delivery, and payment. The use of a blockchain for these activities would dramatically accelerate the process by cutting out the intermediaries that currently are needed to validate documents and release products and funds. It would create a clear audit trail of timestamped documentation blocks that could be accessible to taxation and other authorities in real time, increasing transparency, and reducing the administrative burden on the parties involved."

Victory Square Technologies Inc. (OTC: VSQTF) also listed on the Canadian Securities Exchange under the Ticker (CSE: VST). Yesterday the company announced breaking news that it has returned, "from the World Blockchain Forum: Investments & ICOs Conference in Dubai, United Arab Emirates, with newly-formed partnerships and investments in three promising blockchain companies that won awards for their presentations in Dubai.

The longest-running and highest-attended financial conference for the bitcoin, blockchain and cryptocurrency industries in the Middle East saw over 1,000 attendees converge in Dubai for the two-day event that took place April 16 and 17, 2018. It saw Victory Square partner with Keynote, the World Blockchain Forum to present the top 3 ICOs Award at the event. The three emerged from the 30 companies that were vetted and selected by the World Blockchain Forum to present their ICOs (with those 30 drawn from an initial pool of applicants).

Victory Square management viewed the presentations of the 30 ICO attendees and conducted Q&A sessions with the management teams of the shortlisted companies. Through this vetting process, Victory Square identified three companies as the top 3 ICOs - companies with which they will explore further relationships. Each of the identified companies will receive $33,000 towards the private sale of their respective tokens. In exchange, Victory Square will receive discounted tokens in the companies' private pre-sale.

The top 3 companies selected by Victory Square management to share in the $100,000 investment prize pool were: SBC Platform, CryptoCurve, and Paytomat.

Peter Smyrniotis, a member of the Board of Directors of Victory Square, also presented at the conference, outlining Victory Square's involvement in the blockchain industry and its track record of incubating some of the most promising and disruptive companies."

"This year's World Blockchain Forum in Dubai featured yet again an impressive collection of the most forward-thinking minds in the blockchain industry," said Smyrniotis. "We are very proud to be partnered with some of the brightest visionaries on the forefront of this technological revolution. Victory Square's continued growth and success have been well met by our peers, and we have received strong validation and support for the global brand that we are building. The ability to share our vision and collaborate with other like minds provides the backbone of the structure that will support the technological world in the years to come."

Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud based, restaurant and retail point-of-sale solution. Earlier in February, the company launched its newest multi-channel payments platform, Netevia. Connecting and simplifying payments across sales channels through a single integration point, Netevia delivers end-to-end payment processing through easy-to-use APIs. This model complements Net Element's ability to perform in a multi-channel environment, including point-of-sale (POS), e-commerce, mobile devices and will enable the company to perform in blockchain technology solutions.

Eastman Kodak Co (NYSE: KODK) is a technology company focused on imaging. On January 9, 2018, the company announced the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management. Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.

BTL Group Ltd. (OTC: BTLLF) is an enterprise technology platform provider that is developing Interbit, a proprietary next generation blockchain platform. On January 21, 2018, the company provide further information on the next phase of its previously announced European energy trading project, under which four oil and gas supermajors and five leading energy traders including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint, propose to participate in using BTL's Interbit blockchain platform to deliver gas trading reconciliation through to settlement and delivery of trades.

On Track Innovations Ltd. (NASDAQ: OTIV) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. On March 26, 2018, the company has launched its cryptocurrency (CC) payment solution for the micropayment market and automated machines. The innovative OTI system, which was developed following extensive research into the market, allows the use of (CC) standard mobile wallets. The company's solution is simple, easy to use, fully secure method for micropayments, and tackles the significant challenges of CC in automated machines and micro-payments. This ground-breaking payment solution provides high-speed, low-fee transactions, while also solving global currency exchange issues that may arise from using CC as a form of payment.

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