Blockchain Foundry Inc. (CSE: BCFN)
Develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to leverage blockchain technology in their businesses.
You may know blockchain as the technology behind Bitcoin and many other cryptocurrencies. However, many investors don’t have a thorough understanding of what blockchain is or the best ways to invest in this exciting tech trend.
Here’s a brief overview of what blockchain technology is, followed by some of our favorite blockchain stocks—and one important principle blockchain investors should keep in mind.
Blockchain is a form of ledger technology (also known as distributed ledger technology) that keeps records in a decentralized manner. Instead of storing information (say, payment transactions) only on a bank’s internal servers, blockchain technology allows the creation of an unchangeable public ledger that’s accessible to all users. Blockchain ledgers are a very secure means of storing data since they cannot be modified retroactively, and they can be used anonymously to protect the users’ privacy.
It’s worth noting before we go any further that blockchain and cryptocurrency are two different concepts. Blockchain is the underlying technology that powers cryptocurrencies, but it has many other potential applications that have nothing to do with Bitcoin or other digital currencies.
Just to name a few applications for blockchain:
Dozens of publicly traded companies incorporate blockchain into their operations, offer blockchain-related services to customers, or play a role in the cryptocurrency industry.
Another Canadian stock that has been succeeding in the Blockchain market is Blockchain Foundry, BCFN on the TSX Venture Exchange. The company helps large firms develop blockchain solutions for their businesses, and in 2019, the company grew its revenue to $853,642 from $45,691 in 2018. The Company is now working on securing larger contracts while developing other products through its partnerships in the industry.