Blockchain technology has been growing rapidly, and the demand for products based on innovative tech seem to gather demand worldwide. Acquisitions and mergers have become a daily norm in the blockchain space.
Following the trend, one of the largest cryptocurrency platforms, Tron has acquired the world’s first blockchain based app store Coinplay. This is the crypto network’s second big acquisition after it acquired data sharing application BitTorrent in 2018. The reaffirms the company’s commitment towards building infrastructure for the decentralized Internet.
The announcement was made via an official blog post on Thursday, which stated that,
“CoinPlay positions itself as a blockchain application store that aims to offer the most comprehensive, suitable and updated blockchain apps. Currently, popular [distributed ledger technology (DLT)-based] apps are often hard to find at conventional app stores, and it is difficult to screen the source for safe download.”
Tron has consistently been in the top ten list of world’s largest cryptocurrencies and is currently occupies the ninth position.
Blockchain space has been experiencing a boom in the last couple of years, as major global corporations have shown keen interest on the platform, including IBM, VISA, HSBC, JPMorgan, Intel, and Microsoft. Apart from these commercial giants, governments of various countries have also been taking the innovative tech seriously in the recent past.
Founder of Tron, Justin Sun, himself is a success story blooming out of initial years of blockchain and cryptocurrencies. And ever since he became ‘rags to riches’, he created Tron and has been continuously working to expand the platform’s foothold in the blockchain space. The acquisition of Coinplay will allow TRON Foundation to develop core technologies required to create an ecosystem of blockchain-based applications.
BitTorrent, which was acquired by Tron for $140 million, has become the world’s largest ecosystem of the decentralized Internet, claims the company. The company also said that the acquisition of Coinplay will allow it to further contribute towards the development of the blockchain space at large.
American technology behemoth IBM has been taking giant strides in the blockchain space. The company recently launched its own global payments platform, World Wire, in conjunction with Stellar Coin. The company is focused on building blockchain based solutions for industries and has been making serious moves recently. Similarly, Tron is focused on developing blockchain for secure Internet, and the moves it is taking seem to be in the right direction.
The DLT space saw huge investments coming in from venture capital firms in 2018. Over $5 billion was invested in blockchain technology in 2018, which was a significant bump from the previous year’s $1.5 billion. Also, the keen interest from big companies has facilitated extensive research and development in the space, discovering newer use possibilities for blockchain.
For instance, banking giant HSBC successfully executed forex transactions worth over $250 billion in 2018 alone. IBM is now developing a blockchain based solution to eliminate the evil of counterfeit drugs from African nations. Facebook is launching its own Stablecoin aimed at improving cross-border payments.
Asia has also been playing big time in the blockchain game. Indian IT giant TCS is spearheading various blockchain based projects in the country through its facilities in Hyderabad and Bangalore. JPMorgan became the first bank in the United States to launch its own cryptocurrency. Alibaba, the Chinese e-commerce giant, has also integrated blockchain in its supply chain operations.
As per a report published by the UN World Intellectual Property Organisation (WIPO), 50% more blockchain related patents were filed in 2018 than the preceding year. China led the way with over 930+ patents, followed by the US with over 860 patents.