Two weeks into the new year, and we already have yet another company making moves into the blockchain sector.
Just like all of the other companies that announced they will be starting to work with blockchain, Inpixon (NASDAQ:INPX), a popular data analytics company, started to soar and is currently up nearly 60%.
What’s Been Happening?
Back in December of last year, Long Island Iced Tea announced that it would change its name to Long Blockchain Corp. (NASDAQ:LBCC), which caused the stock to skyrocket, and on January 4th and 5th, ChinaNet Online Holdings (NASDAQ:CNET) and Delta Technology (NASDAQ:DELT) announced that it would also be joining the blockchain sector.
Today, Inpixon, which is based in Palo Alto, California, disclosed that it is going to start to use blockchain in order to create a worldwide device reputation repository, which essentially will help further IoT security and protect retail payment.
Personally, I think this data and indoor positioning company will benefit tremendously from using blockchain, as it will when in connection to its Indoor Positioning Analytics service, help to decrease the level of risk retailers might experience. Why? Because it will create a self-managing payment service.
As of this writing, following the news, Inpixon is trading at $0.35, putting the INPX stock up $0.13, or 58.07%. It will be interesting to see whether or not the stock can keep growing before the closing bell rings.
What Does the Future Entail?
According to CEO Nadir Ali, Inpixon has a lot planned for 2018 and using blockchain is just “one of several strategic product development plans” the company has for the year.
Since Long Blockchain Corp. witnessed an initial increase in stock price after announcing its pivot into the blockchain sector and then dropped a few days later, it will be interesting to see whether or not Inpixon follows a similar pattern. That said, Long Blockchain Corp. increased not long after the decline and is trading up today as well. So, Inpixon probably isn’t worried too much about this announcement backfiring.
Inpixon is reported to disclose the other strategic development plans for this year in the forthcoming weeks, so check back in and hopefully, we will be able to tell you everything you’re going to want and need to know!
Featured Image: twitter
