Seagate Shares Rise After Reports Emerge of Ripple Ownership And Its Blockchain Project Moving To Crucial Stage
On Monday, Seagate shares soared after a report emerged indicating the technology company owns a sizeable part of crypto-based firm Ripple.
According to the report Seagate owns approximately 4% of Ripple. According to CNBC neither Ripple or Seagate could confirm the revelations. Following the revelations, Seagate’s shares rose by a margin of 16% following the opening of the market.
Ripple is the third largest cryptocurrency in the world and has a market cap of more than $80 billion as per data from CoinMarketCap. The blockchain startup owns 61% of the 100 billion XRP coins that are in circulation and are commonly referred to as Ripple.
Speculations have been rife over the years of the percentage of Ripple owned by Seagate. Seagate is listed as one of the major owners of Ripple in its website.
Seagate was among the major investors in Ripple’s Series A funding round that occured in 2015. Seagate was also a major investor during the Series B investment in september 2016. However, details about Seagate’s Ripple investment remained scanty as no official report has ever been released by any of the company.
Seagate Blockchain Supply Chain Project Now in Pilot Stage
Meanwhile, in other related news Seagate’s partnership with IBM’s blockchain platform is now in the pilot stage. Seagate intends to use IBM’s blockchain supply chain technology to follow hard drives throughout its supply chain.
Seagate partnered with IBM to use the IBM’s blockchain platform in 2018 and also working together as IBM is a major hard drive customer.
Speaking to Forbes, Manuel Offenberg, Seagate’s research group managing technologist of data security explained that the two companies started a proof-of-concept [PoC] with IBM, and the proof-of-concept was about product provenance.
During the proof-of-concept stage, Seagate indicated that the blockchain technology was effective and will be in sync with its line of products. Offenberg explained:
“We just went through an executive review on the next step, and the next step is starting a pilot with IBM.”
Offenberg stated that Seagate looks forward to prove the project’ scalability through the pilot. The official added that although the pilot has not yet started, the company has already received a green light to carry on with the project.
According to Offenberg the partnership between Seagate and IBM aims at enhancing the customer confidence that the products they receive from Seagate are genuine and original. He explained further:
“In this case, IBM is both the customer of these drives, as well as the technology provider for the underlying Hyperledger Fabric platform.”
The blockchain supply chain technology will also track the products in case of product return. Offenberg explained that the solution will also ensure that no counterfeits are returned to the company.
Seagate will work closely with IBM as its client during the piloting phase. However, Seagate plans to involve other clients in the reverse supply chain. Offenberg indicated that the company will involve larger firms since they offer most of the business to Seagate.
Where do you see Seagate going next after venturing in blockchain-based solutions and ventures? Share your views with us in the comments section.