Long Island Iced Tea, a New York-based company, said it will change its name to Long Blockchain Corp as its parent company shifted its focus to “exploring and investing in opportunities that exploit the technological advantages of the blockchain.”
The company will require NASDAQ to change the trade mark associated with the transaction name and said it will continue to focus on the ready-to-drink portion of the beverage industry. It has already registered a new domain
A similar move was taken by British companies in October when online companies announced plans to change their name to P-Blockchain Plc and surged their share price to 394pc, its biggest single-day gain since the company It debuted in 1996.
At that time, the company said: “Blockchain technology and cryptocurrency are a new and exciting area that we are constantly working on and we think it is time to rename the company to reflect these developments and we believe the future growth will be in our hands Industry. ”
According to Bloomberg, Schares, a Bioptix-based company in Colorado, skyrocketed by the time the name of the Riot Blockchain Company was changed, almost doubling in value.
B-chaining is the technology behind bitcoin phenomenon that enables closed network members to share any type of encrypted data – from electronic money to medical records.
Blockchain protects data from fraud and updates all relevant members. This is what is known as Distributed Ledger Technology (DLT), which allows the computer network to agree on the true state of the books on a regular basis.
All participants share a copy and establish a process by which users agree to make changes to the ledger. Since anyone can check any proposed trading accounts, this means that no central agency is needed.
NASDAQ has been studying the possibility of creating a distributed ledger for private company stock registers, while ASX is testing whether blockchains can be used to replace existing settlement and settlement systems.