Companies Put the Word 'Blockchain' In Name, Stocks Surge Nearly 400 Percent

By:
Chris Gaetano
Published Date:
Oct 27, 2017
Chain

British technology firm On-line PLC announced on Thursday that it is changing its name to On-line Blockchain PLC and since then has seen its stock value jump 394 percent despite no other substantive change in the company, according to Bloomberg

"For many years we have worked as an incubator and investor in internet and information businesses. Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time to provide systems to support the roll out of these technologies across a range of applications. These include information technology where our links with ADVFN provide us with particular opportunities," said a company statement about the name change. 

The only other announcement the company made was that it had appointed Beaumont Cornish Limited as its Nominated Adviser. 

This morning it tried to temper enthusiasm from its previous announcement by noting that the technologies they are hoping to develop are likely years away. 

"Shareholders should note that the while the Company has identified an initial product, the Company's development of a Block-chain product is still at an early stage of investigation and development, and its current plans envisage that the first application will only be tested early in 2018" said the statement. 

This did indeed pour some water on investor enthusiasm, though as of now the company's stock price has risen "merely" 238 percent. 

A blockchain, in its simplest form, is a distributed collection of databases, called nodes, all holding the same information. Changes in one node must be confirmed as valid by the other nodes, and only then can new information be written or existing information altered. In this way, it is nearly impossible to tamper with data in a blockchain




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