“Human Capital” Blockchain Stock Surges
Daily Market Primer:
The back and forth action for stocks
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Today’s Top Performer: ShiftPixy (PIXY)
Blockchain stocks utterly dominated our Top Performer reports in the second half of last year. The white-hot sector has since cooled a bit as investors begin to more deliberately ponder the concrete use cases of blockchain technology, not to mention the regulatory environment for these applications.
This technology continues to drive significant market action, however, including today’s Top Performer.
This morning, ShiftPixy announced its plans to leverage blockchain as a secured ledger for human capital transactions. They plan to drive value through a centralized, secured blockchain implementation used, for instance, in the transmission of critical personal data including social security number, date of birth, driver’s license or passport details, bank account information, and tax forms. PIXY executives argue that blockchain offers an efficient solution (with unique transparency and cyber-security features) for their broader efforts to create a “disruptive employee engagement platform.”
Investors appear enthused, buying the stock on heavy volume to drive it up around 25% at the time of this writing.
While the unabashed enthusiasm surrounding blockchain may be receding, investors are still hungry for plausible applications—particularly on the enterprise side—for the tech.