Why Sysorex Stock Is Up 97% Over The Last 24 Hours

The stock price of IT solutions provider firm Sysorex SYSX is seeing a sudden and rapid surge.

What Happened: According to Yahoo Finance data, Sysorex’s stock price jumped nearly 97% up from a 24-hours low of $4.22 to a high of $8.1 and is trading at $7.10 at press time.

According to a press release published earlier today, the firm just announced potential strategies pertaining to the Ethereum blockchain and distributed ledger technology in connection with the Company’s wholly-owned subsidiary, Sysorex Government Services (SGS).

This follows Sysorex’s reverse triangular merger with data center owner and operator as well as Ethereum mining firm TTM Digital Assets & Technologies.

The merger resulted in the acquisition of over 80% of the firm’s issued and outstanding Sysorex stock.

Why It Matters: SGS plans to leverage TTM’s help to pursue government contracts implementing blockchain technology and blockchain opportunities within the state, local, and education segments.

The firm’s president and Sysorex board of directors member Zaman Khan explained that the company is investigating blockchain integration in “sectors ranging from food safety to citizen engagement.”

“In particular, [...] we are working to advance smart contracts on the Ethereum blockchain, which might be programmed, for instance, to automatically disburse funds from buyer to seller upon receipt of goods or services,” he added.

Khan also pointed out that SGS is already an approved General Services Administration contractor that oversees over $65 billion of procurement per year. Currently, the firm is exploring this market of a purported value of $2.25 trillion with help from its advisors.

He believes that the Ethereum blockchain can be used to improve citizen, business and government transactions, healthcare, pharmaceuticals, banking and finance, securities trading, patents and trademarks, supply chain, public records, cloud computing and voting.