TECHNOLOGY

When Will Cryptos and Blockchain really explode?

When Will Cryptos and Blockchain really explode?
When Will Cryptos and Blockchain really explode?

When Will Cryptos and Blockchain really explode? Every day there is more news about what can, can and should happen in the world of Crypto Currencies (CC’s) and Blockchain. There has been an important investment, research and a lot of talks, but currencies and projects are not yet conventional. They have not yet delivered the planned explosive changes. Many ideas are being debated and developed, but none has produced great results that change the game. What may be necessary is that the major players in the industry, such as IBM, Microsoft, and the large financial services corporations, continue to advance in the development of useful Blockchain applications, which the entire world CAN NOT live without.

Financial services are a mature objective for Blockchain projects because current banking systems are still based on archaic ideas that have been faithfully and painstakingly digitized, and since these systems are archaic, their maintenance and operation are expensive. Banks almost have a good reason to charge the high service rates they make: their systems are not efficient. These systems have many layers of redundant data since everyone involved in a transaction must have their version of the details of the transaction. And then there is the business of ensuring there is a reliable third party to erase all these transactions, which requires even more versions of the same data. The Blockchain technology offers the promise of addressing these problems since each transaction will be captured in only ONE block of the chain, and because it is a distributed database, security and integrity are incorporated and secured. It may take some time to build trust in these new systems since the verifiers of Blockchain transactions are not the traditional information exchange centers that banks use and trust today. The confidence of banks in a new technology will take time, and it will take even more time for that trust to reach consumers.

When Will Cryptos and Blockchain really explode?

When Will Cryptos and Blockchain really explode?

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Another company that will soon be ready to give a big boost to CC’s and Blockchain is Amazon. It seems that Amazon is preparing to launch its own encrypted currency. This is a company with revenues the size of a good-sized country, and they are in a position to issue a digital token that would be fully convertible with other CCs and also fiduciary currencies. A move like this would allow Amazon:

issue (AMAZON) coins to reward and encourage developers in any of its platforms
Issues coins to consumers for use in in-app purchases
issues coins to players for purchase in the virtual candy game
issue coins to regular customers as part of a loyalty program

Amazon can have the ideal ecosystem of customers and partners to make this happen. Around the world they have around 300 million customer accounts, roughly the population of the US. And, they have 100,000 sellers on their platforms, with millions of items for sale. There is hardly a more conventional company than Amazon, with a massive and vibrant economy linked. Amazon’s imminent entry into the CC world may indicate the adoption of blockchain technology by major large-scale institutions. What could be around the corner if an AMAZON coin comes into play is a DISNEY coin, a DELTA AIRLINES coin, a CARNIVAL CRUISES coin, a HOME DEPOT coin – you get an idea.
Stay tuned!

 

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