Every day there exists more news as to what can, may, and really should happen in the joy of Crypto Currencies (CC’s) and Blockchain. There has been significant investment, research, and plenty of chatter, nevertheless the coins and also the projects will still be not mainstream. They have not yet delivered the explosive changes envisioned. Many ideas are increasingly being discussed and developed, but none have delivered big game-changing results. What may be required is for big industry players, like IBM, Microsoft, plus the large financial services corporations to keep forging ahead in developing useful Blockchain applications – ones which the whole world can NOT live without.
Financial services really are a ripe target for Blockchain projects because today’s banking systems will still be based on archaic ideas that were faithfully and painfully digitized, and also, since these systems are archaic, they may be expensive to maintain and operate. Banks almost have a very good reason to charge the high service fees they certainly – their systems usually are not efficient. These systems have some of layers of redundant data, as everyone involved which has a transaction should have their version with the transaction details. And then there exists the business of ensuring that there’s a trusted 3rd party to clear each one of these transactions – requiring more versions on the same data. Blockchain technology holds the promise of addressing these complaints, as each transaction will likely be captured in only ONE block about the chain, and since it is a distributed database, security and integrity is built-in and assured. It may take serious amounts of build up trust in these new systems, given how the verifiers of Blockchain transactions will not be the traditional clearing houses that banks use and trust today. Trust from the banks inside a new technology will require time, and a lot more time will likely be needed for that trust to trickle as a result of consumers.
Another company that could soon expect to give CC’s and Blockchain a large boost is Amazon. It looks like Amazon is becoming ready to launch his or her crypto currency. This is a company with revenues the length of a good-sized country, and they may be in a position to issue an electronic token that might be fully convertible along with other CC’s, and fiat currencies too. A move similar to this would enable Amazon to:
issue (AMAZON) coins to reward and incentivize developers on all of its platforms
issue coins to consumers to use for in-app purchases
issue coins to game players for in-game buying virtual goodies
issue coins to regular customers together with a loyalty programme
Amazon might have the ideal ecosystem of consumers and partners to generate this all happen. Worldwide they’ve already about 300 million customer accounts, roughly the population from the USA, and they’ve already 100,000 sellers on his or her platforms, with countless items available. There is virtually no more mainstream company than Amazon, which has a massive, vibrant economy all linked in. Amazon’s imminent entry into the concept of CC’s may signal the adoption of blockchain technology by mainstream institutions using a large scale. What could be just around the corner automobile AMAZON coin is necessary is the likes of the DISNEY Coin, a DELTA AIRLINES coin, a CARNIVAL CRUISES coin, a HOME DEPOT coin – you obtain the picture.