Every day, there is more and more news about what can, can happen and should happen in the world of Cryptocurrencies (CC) and Blockchain. There have been significant investments, research and a lot of talk, but coins and projects are still not the key. They have not yet delivered the planned explosive changes. Many ideas are discussed and developed, but none of them yielded great results that changed the game. What may be needed is for major industry players such as IBM, Microsoft, and major financial services corporations to continue to advance the development of useful Blockchain applications – applications that the entire world cannot live without.
Financial services are a mature target for Blockchain projects because today’s banking systems are still based on archaic ideas that are faithfully and painfully digitized, and because these systems are archaic, they are expensive to maintain and operate. There are almost good reasons for banks to charge high service fees – their systems are not effective. These systems contain a lot of unnecessary information, because everyone involved in the operation must have their own version of the details of the operation. And then you have to work to ensure that there is a reliable third party to clean up all these operations – it requires more versions of the same data. Blockchain technology promises to solve these problems, because each transaction will be captured in ONE block in the chain, and since there is a distributed database, security and integrity are installed and ensured. Given that blockchain transaction controllers are not the traditional clearing houses used and trusted by banks today, it may take some time to build confidence in these new systems. Banks’ confidence in the new technology will take time, and it will take more time for this confidence to seep into consumers.
Another company that may soon be ready to give CC and Blockchain a big boost is Amazon. It seems that Amazon is preparing to introduce its own cryptocurrency. It is a well-sized country-sized company with a digital token that can be fully converted with other CCs and fiat currencies. Such a move would allow Amazon:
- Release coins (AMAZON) to reward and encourage developers on any platform
- Leave coins for consumers to use for in-app purchases
- Leave coins to game players to receive in-game virtual prizes
- Leave coins to regular customers as part of a loyalty program
Amazon can have an ideal ecosystem of customers and partners to accomplish all of this. They have about 300 million customer accounts worldwide, an estimated U.S. population and 100,000 sellers with millions of sales products on their platforms. The company, which is more widespread than Amazon, has a huge, vibrant economy, almost all of which are interconnected. Amazon’s recent entry into the CC world may signal the widespread adoption of blockchain technology by key institutions. If an AMAZON coin is activated, there can be things like DISNEY Coin, DELTA AIRLINES coins, CARNIVAL CRUISES coins, HOME DEPOT coins – you get the picture.
Stay tuned!