There is more and more news every day about what can, should and should happen in the cryptocurrency (CC) and blockchain world. There has been significant investment, research and a lot of chatter, but the currency and projects are still not in the mainstream. They have not yet delivered the explosive changes they envisioned. Many ideas are being discussed and developed, but none have been able to deliver great game-changing results. IBM, Microsoft, and other major financial services corporations may continue to develop the necessary blockchain applications for big industry players – which the whole world cannot live without.
Financial services are a definite target of blockchain projects because today’s banking systems are still based on archaeological concepts that have been faithfully and painstakingly digitized and since these systems are archeological, it is expensive to maintain and operate. The high service fees that banks pay are almost reasonably charged – their systems are not efficient. These systems contain many layers of unnecessary data, as everyone involved in a transaction must have a version of the details of the transaction. And then there’s the business of making sure there are no trusted third parties to clear all these transactions – more versions of the same information are needed. Blockchain technology promises to address these issues, as each transaction will only be captured in one block of the chain, and security and integrity are built-in and assured as it is a distributed database. It may take some time to build trust in this new system, as blockchain transaction verifiers are not the traditional clearing house that banks use and trust today. It will take time for banks to believe in a new technology, and this trust will require more time to reach customers.
Another company that may soon be ready to give CC and blockchain another boost is Amazon. Looks like Amazon is getting ready to launch their own cryptocurrency. It is a well-sized country-sized company and they are in a position to provide fully convertible and digital tokens with other CCs as well as Fiat currency. A move like this would enable Amazon:
- Issue Coin (Amazon) to reward and encourage developers on any of its platforms
- Issue coins to customers to purchase the app
- Issue coins to game players for in-game purchases of Virtual Goody
- Issue regular customer coins as part of the loyalty program
This could happen if Amazon and customers have the ideal ecosystem. They have nearly 300 million customer accounts worldwide, a population of about the United States and they have 100,000 sellers to sell millions of items on their platforms sel There is probably no more mainstream company than Amazon, with a huge, vibrant economy attachment. Amazon’s upcoming entry into the CC world could signal the adoption of blockchain technology by mainstream organizations. When it comes to playing with an Amazon coin, a Disney coin, a Delta Aircraft coin, an organic cruise coin, a Home Depot coin – you get the picture.