Every day there is more and more news about what can, can and should happen in the world of cryptocurrencies (CC) and blockchains. There has been a lot of investment, research and discussion, but details and projects are still not common. They have not yet made the planned explosive changes. Many ideas are discussed and developed, but none of them have yielded significant and revolutionary results. It may be necessary for major industry players such as IBM, Microsoft and leading financial companies to continue to develop useful Blockchain applications – applications that the whole world can’t do without.
Financial services are a long-overdue target for Blockchain projects, because today’s banking systems are still based on archaic ideas that have been faithfully and painfully digitized, and since these systems are archaic, they are expensive to maintain and operate. Banks have an almost good reason to charge high service fees: their systems are ineffective. These systems have many redundant levels of data because everyone involved in the transaction must have their own version of the transaction data. In addition, you need to make sure that there is a trusted third party that will delete all of these transactions, which will require even more versions of the same data. Blockchain technology promises to solve these problems because each transaction is fixed ONLY in one block of the chain and, being a distributed database, security and integrity are built in and guaranteed. It may take time to gain confidence in these new systems, as blockchain transaction transaction verifiers are not traditional settlement chambers that banks use and trust today. Banks’ confidence in the new technology will take time, and it will take longer for that confidence to reach consumers.
Another company that may soon be ready to give a boost to CC and blockchain is Amazon. Amazon seems to be preparing to launch its own cryptocurrency. It is a company with revenues the size of a large country, able to issue a digital token, which will also be fully convertible with other CC and fiat currencies. Such a solution would allow Amazon:
(AMAZON) issues coins to encourage and encourage developers on each of their platforms.
issue coins to consumers to use them for in-app purchases
Spend coins on players to buy virtual goodies in the game
issue coins to regular customers as part of the loyalty program
Amazon can have the perfect ecosystem of customers and partners to make it happen. Worldwide, they have about 300 million customer accounts, roughly the population of the United States, and they have 100,000 sellers on their platforms with millions of goods for sale. There is hardly a business more traditional than Amazon, with a huge and dynamic economy, all interconnected. Amazon’s upcoming entry into the CC world may point to the widespread adoption of blockchain technology by traditional institutions. What could be right around the corner when an AMAZON coin comes into play, including the DISNEY coin, the DELTA AIRLINES coin, the CARNIVAL CRUISES coin, the HOME DEPOT coin – you caught the idea.