When will Cryoto & Blockchain Really Explode?
Every day there is more news about what can, may and should happen in the world of Crypto currency (CC's)and blockchain. There has been significant investment, research and lots of chatter, but the coins and projects are still not mainstream. They have not yet delivered the explosive change envisioned. Many ideas are being discussed and developed, but non have delivered big game-changing results. What may be needed is for big industry players like IBM, Microsoft and large financial services corporations to continue forging ahead developing useful Blockchain applications - the ones that the whole world cannot live without.
Financial services are a ripe target for blockchain projects because today's banking system are still based on archaic ideas that have been faithfully and painfully digitalized and because these systems are archaic, they are expensive to maintain and operate. Banks almost have a good reason to charge the high service fees they do. Their systems are not efficient. These systems have many layers of redundant data. As everyone involved with a transaction has to have their version of the transaction details. And then there is the business of ensuring that there is a trusted third party to clear all transactions requiring even more versions of the same data. Blockchain technology holds out the promise of addressing these issues as each transaction will be captured in just ONE block on the chain, and because it is a distributed database security and integrity is built in and assured.
It may take some time take some time to build up trust in these new systems, given that the verifiers of blockchain transactions are not the traditional clearing houses that banks use and trust today. Trust by banks in new technology will take time and even more time will be taken for that trust to trickle down to customers.
Another company that may soon be ready to give CC's and blockchain a big boost is AMAZON. It looks like is ready to lunch their very own crypto currency. This is a company with revenues the size of a good sized country and they are in position to issue a didital token that would be fully convertible with CC's and fiat currencies too. A move like this will enable Amazon to
- Issue (Amazon) coins to reward and incentive developers on any of its platforms
- Issues coins to customers to use for in-app purchase
- Issue coins to game players for in-game purchase of virtual goodies
- Issues coins to regular customers as part of a loyalty programme.
Amazon may have the ideal ecosystem of customers and partners to make this all happen, Worldwide they have about 300million customer account, roughly the population of the USA, and they have 100,000 sellers on their platforms with millions of items for sale. There is hardly a more mainstream company than Amazon, with massive, vibrant economy all linked in Amazon's imminent entry into the world of CC's may signal the adoption of Blockchain technology by mainstream institutions on a large scale. What could be just around the conner if an Amazon coin comes into play is the likes of a DISNEY coin, A DELTA AIRLINE COIN, A CARNIVAL CRUISE COIN, A HOME DEPOT COIN and on. You get the Picture.