There is more and more news every day about what can, should happen in the world of cryptocurrencies (CC) blockchain. There has been a lot of investment, research, a lot of talk, but the coins and projects are not major yet. They have not yet made the planned explosive changes. Many ideas are being discussed and developed, but none have yielded great game-changing results. What may be needed is for major industry players such as IBM, Microsoft, and major financial corporations to continue to develop useful Blockchain applications without which the whole world CANNOT live.
Financial services are a mature target for Blockchain projects, as today’s banking systems are still based on outdated ideas that have been faithfully and painfully digitized, because those systems are outdated and expensive to maintain and operate. Banks have a good reason to charge high fees for their services. their systems are inefficient. These systems have multiple layers of redundant data, as everyone involved in the transaction must have their own version of the transaction details. And then there is the business of ensuring that there is a trusted third party to clear all these transactions by demanding even more options for the same data. Blockchain technology promises to solve these problems, as each transaction will be registered in only ONE block of the chain, as it is a distributed database, security and integrity are built-in, guaranteed. It may take some time to build trust in these new systems, given that blockchain controllers are not the traditional clearing houses that banks use and trust today. Banks’ trust in new technology will take time, and even more time will be needed for that trust to penetrate consumers.
Another company that may soon be ready to give a big boost to CC և Blockchain is Amazon. It looks like Amazon is going to launch its own cryptocurrency. This is a company with a well-sized country income, they have been able to issue a digital sign that will be fully convertible with other CFF currency currencies. Such a move would allow Amazon to:
- to issue (AMAZON) coins to reward or encourage developers on any of its platforms
- Issue coins to consumers for in-app purchases
- Issue coins to game players to buy virtual goods inside the game
- issue coins to regular customers as part of a loyalty program
Amazon can have the perfect ecosystem of customers and partners to do all this. They have accounts for about 300 million customers worldwide, approximately the US population և they have 100,000 sellers on their platforms, millions of products are sold. There is hardly a more basic company than Amazon, which has a huge, vibrant economy that everyone relies on. Amazon’s imminent entry into the world of CCs could signal the adoption of blockchain technology by major institutions. What might be in the corner if the AMAZON coin appears is like the DISNEY coin, the DELTA AIRLINES coin, the CARNIVAL CRUISES coin, the HOME DEPOT coin. you get the picture.
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