Every day, there is more and more news about what can, can and should happen in the world of cryptographic (CC) and Blockchain currencies. There has been a lot of investment, research and a lot of discussion, but parts and projects are still not common. They have not yet delivered the planned explosive changes. Many ideas are under discussion and development, but none has yielded decisive results. What may be needed is that the big players in the industry, such as IBM, Microsoft and the major financial services companies, continue to move forward in the development of useful blockchain applications, applications that the world can NOT do without.
Financial services are an ideal target for Blockchain projects, as the current banking systems are still based on archaic ideas that have been digitized faithfully and painfully, and their maintenance and operation are costly. Banks have almost a good reason to charge high service fees – their systems are not efficient. These systems have many layers of redundant data because each person involved in a transaction must have their version of the details of the transaction. And then, you have to make sure that a trusted third party clears all these transactions, which requires even more versions of the same data. Blockchain technology suggests the possibility of solving these problems, because each transaction will be captured in ONE block of the chain and, being a distributed database, security and integrity are integrated and insured. It may take some time to gain confidence in these new systems, since the Blockchain auditors are not the traditional clearing houses that banks use and trust today. The confidence of banks in a new technology will take time, and it will take even longer for this confidence to be passed on to consumers.
Amazon is another company that may soon be ready to give a boost to CC and Blockchain: Amazon. It seems that Amazon is preparing to launch its own cryptocurrency. It's a company whose revenues are about the size of a country of good size and that is able to issue a digital token that would be fully convertible with other CC countries and currency fi ts also. Such a move would allow Amazon to:
- issue coins (AMAZON) to reward and encourage developers on one of its platforms
- issue coins to consumers to use for in-app purchases
- issue coins to players for the purchase of virtual goodies in the game
- issue coins to regular customers as part of a loyalty program
Amazon can have the ideal 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 have 100,000 vendors on their platforms, with millions of items to sell. There is hardly a more traditional society than Amazon, whose economy is massive and dynamic. The imminent entry of Amazon into the world of CC may mark the adoption of blockchain technology by large institutions. If an AMAZON coin comes into play, it may be that a DISNEY coin, a DELTA AIRLINES coin, a CRUISES CARNIVAL coin, a HOME DEPOT coin, give you the picture.