It’s quickly becoming apparent that blockchain technology is about far more than just Bitcoin. Across finance, healthcare, media, government and other sectors, innovative uses are appearing every day. While some ventures may fail, others could go on to become household names if blockchain proves itself to be as revolutionary as many are predicting.
Recently, CoinTelegraph shared the news about Microsoft and Amazon considering the implementation of blockchain even though it goes against their centralised values. These giants simply can’t miss out because it has become apparent that blockchain will be an essential part of everyday lives in the future.
Are blockchain and cryptocurrency the same thing?
Cryptocurrency refers to digital money that is used for online transactions. This money is stored in electronic wallets or computer files. Some common cryptocurrencies include Bitcoin, Ethereum, Ripple, Litecoin, etc. Blockchain is underlying technology used in transferring and monitoring cryptocurrency transactions.
It wasn’t so long ago that people were calling Bitcoin and other cryptocurrencies a scam, a bubble, or a fad. We have all heard them but now even government organisations, global leadership bodies, such as the G20, and banks, one of the biggest detractors of cryptocurrencies, are realising that they need to be on the forefront of this emerging technology.
Even Centralized Giants Are Switching to Decentralization
The new wave of adoption is now coming from corporations. Microsoft has always been a Bitcoin supporter. It has identified the power of blockchain technology and its potential for disruptive apps in every industry. Also, Azure released its blockchain app creation service, Azure Blockchain Workbench, on May 7. Workbench aims to allow businesses looking to create bespoke blockchain apps to speed up the development process by automating infrastructure setup.
Another positive example is Amazon, a revolutionist in the e-commerce space. They are now looking to be on the front line when blockchain technology indeed does take hold. Mainly, users would be able to create their blockchain apps via the Amazon Web Services (AWS) CloudFormation Templates tool. AWS vice president Jeff Barr explained in a post, “Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments. Others see blockchains as a distributed ledger and stable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases. Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively”.
Other big companies have also considered jumping into the blockchain movement in different shapes and forms. Companies like Samsung, Huawei and more, all realize that with these opportunities they will be left behind if they don’t dive in quickly. Huawei is loading phones with a built-in Bitcoin wallets; Samsung will use blockchain for managing its global supply chain; Spanish banking group BBVA has become the first global bank to issue a loan on a blockchain, and more continue to grow around the world.
“Microsoft and Amazon have no choice but to focus on blockchain because it is the future. If they don’t, they know that it’ll hurt their growth in the cloud computing space. Look at Facebook, they see the value in blockchain so much that they moved around their executive team to put the ex-president of PayPal on blockchain projects,” Neil Patel, Advisor of Kind Ads, a decentralized ad-network.
All in all, it’s becoming clear that blockchain technology is here to stay. The excitement is spreading and creating a race across numerous industries, even outside the banking and financial sectors. Blockchain technology, while connected to cryptocurrencies, has many applications for other industries. These applications are being explored and developed for many real-world uses.
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Blockchain Technology IRL: More than a Bitcoin was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.