Monday, March 5, 2018

Is the next evolution in cryptocurrencies that of branding as Amazon, Uber, and Starbucks seek to create their own blockchain solutions

There is an interesting question to be posed when it comes to cryptocurrencies... are they only considered de-centralized if they are not controlled by a sovereign entity, or if they are not controlled by any entity at all?

The reason we pose this query is because more and more, companies are creating their own cryptocurrencies to support their own unique and individual business models.  And while these emerging cryptocurrencies themselves may not necessarily be regulated by a government or financial body, the companies that create and implement these virtual currencies definitely are.

Many virtual currencies such as Bitcoin, Ethereum, Dogecoin, etc... were created long before cryptocurrencies experienced their explosive breakout starting in January of 2017.  But the advent of this industry boom has since resulted in perhaps the majority of new cryptocurrencies being created by corporations seeking to use them for their own specific purposes.  And in a new poll out on Feb. 27, users of Amazon's services voted extremely positive in being willing to accept and use an cryptocurrency if created by the company.

Online retailer Amazon this week received feedback that its hypothetical creation of an “Amazon Coin” would be positively received, while Starbucks, another large traditional consumer company, spoke of plans to use Blockchain on the Starbucks app, also hinting of the possibility of creating their own currency for the app’s use. 
A little over half of 1000 respondents who used Amazon in the last month have indicated that they would use the online retailer’s cryptocurrency in the case that Amazon ever branched out into creating the provisionally dubbed “Amazon Coin,” a Feb. 27 survey by LendEDU shows. – Coin Telegraph
Amazon of course is not the first company to look into creating its own branded cryptocurrency. has already gone full bore into instituting one into their overall business model, and even precious metal companies such as Karatbars are in the process of creating their own to supplement their core business models.  And at the heart of these cryptocurrency creations is the desire to somehow integrate the virtual currencies into retail commerce through blockchain based payment systems.

When it comes to business there is an old saying, and it refers to those who are willing to innovate (The quick), and those who believe the models that worked well for them in the past will always work in the future (The Dead).  And the companies that can crack the problem of payment system integration will inevitably become the masters of the blockchain universe, and have a huge lead over their competitors when it comes to domination within their industries.


Post a Comment