Corporations adopting blockchain technology can boost their industry.

Lately, big corporations have adopted blockchain technology to their business system. Only last month, in the US, Walmart started to use blockchain to manage its food business. In effect, the company is adding its food suppliers onto their blockchain platform, as a result, increasing transparency, reducing waste and regulate better contamination.

However, other corporations such as Amazon is looking into ways how to utilise the power blockchain provides. Amazon, an e-commerce giant, announced its intention to start operating their business through the blockchain system. With the launch of the Amazon Web Services (AWS), Amazon started to provide blockchain templates to their clients on how to develop and use secure blockchain based networks. However, these templates provided can only be used on Hyperledger Fabric and Ethereum platforms.

IS BLOCKCHAIN A NEW INDUSTRY?

Most industry critics argue that since businesses are seeking to implement cryptocurrencies to their business, many believe that these actions have been widely anticipated.

Workchain Centres General Coordinator, Luis Manuel Lopez confirmed that many corporations believe that cryptocurrencies will soon become part of our everyday life.

In a statement, Mr Lopez stated that “Large corporations are opening their eyes to the capabilities that cryptocurrency developments can have in the near future in people’s daily lives. Facilitating these developments means that cryptocurrencies are making their way as a common currency. With each development, we approach acceptance of virtual currencies as one more currency in our payment options. Blockchain technology opens up many possibilities and is applied more and more in everyday life.”

THE MORE BLOCKCHAIN IS USED THE FARTHER THE CRYPTO INDUSTRY WILL GROW.

Nowadays, people are recording their transactions within the blockchain, eliminating the use of third parties such as banks. Also, every transaction verified on the platform is processed independently but cannot be altered.

According to Pasi Suominen, CTO at Globalspy stated that by corporations implementing blockchain to their business can help people understanding this technology and cryptocurrencies altogether.

Mr Suominen stated, “We are really excited with companies taking and making cryptocurrencies part of their business…The move by these two big players is really good for cryptocurrency market, they are influencing people’s thoughts about cryptocurrencies. On the other side, more network trust is needed when Amazon project makes framework to cryptos available because fraudulent activities have increased.”

 

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