Will The Giant Corporations Steal The Crypto-Revolution?
I have the feeling since various years: huge banks and international companies won’t sit around and observe how cryptocurrency– and blockchain-solutions ‘ll steal their profit and ruin their business. If they see the new technology is better than the older ones, if cheaper, faster or better services or products can be made with it, they will adopt it. Relatively quickly.
Ocean of money
These multinational corporations may be big, may be slow, but they have also advantages: in the first line, they have hundreds or thousands of billions of dollars. If they decide to develop a solution, they can hire dozens or hundreds of developers, buy the best computers, software, licenses. The independent crypto-developers or the people in small startups can be more flexible, but they lack resources. See how many months some developments need – important forks (Ethereum), smart media tokens (Steem) etc.
The JPM Coin
This is not simply my theory, I can underpin it. Let’s see the news of the last couple of days:
- JP Morgan successfully tested its own cryptocurrency, the “JPM Coin”. It plans to use it to speed up payments between corporate customers. The blockchain-based token “offers more speed because it doesn’t rely on a central record keeper”. “JPMorgan moves more than $5 trillion in wholesale payments each day, so even a nascent experiment from the banking giant is poised to make waves in the cryptocurrency world” – wrote Bloomberg. What was even more surprising for me: the system could also be used to provide “instant settlement for securities issuance”.
“The bank is also running a blockchain payments trial launched in conjunction with Australia’s ANZ and the Royal Bank of Canada” – added Coindesk. It is called the Interbank Information Network (IIN). - Chinese Tech Giant Baidu Launches Blockchain OS to Support DApp Development – wrote Cointelegraph. Baidu is the Chinese search engine and web services giant, the new system is called Baidu Blockchain Engine (BBE).
- When iChain? – asked Coindesk, after the news that Apple filed an interesting document by the Securities and Exchange Commission (SEC). The paper contains “tantalizing details about the computing giant’s interest in blockchain tech”, mentioning some sort of “Blockchain Guidelines”.
- “The IT arm of South Korean tech giant Samsung announced it had developed technology to speed up blockchain transactions” – wrote Cointelegraph. “Nexledger Accelerator, had already passed testing with Hyperledger Fabric.” Not the Bitcoin developer team, nor the Ethereum team, nor some new decentralized crypto-team made it – but Samsung, a multinational titan.
IBM-blockchain, everywhere
Searching for the word “IBM” on the page Berminal.com you find a long list, some of the items:
- Hyundai Commercial Partners with IBM to Fast-Track Blockchain Development cointelegraph.com
- German Pharma Giant Trials IBM's Blockchain Platform coindesk.com
- IBM Launches Its Blockchain Platform In Australia cointelegraph.com
- US State of California and IBM Partner to Use Blockchain to Fight Drought cointelegraph.com
Who will be the first?
I could continue, but perhaps I have underpinned my theory. Whilst the cryptocurrency-lovers are waiting for the big jump in crypto-use, for the mass adoption, multinational companies are making more and more progress.
You can discuss if decentralized solutions are better or not, but if the money-stuffed multis offer good crypto-solutions, most people won’t care about this. People or entrepreneurs want cheap, good, fast and comfortable solutions. Who will provide it first for them?
Please answer my poll: Will The Multinational Companies Steal The Crypto-Revolution?
Other reading:
Crypto-banks or banking with cryptos? A convergence theory
(Photo: Pixabay)
They cannot. Cryptocurrency is about decentralization. If a company like IBM or JPM issues a coin, then it is not decentralized, making it no different from the fiat system that people are trying to escape from.
I'm not seeing so many people trying to escape. Maybe decentralized cryptos will be the shelter of the elites? And centralized solutions, for the masses?
Look at Turkey, Venezuela, and Zimbabwe. Imagine living in these countries and having your hard earned wealth wiped out due to centralized monetary policy.
The elites need centralization. It makes it easy to control the masses. They can dicate how to live your your life. Everything from the money in your pocket to what you eat to who you talk to. The masses however, are becoming more distrustful of centralization and now there is an increased demand for independence, decentralization and privacy.
"centralized monetary policy" brought the World to the actual state better than ever before. (I wrote about this.)
I'm afraid a decentralized economy also has its disadvantages, we only don't know them.
Dictators need to control everything, democratic politicians, not. (Or, they can't.) That's why so many people are pretending to migrate to "western countries".
I think they’re definitely trying. Who is to say ethereum is decentralized? I’ve heard whispers of the issues it has with centralization. It’s also the one that’s been pushed the most by the MSM. GIven its position I wouldn’t be surprised if it’s a construct of the global elite.
On another hand, I’ve read about how EOS is incredibly centralized yet it’s not really talked about.
Bitcoin is definitely decentralized apart from the unknown amount held by Nakamoto however I haven’t read into that much. Steem is as well apart from the large stake held by steemit and the developers. In fact if there is one coin I bet on, it’s steem due to the flexibility of the coin even apart from it’s dapp compatibility.
I'm afraid decentralization can be like democracy: It can be never realized completelly, it is never perfect.