Having established that cryptocurrencies are really having one of the worst times ever – maybe the worst over the past six months – we might as well just have to shift our focus from them, for now. But then to what? To what are taking our attention to? Today we take a better look at the underlying technology of most of the cryptocurrencies we know today – blockchain.
Blockchain for the layman is simply a more transparent and efficient means of recording data and moving money among several parties without the need of a central regulatory system. This is because the information is saved on several computers across the globe instead of just a single nexus-like hub that houses all the information, creating some form of monopoly.
What turned out to be not so good for the monopolist system of data and money transfer is that it is slow. Transactions take very long and also cost on top of it all. However, blockchain seems to solve all of these problems. Right from cross-border transactions to low costs and security in data storage by providing almost 100% immunity from hacks. This has made blockchain an area of great interest lately as many people see the current money and data transfer system to be slow and not up to standard and demand.
But…today is not a time to just tell you about what you may already know. Let’s take a look at some very prominent stocks/ United States multinational companies who are already investing big in the technology and are looking at ways they could make a revolutionary breakthrough in world technology. Today we look at our top three.
Last year the company made an official request to the United States’ USPTO to begin works on a blockchain system that veered more towards their specialty, networking. Cisco was seeking approval to start developments on a form of Internet of Things (IoT) which we have seen IOTA do with Taipei in recent news. With the Internet of Things Cisco is looking at using blockchain technology to help connect different electronic devices via a wireless network whereas still ensuring maximum security ( a thing blockchain has earned a medal for). Should Cisco Systems succeed in their project, we could see a vast network where all devices accessing the network are verified every single time they enter or exit the network.
Walmart has had an increasing demand for its services over the years and is looking to change its mode of approach in other to satisfy its customers. Apparently it is also settling for blockchain. Walmart will be developing a new system known as smart packaging where it will attach a device that can register data unto its blockchain network during shipments. The recorded information will be mostly locations of package, and weather conditions and persons who last came into co tact with the package. This will make tracking of packages and deliveries much easier, more efficient and secure. It is no surprise then that Walmart reps were present during Congress’ deliberations on Blockchain back in February.
Aside its Windows OS, Microsoft Office Suite, and Surface range of devices, most people barely know anything else about the tech giant. Nonetheless, that doesn’t mean it isn’t into anything else. The Gates founded multibillion dollar establishment related to the general public back in February that it was developing its own ID system that is based on blockchain tech to help its product users solve issues of identity verification. The goal, per the announcement, is to make individuals “have control of their digital identities” and to make apps designed to require less personal info about users during log ins.
In our next article on Blockchain, we will take a look at other huge America based companies that are investing huge in the technology.
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