Blockchain technology is probably the most disruptive innovation in the world now. It boasts of enough potential to change the world in much the same way the Internet altered the course of history. If not for the Internet, companies such as Microsoft might not have succeeded in displacing incumbent IBM; Amazon won’t have succeeded in rewriting the history of retail, and Facebook won’t have turned the lowly yearbook into a global phenomenon.
Now, blockchain technology is birthing an unprecedented level of disruption sweeping across the economic, financial, technology, and political landscapes. Interestingly, many high-profile tech firms were initially dismissive of blockchain technology – probably because of its early associations with Bitcoin, and Bitcoin’s history as a tool for financing illegal activities.
However, in the last couple of years; traditional tech firms are starting to pay attention to how Blockchain could potentially change the world. This piece looks at three top-tier tech companies on the forefront of embracing the blockchain revolution.
Microsoft and Amazon take blockchain to the cloud
When people think about blockchain technology, they almost always thing about cryptocurrencies such as Bitcoin. However, recent developments suggest that we will start seeing many practical applications of blockchain technology in business. Microsoft and Amazon are two tech juggernauts promoting the use of blockchain in business. Both companies are working on way to transform their cloud computing services to launch a blockchain-as-a-service ecosystem.
Microsoft recently unveiled in Azure Blockchain Workbench that developers can leverage to build blockchain products without having prior expertise in blockchain. Microsoft agrees that it is investing heavily in blockchain technology because it has the “potential to change the way businesses, industries, and public organizations conduct and verify transactions, thereby streamlining business processes, saving money, and reducing the potential for fraud.”
Amazon is also finding ways to make it easier for develops to build blockchain-based projects using its Amazon Web Services (AWS) platform. Last month, Amazon introduced its AWS Blockchain Templates that be leveraged to deploy Ethereum and Hyperledger projects that’s are independently verifiable and transparent.
Amazon notes that its Blockchain Templates will allow developers to “focus on building your blockchain applications instead of spending time and energy on manual setup of your blockchain network.”
Both Microsoft and Amazon are playing to their strengths by setting up platforms that developers can leverage to build blockchain projects by leveraging their cloud offerings. As the blockchain ecosystem continues to evolve and more practical uses of blockchain emerges, you’ll start seeing traditional companies making heavier investments in blockchain.
Facebook joins the blockchain revolution
Facebook has reorganized its product executive team and now, David Marcus, head of the Messenger app will now head a small team to pioneer the company’s involvement with blockchain. David Marcus who is now heading the blockchain unit is a vocal cryptocurrency supporter; in fact, he joined the board of Coinbase in December 2017.
Facebook hasn’t made any revelations about it plans to use blockchain technology, but people are already speculating that the company is making acting on FOMO in case crypto evangelists are right and blockchain is indeed the future. Some people has hinted that Facebook might want to use blockchain technology to decentralize and secure user data. Others posit that Facebook might lunch a token that could be used to reward content creators for driving engagement on the platform. However, Marcus notes in a Facebook post that his job is to explore how to explore how to best leverage Blockchain across Facebook, starting from scratch.”