Cryptocurrencies have been erupting out on the global scale at a very rapid pace. More and more blockchain-based products and companies are stepping into the spotlight. But will the big organizations like Facebook, YouTube etc. ever step into this game of cryptocurrencies & digital currencies?
BlockPublisher recently got in touch with Michae Nye, who is the founder of Elevated District Media and a crypto investors with a strong Twitter following in order to inquire him about the various aspects of the crypto and blockchain world. In reply to the question regarding how will the organizations start to enter this space, Nye said:
Nye: “I think that’s already starting. I think we saw Facebook, Facebook is who owns WhatsApp, is creating a digital currency for WhatsApp, so that it can be utilized in India. I think we’re seeing like the Nasdaq start to pick up on cryptocurrencies. We’re looking at this DX. exchange that just launched a few days ago that’s tokenizing stocks. I think it’s going to come with the people in the institutions stepping in more and I think we’re seeing that happen, I think we’re going see that happen a lot more in 2019 and into 2020, and I think that’s what’s going to give it more legitimacy to the mass population. Once that happens I think people are going to say oh this bitcoin shit is for real and they’re going to start wanting to invest more.”
Quite recently, it was reported by a media outlet that Facebook is looking into the prospect of developing a stablecoin cryptocurrency, pegged to US dollar, which can be used by WhatsApp in order to enable money transfers in India. This comes off as a huge new because Facebook is one of the biggest organizations in the world right now. With Facebook experimenting with the technology of blockchain, it is likely that other organizations will also step in to experiment themselves. We are already seeing big brands like Amazon, Walmart etc. exploring the prospects offered by this tech.
The benefits that come along with decentralization, immutability, and transparency through the employment of blockchain can be used to revamp various workflow if used properly. Illegal activities are surely associated with cryptocurrencies, but the possibilities presented forward by blockchain technology can prove to be very helpful in several different domains.
As we move forward, more and more research is being made each day in the arena of blockchain. Solutions to issues like scalability are being devised. As this technology is still pretty nascent, it is expected that it will grow and mature more. With the potential that it possesses, it just remains to be seen how and in what niche does it get utilized by various industries to better their frameworks.