Blockchain is one of the buzzwords that helped bolster the craziness of Bitcoin’s 2017. While experts predict that the Bitcoin bubble will explode, it is increasingly expected that the blockchain platform, the technology that powers Bitcoin, can go beyond the digital currency. Blockchain is like an accounting book that many in a group can work on. So, let’s understand how tech companies are leveraging blockchain.
Blockchain is a decentralized network so there is no central organization or government need to verify a transaction, which means that things can go faster, making it a sure way for brands to accelerate their processes.
Kodak, Hooters and Long Island’s Ice Tea Blockchain have taken over the technology, and as a result, the three listed companies have skyrocketed their share price.
Research estimates that nearly 31 state-owned companies have jumped on the cryptographic bandwagon and expect another 100 companies to follow the trend in 2018.
Late last year, Long Island Ice Tea Corporation announced a significant change in its strategy and changed its name to Long Blockchain Corporation.
The company said in a statement that it is changing its primary business objective of exploring and investing in opportunities that capitalize on the benefits of blockchain technology.
As a result of the news, Long Blockchain Corp’s shares nearly tripled in one day. For years, the company has dropped its shares, and the Nasdaq has threatened to evict the company unless the market value exceeds $ 35 million.
With the most popular buzzword of 2017, the company has reached a market capitalization of nearly $ 70 million. Since then, it has stayed above the $ 35 million thresholds.
Another brand that took advantage of blockchain usage is Hooters. Chanticleer Holdings, the parent company of Hooters, announced in January that it had put loyalty programs in the blockchain.
Like Long Island Ice Tea, the 50% share price initially rose in its market value and has maintained a 40% increase since the announcement.
While some critics have said that these companies are simply abandoning the word blockchain to increase stock prices, Hooters insists it will benefit consumers.
“We wanted to extend our current loyalty program with something that fundamentally changes the way our customers use their rewards: Mobivity is a true cryptocurrency using the same infrastructure and early Bitcoin, Ethereum, Ripple, Litecoin and more, and enable customers to take advantage of their benefits in a whole new way,” said Michael Pruitt, CEO of Chanticleer Holdings.
The Blockchain stride continued as Kodak announced in January that it was jumping on blockchain and launching its own cryptocurrency: the KodakCoin.
The 130-year-old troubled company rose 90% to an earning of $ 565 million.
This represents a gain of approximately $ 431 million, or 321%, as the company said it would use the underlying cryptocurrency blockchain technology to help photographers manage their rights.
As part of this initiative, Kodak also announced the launch of a KodakCoin “Crypto-Currency Photo Focus,” which will be used as a payment method for photos.
HOW CAN BLOCKCHAIN TECHNOLOGY CHANGE OUR LIVES?
The social impact of blockchain technology has already begun, and this could be the tip of the iceberg. Cryptocurrencies have already raised doubts about financial services through digital purses, the installation of ATMs, and the provision of credit and payment systems. Considering that today there are more than 2 billion people in the world without a bank account, such a change is undoubtedly a change in life and can only be positive. Perhaps the change for cryptocurrencies is easier for developing countries than for money and credit cards. In a way, that sounds like the transformation that developing countries have had with mobile phones. It was easier to acquire large numbers of mobile phones than to provide a new infrastructure for fixed-line connections.
The decentralization of governments and the control of people’s lives are likely to be accepted by many, and the social impact can be significant. Just think about the avalanche of identity theft that has hit the news in recent years. Passing on the control of identity to the people would definitely eliminate such events and allow people to disclose the information with confidence.
In addition to access to disadvantaged banking services, greater transparency could also increase the profile and effectiveness of charities working under corrupt or manipulative governments in developing countries. Greater confidence in the goal of money and its beneficiaries will undoubtedly increase contributions and support to the needy in areas of the world who desperately need help. Ironically, contrary to public opinion, blockchain can build a trust-based financial system.
In addition, Blockchain technology is in a good position to eliminate the possibility of fraud and all other negative aspects associated with the current process. In some countries, we have heard that voters for polling stations that have been closed by governments are intimidated or feel worse to control the results in a world where real democracy has been called into question. The problems of the election process are certainly not limited to developing countries. The US presidential election last year is one such example where the allegations that Russia manipulated electoral systems questioned the democratic outcome or manipulated Republican or perhaps Russian interests. Believe it or not, Blockchain can solve some of these problems. Of course, new technologies face new obstacles and problems, but the cycle continues, and these new problems are solved with more sophisticated solutions.
A decentralized registry would provide all the data needed to anonymously collect the votes and verify that it is correct and that the voting process has been tampered with. Bullying would not exist because voters could vote in the privacy of their home.
Perhaps the biggest social impact of blockchain technology is here.