Big corporations are investing in blockchain and cryptocurrency

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Blockchain is an innovative technology that is causing a paradigm shift in the technological space because new use cases for the technologies get applied every moment. Interestingly, businesses across different industries and sectors have begun to adopt blockchain and cryptocurrency for various purposes.

Everyone within the crypto community is looking forward to when blockchain and crypto will become mainstream applications. It is quite interesting to see that governments that were hard on cryptocurrency have begun to see the good that these technologies can do to economies and systems. In over a decade of its existence, there has been remarkable evolution within the crypto industry, with different corporations beginning to show interest in the technologies. Many crypto investments have come from big corporations, which could indicate that blockchain and crypto projects are moving in the right direction, with mainstream adoption in view.

In this article, we will highlight some blockchain/crypto projects in which big corporations are investing. Some of the projects include:

JPM Coin
It is no news that J.P. Morgan has gotten involved with blockchain and cryptocurrency, as it launched a hybrid blockchain called Kadena in January 2020. Furthermore, there is also the launch of the JPM Coin, which is a stablecoin tied to the USD; according to J.P Morgan, a JPM Coin always has a value equivalent to one U.S. dollar. Interestingly, this stablecoin is designed to make instant payments using blockchain technology.

Libra
Facebook decided to launch its own coin called “Libra.” Still, the project has been under scrutiny by interested agencies that are skeptical about Facebook’s involvement with cryptocurrencies and blockchain. However, the project has strong backing from other big corporations like Spotify, Uber, Vodafone. One of the significant features of the Libra token will be its practicability on the social platform when it gets launched.

Samsung
Samsung is one of the companies that manufacture high-end phones. To show their support for the growth of the blockchain technology, they launched KlaytnPhone, a blockchain phone, to enable users to access decentralized applications. The blockchain phone gives users access to some features within the blockchain ecosystem. Interestingly enough, Samsung is not the only phone company to have a blockchain project; HTC also has a blockchain-powered smartphone.

Amazon and Alibaba: Blockchain as a Service (BaaS)
One corporation with many blockchain patents is Alibaba, and the company has adopted the tech for some applications. Furthermore, Alibaba also launched cloud services via an enterprise platform for the facilitation of blockchain applications. Amazon also upgraded its AWS platform to function with different blockchain-based frameworks.

Other corporations that have invested in blockchain and cryptocurrency include Bakkt, Wolfs Group, IBM, HSBC, VISA, Barclays, Walmart, Unilever, Ford, and DHL. It is evident that more corporations will hop on the blockchain and cryptocurrency trend, and thus push the mainstream adoption of the technologies.

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References:
https://www.gfmag.com/magazine/april-2018/do-corporations-need-cryptos
https://www.101blockchains.com/companies-using-blockchain-technology/
https://www.klaytnphone.com