When Satoshi designed bitcoin, his vision was getting rid of the authority, roles, and purposes of central institutions especially when it came to finances. The objective is getting twisted as time goes on, bitcoin may end up getting affected by centralized corporate actions it avoided in the first place. Whether it’s for the better, we can only wait and see. But, as long as the gospel of Blockchain is preached, we should rejoice.
This article explores how some major companies are implementing the concept of Blockchain and crypto in their operations. It also explores how other companies plan to integrate the same technology in the near future. Insights shared should assist in the assessment of the role conglomerates play in the adoption of Blockchain as an emerging technology.
Samsung To Integrate Crypto Wallet
For quite a while, rumors flew of integration of crypto wallet to future Samsung galaxy brand smartphone. Although the speculations had been earlier dismissed, Samsung galaxy S10 smartphone launch confirmed otherwise- the rumors were true. It is now official that the S10 will support Ethereum.
The Samsung S10 launch was held in Barcelona in an unpacked event, compared to previous launch events. The event introduced us to the Blockchain key store idea where private keys can be stored on the smartphone for Blockchain enabled apps.
People with early access to the S10 can confidently reveal that it supports Ethereum and not bitcoin. Although the flagship cryptocurrency may not be supported in the new smartphone, it will definitely need to be added in the future.
Starbucks And Bakkt
Starbucks, along with Microsoft is planning to back the upcoming Bakkt platform. The Bakkt startup, owned by New York stock exchange owner ICE, aims at facilitating the adoption of crypto in big financial institutions of the world.
Starbucks also plans to extend the generosity to its customers in terms of equity when they come in and pay using bitcoin in the Bakkt software that converts crypto to dollars.
Dorsey Endorses Crypto
Jack Dorsey, the Cofounder, and CEO of Twitter and Square has been keeping tabs on bitcoin ever since its whitepaper was first published back in 2008. He has been quite active on the crypto scene both professionally and personally.
Bitcoin used Dorsey’s startup firm Square in holding and selling bitcoin via its CashApp mobile payment service, in January 2018. They sold over $160 million worth of bitcoin over the course of the year and managed a minor net profit of a million dollars.
In a recent interview, the Twitter co-founder profoundly spoke of the need for an open digital currency and why the world needs to understand its benefits. Dorsey was also grateful that the technology addresses the problems of trust and identity that Twitter currently face.
Elon Musk (Tesla, SpaceX)
Last but not least is an endorsement of bitcoin by one of the brilliant humans and an internet sensation Elon Musk. Musk is CEO of Tesla. In a recent podcast interview with ark invest, he couldn’t hide his support for bitcoin though he says it is unlikely that Tesla would get involved in crypto.
The adoption of Blockchain is not just about how innovative technology is. Factors like trust, fear, greed, and passion certainly come into play that affects the technology’s adoption.