When Satoshi Nakamoto first founded Bitcoin and Blockchain technology in 2007-08, there was just one cryptocurrency in the world. In the past thirteen-odd years, there have been more than a thousand other cryptocurrencies, which have come into existence.
Some like Ethereum and Litecoin continue to exist and become popular. Others have fallen into oblivion. The promise of a decentralized digital currency, which runs on a peer-to-peer network, is exciting and promising to say the least.
The advantages and applications of the same in different industries have been studied and analyzed by experts. This has made research into crypto and Blockchain technology become very mainstream.
In this article, we are going to look at five big corporations, who are now venturing into this domain. While some of them are so famous, that you would be aware of them, others have slowly created their own versions and are now at various stages of the trial.
What Advantages does Cryptocurrencies and Blockchain Technology provide?
I am sure many of you are aware of e-coupons and vouchers. Most of you are also aware of how loyalty points work. Millions of us have also been using Digital Wallets like GPay, Amazon Pay, PayPal, and others.
We use all the above-mentioned forms of digital transactions and currency because it makes our lives easier. It is simple to carry them on your phone, rather than go to an ATM, withdraw cash, and then carry it on you in your wallet.
Different corporations are using the same logic and thinking when it comes to devising their own digital currencies. These advancements fall within the realms of Financial Technology, or Fintech as it is now commonly known.
The aim is to create a borderless and easy financial mechanism, which is fast, cheap, and convenient for the end-user. The more people use them, the more dependent they will be on their usage. This is very similar to the monopoly, which has been created by PayPal in international dealings. For more information, you can Sign up
List of 5 Corporations creating their own Digital Currencies in 2020
Ever since Mark Zuckerberg announced that Facebook is working on Libra, the entire world stood up and took notice. Libra is imagined to be a bit different from Bitcoin. Unlike Bitcoin, Libra is supposed to derive its value from a stock of physical assets, which the Libra Association is going to vouch for. The Libra Association is like the governing body, which will be in control and possession of the various consent nodes required for transactions.
When Walmart filed for a patent to create its own digital currency, many people were amused. Some were even critical of the corporation, accusing it of venturing into space it is not at all familiar with. However, Walmart got the patent and is now working on revolutionizing its in-store and online experience with the help of its own patented cryptocurrency. Walmart plans to launch its own digital currency by 2021.
Many people think that Mitsubishi is just another Japanese company, which makes everything from automobiles to air conditioners. However, it is much bigger than you can imagine. The Mitsubishi Financial Group is one of Japan’s leading banks and enjoys huge financial clout. Called the MUFG Coin, the digital currency is backed to the equivalent of one Japanese Yen. In many ways, it is a Stablecoins, backed by some form of physical assets or currency value.
Central Banks of England, Japan, Canada, EU, and Sweden-
Many of the traditional financial institutions of the world are feeling left behind in this technological race. To that end, the central banks of five countries have come together to study, analyze, and give birth to their own novel digital currency. This is important, as it is one of the first signs to show that formal governmental bodies and institutions of larger economies are now engaging with this revolutionary technology.
Reliance is one of the biggest conglomerates in the world. The Mumbai headquartered Oil to Telecom giant has for some time, been experimenting with its own Jio Coin. With Facebook and Google both investing in Reliance’s telecom business, the company is set for a grand new inning in the field of technology. Jio Coin aims to unite India’s 1.3 billion people. In 2021, Jio plans to launch a new offensive when it comes to digital currencies.
The Final Word
Digital Currencies are the future of our global economic and financial systems. Entities who are not engaging with new technology stand the risk of being obsolete. This is why major players are investing millions and sourcing the best brains to come up with a reimagined financial reality.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.