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How Amazon and Walmart will Spearhead Blockchain Revolution

by David Drake The popularity of blockchain is growing rapidly across sectors. In the process, this growth is creating numerous investment opportunities for entrepreneurs and investors alike. Recently, we have witnessed several corporates integrate blockchain and cryptocurrency into their business models. Today, initial coin offerings (ICOs) have become a preferred way of raising capital compared to one year ago. Going mainstream The decision by Amazon and Walmart to integrate blockchain technology into their businesses is a big boost for the cryptocurrency industry. It is no doubt a vote of confidence that blockchain and cryptocurrencies are legitimate and a worthy investment according to Massimiliano Rijllo, CEO of Coinnect. He says, “Walmart and Amazon moves are strong endorsements for blockchain and a clear sign that we will soon see many real applications for business. Until now, most efforts were concentrated on the development of “Protocol” and “Networking” layers with many interesting projects basically ... Read More »

Amazon-Walmart Developments: Are we Likely to Experience a Blockchain Revolution?

by David Drake Blockchain, the technology behind cryptocurrencies, has been hailed for its ability to increase efficiency in businesses. Recently, Walmart announced plans to use the technology after successfully piloting it in partnership with International Business Machines (IBM) corporation. According to Frank Yiannas, Walmart’s Vice President of Food Safety and Health, blockchain application reduced the time taken to track food from six days to two seconds. This increased efficiency will help Walmart’s supply chain by increasing transparency, reducing contamination and food wastage. But it is not just Walmart that is keen on utilizing blockchain. e-Commerce giant, Amazon has moved to launch AWS blockchain templates that give users pre-set frameworks, enabling them to create projects for their businesses with each. Positive Effect According to Luis Manuel Lopez, the General Coordinator at Workchain Centers, blockchain initiatives by Walmart and Amazon will affect the industry positively. He says, “Having started in a pure and ... Read More »

Why Corporate Adoption of Blockchain is Not Entirely New, but Largely Anticipated

by David Drake  The number of corporates that are integrating blockchain technology in their business system has been on the rise lately. Just last month, Walmart, one of the largest retail stores in the US, is now using blockchain to manage its food business. The company is now adding food suppliers on its blockchain-powered system to cut down on waste, increase transparency and better manage contamination. But Walmart isn’t the only corporate that is leveraging the power of blockchain. After making its intention to utilize blockchain public , the e-Commerce giant, Amazon, did not want to get left behind. Through its Amazon Web Services (AWS) platform, the company launched blockchain templates that offer users an easy and fast way to develop and rollout secure blockchain-based networks. The templates can only run on Hyperledger Fabric and Ethereum platforms. Not entirely new Though some players within the cryptocurrency space find the moves ... Read More »

How Amazon is Making Blockchain Technology Accessible to Customers

by David Drake The initial idea behind the development of blockchain technology was to give Bitcoin an accounting backbone for its transactions.  Through the use of distributed ledgers, it was anticipated that cryptocurrency platforms will be able to process digital transaction with the utmost security, free from a centralized financial system. However, with time, this technology has proven applicability in various business management aspects of business management such as record keeping, financial services, supply chain management, among other functions. Despite the phenomenal growth of cryptocurrency and its underlying technology, industry players feel there is still more potential to be exploited. Many businesses are realizing this and are tapping the technology. Walmart is one such business. The US-based world leading discount retailer is set to integrate blockchain technology into its supply chain management system in its live food business with the aim of reducing wastage, contamination and enhancing transparency. Sharing Economy ... Read More »

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