Blockchain: A Digital Ledger for Crytocurrencies

One of the biggest perks of blockchain technology is its decentralized nature. Because in blockchain data is stored on peer to peer networks, the risks associated with storing data in a central location are eliminated. The fact that cryptocurrencies are not tied to a specific nation or government is one of the many reasons it has been so attractive to investors. As blockchain and crypto have blossomed in past year, some of the world’s largest companies are making moves to get in on the action in a clash between centralized companies and a decentralized environment.

Microsoft, one of the biggest initial supporters of blockchain, announced that Windows and Xbox services could be paid in Bitcoin. Since then, it has been busy at work building blockchain applications for its devices. Microsoft’s commitment to blockchain does not stop there, however. It’s Confidential Consortium Framework (Coco), allows business to grow their own blockchain applications on Microsoft’s cloud computing network.

Amazon is a newer player to the blockchain craze. As the biggest e-commerce market in the world, Amazon is under immense pressure to begin accepting digital currencies like Bitcoin. While the world waits to see if CEO Jeff Bezos will cave in to the pressure, the e-commerce titan is engaging in competition for the blockchain space with IBM and Oracle. It too has built a framework for users to create their own blockchain applications. This allows users to save vast amounts of time that otherwise would be used for setting up their own blockchain network.

In the past, Microsoft found Bill Gates and Amazon CEO Jeff Bezos have voiced their doubts about cryptocurrencies. Bill Gates once even said he would bet against Bitcoin if given the opportunity. Bezos seemingly won’t budge despite petitions to add digital methods of payment to Amazon’s website. JP Morgan CEO Jamie Dimon notoriously called bitcoin a “fraud”, but within months reversed course, saying “I regret making those comments”. With the level of investment flowing into blockchain technology from major corporations, it is clear it is here to stay.