How Amazon and Walmart are Trailblazing Blockchain Revolution in the Corporate Space

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

He says, “We have seen many projects related to payment rails, micro-payments, digital assets management, and digital identity. These are for sure important applications of blockchain. Nevertheless, there are many fields where the potential of blockchain is still underestimated. In my view, it is important to mention the sharing economy and how blockchain will allow a more direct and trusted P2P exchange of services.”

Amazon, the world leading e-commerce and cloud service provider, is also tapping the the benefits of blockchain. Recently the e-Commerce giant launched AWS blockchain templates which give users pre-set frameworks so they can easily create projects on blockchain. However, this latest development had been anticipated by industry players and in the view of some, it was long overdue.

According to Butler, by giving out free blockchain templates to customers, Amazon has developed a clever strategy that will see an increase in blockchain user base and revenue through service and upgrade charges.

Blockchain Revolution

These developments by two leading brands and household names, Amazon and Walmart, will undoubtedly accelerate blockchain acceptance among businesses that were unsure of its potential and consumers who previously had no interest for varying reasons.

Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.

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