Daily Fintech Conversations

Amazon, Apple, IBM and More Jump to Blockchain

Amazon, Apple, IBM and Microsoft – some of the biggest companies in the world – have started exploring blockchain. These mega brands have shifted their focus to the technology, which promises to disrupt many industries. Likewise, the Philippines has also been steadily climbing as one of the best investments sites in the world.

Amazon’s Bid

The trend continues as some of the biggest names in tech have now reportedly started investing in the blockchain. In fact, Amazon Web Services (AWS) has announced recently the launch of AWS Blockchain Templates. The company describes the service as “a fast and easy way to create and deploy secure blockchain networks using open source frameworks.”

Jeff Barr, AWS vice president and chief evangelist, said in a separate post that the company chose to move to the blockchain sphere since it’s best known for removing the need to use a third-party intermediary, thanks to a secure and permanent record of transactions. Barr also noted that the technology has many interesting possibilities.

“Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments,” Barr said.

“Others see blockchains as a distributed ledger and immutable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases. Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively.”

IBM’s Patent

To sweeten the pot, IBM also has a patent application about guaranteeing the network of connected devices that can execute blockchain-based smart contracts securely.

According to the patent application’s abstract: “A blockchain configuration may be used to store a distributed ledger for information security and accessibility. One example method of operation may include determining a proof-of-work via a device and using a predefined set of nonce values when determining the proof-of-work, storing the proof-of-work on a blockchain, and broadcasting the proof-of-work as a broadcast message.”

Many developers have been talking about connecting Internet of Things (IoT) devices through blockchain. IBM’s solution will not discount proof-of-work system.

Apple’s Venture

As of December 2017, Apple already had a patent application describing a program that can create a secure time map on the blockchain ledger. According to the patent: “The new time becomes part of a blockchain when a miner solves the hash puzzle related to the new block holding the transaction indicating the new time. Because of distributed consensus, attempted alteration of the blockchain by a malicious node in terms of the time value will be detected by honest nodes.”

Many liken the blockchain technology to the internet was during its infancy. Eventually, companies will go into that direction and it’s just a matter of timing. The technology’s transparency plus decentralized and tamper-proof nature makes it more secure than any other repository of any entity.

The same technology is expected to change the Philippine landscape.

Harnessing the same technology is Pearl Pay’s ecosystem that will soon enough bring power not just to Filipinos but people across the globe. By providing a range of technologies and products that work together to bring the best of the blockchain, Pearl Pay seeks to improve everyone’s lives. Learn more about Pearl Pay here.