Old School Meets Crypto: Corporations That Are Adopting Blockchain
We all know the stereotype. Corporations are well established and look at innovation with caution. Startups move fast and stay on top of the latest tech. In everyday terms – corporations are still buying their groceries from the cashier while startups use Apple Pay at the self-checkout counter.
As with all stereotypes, the validity of this standard can be questioned. Blockchain technology and the emergence of crypto has made a noticeable dent in the status quo. Exploiting the perks of the crypto revolution is no longer something only techies do. The corporates have started to get on board, too. Let’s take a closer look at three examples.
Kodak’s Journey Towards Blockchain
Remember them? Yellow disposable cameras, negatives and film cartridges? Well, that’s no longer the case.
Kodak pivoted into the technology sphere in 2013 and they’ve had quite the Blockchain roller coaster ever since. They announced their ICO plans in 2018. Their proprietary KodakCOIN was however withdrawn a day before the planned launch due to regulatory uncertainties. Up next was the KODAKOne, a blockchain-based image rights management platform that did much better.
The platform has reportedly generated more than $1 million in licensing fees with only a few months since its beta release. The word has it that they’re now taking on blockchain-based document management. Looks like Kodak’s truly leaving their past behind.
JPMorgan Chase Is Planning To Launch Their Own Stablecoin
If anyone’s looking for a tricky debate topic – try banks and crypto.
JPMorgan Chase seems to have a different view, though. The bank built their own open source blockchain platform called Quorum. It’s based on Ethereum and enhanced to support enterprise needs. They even got Microsoft on board – the tech giant formed a strategic partnership with JP Morgan to drive enterprise adoption globally. But that’s not all.
JP Morgan is planning to launch their own stablecoin – the JPM Coin. The pilot is already expected by the end of 2019. We’ll stay tuned!
Let’s finally get this straight: can I pay for my Pumpkin Spice Latte in Bitcoin?
Starbucks’ ventures into Bitcoin have arguably been one of the most dramatic. Ever since their equity deal with Bakkt, Starbucks’ position towards accepting crypto has been unclear. While the coffee giant originally denied making crypto payments possible, their intentions have changed. The latest news has it that Starbucks will be largely involved in Bakkt’s app
development process and in return for their equity cut, they will start accepting Bitcoin. Well, kinda accepting Bitcoin.
They will start using Bakkt’s software and the crypto will be instantly transferred into fiat, leaving no digital assets to Starbucks’ books. What is the ETA? End of 2019 for all coffee-lovers based in the US.
Those were only a few examples. Blockchain and cryptocurrencies have recently seen an avid adoption among more traditional businesses. How about you? Are you already taking part of the crypto revolution?
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