The Big Companies Exploring Blockchain

It seems like there’s a new coin every day. Dogecoin, Bitcoin, Ethereum, Chainlink, and more – How are there so many? And now we have something that seems new on the scene. NFTs (Non-Fungible Tokens) are showing up on more and more websites. A lot of companies describe cryptocurrencies with technobabble and vague terms… But one thing is clear: These new currencies and models rely on something called a blockchain. What exactly is a blockchain? What’s the appeal of cryptocurrency? Why are so many companies moving towards them? It’s no surprise that large companies follow where the money is. Unfortunately, many users find themselves being left behind in this world of new terminology.

In this article, we’ll give you a very quick explanation of what blockchain technology is and who will be using it.

What is a Blockchain?

Blockchains are a form of distributed database. Compared to normal databases, the type of data stored and who can access it, and for what is different. There are permissionless blockchains that can be accessed by anyone and permissioned blockchains. Let’s use Bitcoin as an example. Bitcoin uses a distributed database that anyone can answer – A permissionless blockchain. It stores transactions conducted with Bitcoin.

Your usual database stores information in scattered folders and archives, like a folder on your computer. Bitcoin stores its transactions in “blocks.” Each block only has room for a certain number of transactions. Once a block fills, it is chained to the last block, making a new one. This is where the term blockchain comes from. In essence, this creates a ledger of transactions sorted chronologically. These create a very secure and accurate history of transactions that can’t be deleted, hidden, or manipulated. This has made token currencies using blockchain popular for a variety of reasons. Because each transaction has its own unique identification, it’s a very secure way to move money. Of course, there is a LOT more to it than this, such as the proof-of-work process… But hopefully, this tells you why companies are excited on the most surface level.

Electronics Companies Exploring Blockchain

Huge companies like Samsung and Foxconn are driving forward with blockchain. Samsung’s Nexledger blockchain network is being implemented into its battery manufacturing efforts. HTC has developed a new phone service that integrates blockchain to make cryptocurrency trading easier. Foxconn is a developer of microchips that works closely with Apple. One of their most exciting projects is another blockchain-centric phone service.

Banking Groups Exploring the Chain

Citigroup, JPMorgan, Santander, and more are all looking toward the future of blockchain. Many of them already use blockchain to resolve transactions. JPMorgan even has its proprietary cryptocurrency and for a chain service. In addition, banks are beginning to digitize their credit and security settlements and more.

Other Giants Using This System

Many more enormous corporations are joining the charge towards decentralization. Mastercard, Visa, and other financial groups are gearing up for blockchain use. Microsoft, Hewlett Packard, Google, Facebook, Twitter… The list is endless. Even Nasdaq is getting on board. But what’s that about Google? Is the tech giant moving towards this new technology? How is Google going to use it?

Alphabet and Blockchain

In recent months Google has begun to look into the blockchain and what it can do to improve its Web3 efforts. Back on February 2nd, Sundar Pichai – The CEO of Alphabet, Google’s parent company – Stated that the giant is investigating how to implement blockchain features in its largest services. Pichai has stated that the company sees “Areas of interest” for the company in Web3. Hints are pointing towards integrating augmented reality. In addition, there are hints that it may be used for services like Google Maps and YouTube as far as blockchain. “Any time there is innovation, I find it exciting […],” he said. ” […] [Google has] benefited tremendously from open-source technologies, so we do plan to contribute there.”

Google’s new cloud team is also exploring serving its customers and competing with Amazon’s AWS and Microsoft using blockchain. There are some ways Alphabet has suggested they could do this on a decentralized web. Block, Twitter, Microsoft, and Meta are already making significant strides towards Web3 technology and cryptocurrencies. Until now, Google has held back on pursuing these technologies. Twitter has even begun to implement cryptocurrencies to tip users for their posts. There is, however, no telling exactly where all this will go. After all, Meta has already canceled its Diem stablecoin. The same could happen on other platforms.

Looking Ahead

Blockchain seems to be here to stay. There are even exciting steps being taken in the search engine fields using blockchains. While Google has taken complete proprietary control of its search engine’s algorithm, it’s possible that decentralization could even hit search engines. Blockchain-based search engines (BBSes) are search engines distributed over several networks. Looking ahead, while Google has not yet said anything specific about launching a BBSE of its own… It’s certainly possible. Learning to leverage the future blockchain technologies will certainly be important for SEO moving forward.