Tuesday, July 23, 2024

    Blockchain Will Reduce Dominance of Tech Giants Over Consumers’ Daily Lives

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    Blockchain technology can transform many business models known today. Distributed ledgers are making vast inroads among various sectors and industries. Especially in the technology industry, powerhouses such as Google, Facebook and Amazon may be on the brink of losing their dominant position.

    Tech Companies Embrace Blockchain

    For most technology firms, innovative technologies are always worth checking out. This also means these companies are experimenting with blockchain and distributed ledgers. Although most efforts are kept under wraps rather than made public, these undertakings shouldn’t be ignored. This space will primarily be dominated by banks, but other companies are making their mark.

    Apple, for example, is relatively quiet on the blockchain front. That doesn’t mean the company isn’t actively exploring these opportunities. A recent patent filing shows Apple wants to use DLT to timestamp specific data. A rather vague development, albeit one with potentially major implications. Having an immutable record of timestamps and data can be of great value to any technology firm.

    Additional companies are also looking into this industry as of right now. That list includes Microsoft, Alphabet, and Walmart, among others. It is evident there is a bright future ahead for distributed technologies. What all these companies are trying to achieve exactly, remains to be determined. A lot of different options remain on the table at this time.

    Threatening the Dominance of Companies

    While it is good to see these technology giants focus on blockchain, there are some caveats too. More specifically, these companies have such a dominant position thanks to their centralized position.  As such, it is a bit counterproductive to see such firms explore technology which can effectively render them irrelevant in the long run. Not all technology companies will suffer such a fate, but some companies may be replaced by blockchain solutions in the long run.

    Especially in the social media department, big changes can be expected. Recent issues affecting Facebook, Twitter, and Google all show there is a need for more decentralization. Companies sharing data and determining which content users can view is not the right way forward. Once these concepts become decentralized with no “one” authority, the future will look very different in a few years from today.

    Having such a diversity of companies focus on blockchain is a positive sign. Bitcoin, the concept which put blockchain on the map, is driving a whole wave of innovation right now. That doesn’t mean there are no use cases outside of the financial sector. Less reliance on central authorities – especially when it comes to data – can only be considered to be a good thing. As such, data farms such as Google, Facebook and others are on the verge of losing a dominant position.


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