Amazon and Facebook are two of the most well-known technological businesses globally. Furthermore, the two behemoths have significantly influenced billions of internet users. One achieved it using Facebook’s ground-breaking and hugely profitable social networking platform.
Amazon and Facebook have both ventured into the crypto sphere. They are also both promoting the use of crypto currency and block chain technologies. Both have played a key role in bridging traditional banking and the crypto sphere.
For example, almost every application necessitates using a ledger to keep track of the data and track the history of debits and credits in financial transactions. Two further instances are tracking product movement in a supply chain or confirming the data supplied in an insurance claim. Finally, developing ledger applications requires audit trails in relational databases.
It’s also vulnerable to human mistakes. Relational databases are also not entirely safe. This is due to their lack of intrinsic immutability regarding data modifications.
QLDB and Amazon
It eliminates the need to set up a network or join one already in use. It’s also scalable enough to support hundreds of apps and millions of transactions. In a nutshell, Amazon Managed Block chain makes block chain users’ lives easier. They can use Ethereum and Hyper ledger Fabric to build up, operate and maintain a block chain network.
Crypto currencies and block chain have piqued Amazon’s curiosity. It also engaged a digital currency and block chain expert to help design its approach. According to an Amazon spokeswoman, the business is interested in the crypto spheres advancements. It would also make use of them further.
Amazon has stated that it is interested in block chain technology. However, it has yet to accept crypto currency payments for its services. According to the firm, it is still investigating the impact of crypto currency payments on its clients. However, it has not entirely ruled out the prospect of adopting them shortly.
Facebook and Crypto
Facebook, like Amazon, is intrigued by crypto currencies and block chain technology. It made various movements in the crypto sphere in this area. In early 2018, the massive social network ventured into the crypto realm. Then it recommended that Libra, its coin, be created. David Marcus, the head of Facebook Messenger, suggested this to CEO Mark Zuckerberg. The idea was promptly approved by the latter.
While Facebook now has various businesses (thanks to a few successful acquisitions), it is still primarily a social networking and communications corporation. We’ll concentrate on Facebook.com, Instagram, and What Sapp/Facebook Messenger because these are the company’s three main businesses and the ones most susceptible to block chain disruption.
Following Mark’s acceptance, Facebook began putting together the resources required. Marcus was even able to build a project team due to it. As a result, Marcus departed Messenger to lead Facebook’s Libra-focused subsidiary Calibri. After that, he enlisted the help of elite technologists, politicians, and economists to create the platform’s crypto currency.
Algorithms can be designed for user satisfaction rather than participation in a social environment without a centralized entity.
Facebook (and Google) ad-based corporations are their worst flaw. Facebook derives money from impressions, and as a result, it has become increasingly user-hostile as a means of generating ad income.
Tokens might be used to symbolize virtual network economies (buying/selling stickers, access to particular benefits, or even up vote/down vote micropayments) or as advertising conditions, allowing users to “sell” their attention or involvement to advertisers.
Although all four major internet companies are working to make it easier for more people to buy crypto currencies using their payment applications, Amazon has gone one step further by offering its block chain as a service (BaaS) platform called Amazon Managed Block chain.
Apple, Google, and Facebook have all shown interest in block chain technology and its uses, but with Amazon Managed Block chain, only Amazon has taken the next step in offering block chain services.
Because of their stable operations, reach, and management, these digital stocks have built a reputation for themselves. While many people know that Bit coin is supported by a unified group of investors and founders, the globe is divided into two camps regarding their desire for digital currency. One group of experts, led by Warren Buffett, sees Bit coin and crypto currencies as nothing more than a speculative bubble that will burst.
Block chain technology is transforming the world into both fascinating and ever-changing.
While hundreds of initial coin offerings (ICOs) have promised everything under the sun, very little has been achieved or executed yet. And while I am optimistic about block chain, I believe we are approaching a crypto winter in which teams form, markets (and market values) plummet, and only the strong survive.