Throwback Thursday: Projects Seeking to Service the Unbanked?

I have often enjoyed some of my Throwback Thursday to see previous posts that I had shared to give perspectives on how expectations change over time. Particularly when having started in 2018 where excitement for blockchain and cryptocurrency was at a peak as the performance of most assets had created attention for the projects and potential of the technology. I still recall the rumors that would go around given the expectation of a major institutions to step in and adopt cryptocurrencies on their platform.

While many have still delayed the entrance, a number of important and high profile Companies have indeed stepped into the space. Mostly recently, the highly anticipated Bakkt exchange started with its bitcoin futures contracts in a joint venture from a number of institutions including ICE. We have also seen Facebook announce the development of the Libra blockchain which is probably the biggest thus far seen as it has the potential to include over 2 billion people globally. Even traditional financial institutions like JP Morgan and Wells Fargo are testing their own blockchains to help with internal international remittances given the efficiencies provided.

Some, have gone the route of finding centralized solutions as the technology has still been too far for user interfaces making it easy to implement. However, the thought of considerations having blockchain in mind is enough to realize the future potential of the technology which will continue to grow over time. Many believe that it is now inevitable that blockchain achieves adoption in the next 5 to 10 years in many sectors of the economy so it seems only to be a matter of time.

Amazon & Cryptos: Seeking to Service the Unbanked

The amount of increasing reports from sources stating that Amazon is researching a checking account like product to offer customers are growing. They are currently in talks with major financial institutions to create a account like product to help clients that have no debit or credit cards. These unbanked clients, which exceed 2 billion people worldwide, currently face difficulty to join the Amazon suite of services like Prime.

Sound familiar? Yes! Many cryptocurrencies have also states one of their fundamental reasons of existence is to provide technology for the unbanked of the world. This population is in dire need for a micro payment system, not only to make purchases but also to transfer funds to family and friends. This news should continue the interest in the potential adoption of the asset class.

Everything continues to point to the eventul adoption by Amazon of cryptocurrencies. They have registered crypto related websites like amazonbitcoin.com and others. Recent surveys of both regular and Prime customers demonstrate the willingness of more than half to use an Amazon coin to make purchases on their website (check my previous post: https://steemit.com/amazon/@newageinv/survey-demonstrates-interest-in-potential-amazon-com-cryptocurrency).

So what do you think is holding them back to pulling the trigger? The reality may be that none of the current assets available would have the scalability to manage the volume. Also, how will transaction fees compare to the traditional system? Lastly, will the huge financial institutions allow such a push against their interests?

source:
https://www.cnbc.com/amp/2018/03/05/amazons-talks-with-jp-morgan-may-build-on-services-to-the-unbanked.html

Amazon to date continues to be in the short list of important Companies that have not committed to the technology. Given their views on gaining a presence in the unbanked in addition to their efforts with Artificial Intelligence, I think it will also be inevitable to them to enter the space in some fashion. They already have an important infrastructure for many technology ventures with their AWS business so it seems that it would be an easy fit for what they determine they need presence with in any type of blockchain venture. The future will get more interesting as adoption increases!

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