Blockchain continues to attract intense interest from investors, developers as well as big tech giants. MIT, Facebook, Uber are some of the tech giants exploring the technology as they look to take advantage of its capabilities.
MIT, Facebook, and Uber are betting big on blockchain because of the numerous opportunities it is poised to create. The technology looks set to develop fraud-resistant systems in addition to enhancing efficiency and reducing costs.
Facebook Blockchain Focus
Facebook has already formed a task force, tasked with the responsibility of exploring the ledger technology. Led by former PayPal president, David Marcus the team is investigating the potential use of the technology for encryption purposes.
The social media company acts as a custodian to vast troves of data shared on its large platforms. Blockchain technology is one of the technologies that could enhance privacy and data security in the network at a time of increased concerns. In addition, the giant social network could leverage blockchain technology to offer a payment service in its apps.
MIT Blockchain Research
MIT being a reputable higher learning institution is spearheading research programs centered on the technology. Mid this year, the institution hosted over 300 leading thinkers for the sixth annual MIT Platform Strategy Summit. Some of the issues discussed included the potential implications of blockchain technology.
The panelists discussed the blockchains role as a transformational force in established industries. The panelists also looked into the technology’s potential impact in traditional markets. After the conference, it all became clear that technology would improve security efficiency and transparency in conventional businesses.
Uber Blockchain Ambitions
Ride-sharing Uber is one of the companies that will benefit a great deal on the use of blockchain technology. With the help of blockchain, the company should be able to reduce the complexity of booking rides.
Without any centralized authority, service providers and customers should be able to connect directly without the need of an aggregator. Plans are also underway to introduce Uber Coin. The coin will go a long way in slashing payment costs by half while increasing profit margins for drivers.
What is the Bottom Line?
MIT, Facebook, and Uber are just but a few mainstream entities jumping on the blockchain trend. Tech giants are turning to blockchain to address some of the biggest challenges they face.