Apple Not Blind to the Future of the Fintech Industry

Apple Not Blind To Future Of Fintech

Technology is constantly evolving at a rapid pace. Every year faster, more efficient, and more superior software and hardware technologies are added to the computer and mobile device markets. One can hardly keep cope with the rate of growth.  

Staying on top of the latest trends in this sector requires a lot of money. For instance, should you buy the latest smartphone right now, you can be sure that a replacement device will take its place at the same time next year. Processors, software solutions and innovation are changing. Nothing remains stagnant in competitive tech circles. 

The rate at which executives change their minds on ‘the way forward’ is also ever-evolving. Take tech giant Apple for example. Their interest in cryptocurrency has been a hot and cold affair. So much so, that one actually needs to wait until they put their money where their mouth is before we know whether or not they will become a leading ambassador in the digital currency world. 

Apple’s biggest mobile competitor, Samsung, has shown a great desire to follow crypto trends, releasing their very own cryptocurrency-friendly phone, which is based on its Galaxy S10 flagship model. Perhaps this is all the motivation Apple has needed to steer themselves towards blockchain development. 

STEP BY STEP 

A few months ago, it was announced that Apple had launched its CryptoKit software for iOS 13 operating systems. This unique crypto-tool allows for modern iPhones and iPads to store private and public crypto keys on the device and use the phone as a digital wallet of sorts. 

This marked a definite defining point in Apple’s decision making, which was very iffy up until that point. The business giant is indicating that its software app was only the beginning of what could be a long road in the realms of cryptocurrency and blockchain technology. They are monitoring the market place very closely, making them the latest large company to venture down this path, with possible prospects in developing their own centralised stablecoin. Other top companies who have stepped up to the challenge are Facebook (Libra Currency), JP Morgan Chase, Visa, and Samsung (just lately). 

WHAT WOULD APPLE GAIN FROM CRYPTOCURRENCY? 

Apple has brokered their existence on being one of the top innovators in the mobile and desktop computer industry; both industries that are cutthroat and hold no forgiveness for those who cannot keep up. With financial technology leaning towards blockchain, it would be within Apple’s best interest to keep with the times in order to maintain their premium status. 

Apple Pay is already a revolutionary product that has turned iPhones into an instant e-wallet, but like many other financial service solutions, even it works far less efficiently than cryptocurrency wallets do, not to mention are far more expensive to maintain. E-wallets cannot operate independently, but rather depend on being tethered to credit cards to top them up. Because the solution involves three parties, the transaction costs are not cheap in the long run. 

Cryptocurrency holds its own banking power and requires no middle man involvement, therefore lessening the cost of each transaction and streamlining the pace of the money movement. The crypto-wallet itself is sufficient to make and receive payments on the blockchain directly to and from other parties. 

Of course, people would have to fund their wallets through an exchange (for cryptocurrency), or though Apple (if they had their own stable coin), but the transactional costs could be controlled by the supplier, who could run specials and be super competitive with the costs. These fees would also only have to be paid to load the funds and not incurred upon every transaction. 

The sheer reputation Apple had garnished for themselves could see their crypto services well received, especially if they manage to partner up with other recognised tech brands such as Facebook has done with the Libra Project and Calibra Wallet. 

BITCOIN TO BENEFIT 

For the moment, currencies like Bitcoin are sure to become more usable with tools such as CryptoKit out there making e-currency more easily accessible to the general public. 

Though most of the companies coming to the fore now all seem to be punting stablecoin, the introduction of such currencies will soon highlight the advantages that decentralised currencies like Bitcoin have over them. 

For now, the fact that big heavy weighted names that everybody has grown to love and trust are supporting blockchain initiatives is all the Bitcoin needs in order to stay alive and more stable than ever before. Like it did when Libra Stable Coin was announced, Bitcoin is set to skyrocket in value, as other names rally to jump on the crypto-bandwagon. 

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