The crypto-world felt the shudder the moment Facebook announced that they would be part of a venture called The Libra Foundation. The initiative would see a new crypto stablecoin introduced to the market to dominate financial transactions on social media and on a global scale.
The announcement saw a surge in cryptocurrency interest, with Bitcoin growing massively over a period of two months. The high was somewhat short-lived as Facebook soon came under the scrutiny of the US Senate, the President, and fiat currency regulatory bodies. Most of the negative connotation came from the fact that Facebook had a notorious past of failing to safeguard their customer’s information. Even with the reassurance that Facebook would only hold a 28th share in the foundation, the powers that be continue to focus on the shortcoming of the social media giant, rather than assess the strengths of all the other names involved.
All of this press has not fazed another big business contender in the USA, Walmart, who are making courageous moves into the sector, having applied for a patent to use cryptocurrency on a business level.
STRONG HISTORY IN BLOCKCHAIN
Walmart has been experimenting in the blockchain arena, having used it in its supplier network up until now. The revolutionary digital registry is currently being used as a tracking procedure for produce on the company’s supplier chain.
The trial of the product has been a resounding success proving its worth to the company and showing its potential value to Walmart’s client base.
HOW THE PROPOSED CRYPTOCURRENCY WILL WORK
Reports suggest that the Walmart coin will be tethered to fiat currency (US Dollar), which makes it very similar to the Libra currency proposed by Facebook. It will make the currency more centralised, controllable and stable than traditional cryptocurrency. These features make for a more viable trade currency, whereas Bitcoin and decentralised coins are better for high-risk investors.
The use of a blockchain currency would not only make transactions far easier but offer a few other advantages too:
It’s far easier to work a viable loyalty rewards program on the blockchain.
It makes tracking transaction information and customer purchase history a ‘piece of cake’.
It would cut out the heavy transactional charges experiences with credit card purchased and similar transactions.
NOT FOR NOW?
The patent was filed only a few days ago (1 August 2019), but Walmart say that they are not planning on launching an e-currency anytime soon. They are probably anticipating regulatory red tape along the way and want to get in early so that they are ready to launch in a few years.
Though the profile of the company is drastically different from Facebook and they don’t have the same reputation for security breaches like the social media platform do, they probably will not escape some sort of regulatory scrutiny, especially because they are based in the United States.
IMPACT ON BITCOIN
As always, the Bitcoin and cryptocurrency industry revels at the prospects of big names joining the industry. Though Walmart is truly proposing a stablecoin idea, rather than true cryptocurrency, the crypto markets are still sure to benefit; such was the result when Libra was announced. In fact, it wouldn’t be too difficult to attribute some of the recent strength of Bitcoin and others to the patent announcement.
The more exposure that blockchain technology receives, the better the news for Bitcoin holders and Bitcoin companies. Educating the masses is of vital importance to the survival and growth of crypto markets. Stablecoin and decentralised currency have one vital thing in common – revolutionary blockchain technology principles that pave the way of the future when it comes to optimum quality and convenience.
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