Published on March 18th, 2019 | by Bibhuranjan0
Branded Blockchain Technologies: Cameron Chell Tech Exec Looks at Impact
While blockchain economies may still seem space-age to some, many of the world’s largest companies have begun incorporating these technologies into their everyday transactions. In fact, a survey published in PricewaterhouseCoopers shows that 84 percent of companies are “actively involved” with blockchain. Moreover, household names like Facebook, Amazon, and Microsoft have been exploring the ways in which this technology can be used for their businesses.
Though experts estimate that widespread adoption of blockchain could take between five and ten more years, the companies that have already embraced it have found a wide range of benefits of the technology. Stock prices alone should be enough to convince companies to adopt, as simply adding the word “blockchain” to their names has been shown to boost shares (Source: CNBC).
More importantly, operations-wise, blockchain can make online transactions easier for both companies and their customers. The technology offers an alternative to credit cards and other costly payment methods. They’re a fast, easy way to pay for goods and services online that streamlines the process at both ends of the transaction.
One major way that companies are increasingly adopting the technology is by creating their own brand-specific blockchain. Case in point, Burger King in Russia launched Whoppercoin in 2017, a blockchain platform that rewards customers for purchases. For every ruble spent, consumers receive a Whoppercoin token in a digital wallet. They can then transfer and trade tokens with other users or redeem them for a free Whopper (Source: The Verge).
Whoppercoin is hosted on Waves, a blockchain platform founded by physicist Sasha Isanov. Waves creates personalized tokens for brands to do everything from loyalty programs like Whoppercoin to voting, crowdfunding, rewards systems, and more. Ivanov is also known for launching the first instant cryptocurrency exchange, coinomat.com, and the first cryptocurrency exchange index, cooleindex.com.
Kodak has also gotten on board through a brand license agreement with RYDE Holding. KODAKOne, an image rights platform that helps professional photographers take control of the usage of their work, was co-founded by tech entrepreneur, Cameron Chell.
According to Cameron Chell, working with brands that customers already know and trust can benefit both blockchain developers and brands. In an interview with Hacker Noon, he explains early on, he and his “1.0” peers built “the coolest stuff imaginable” but that no one in the mainstream really appreciated it. That’s when he realized “it’s all about adoption.”
“The reality is it needs to have . . . an on-ramp into some bigger main usage,” Chell says, which is in part why he and his team at ICOx work with big-name brands. ICOx gets to put their innovations to good use while the companies can “either reduce their costs or increase customer attraction.”
Though blockchain economies and cryptocurrencies may still be in their infancy, more and more of the world’s top companies are adopting the technologies to solve real problems and meet needs. With more businesses coming on board every day, the mainstream world is starting to recognize the wide array of ways blockchain can be utilized.