Major Corporations Toy With Idea of Launching Unique Cryptocurrencies
As cryptocurrencies have continued to grow in popularity (even in spite of diminished prices in 2018), it may be only a matter of time before major companies across the country launch their own unique digital currency offerings. A unique corporate cryptocurrency could have numerous benefits, including increasing the likelihood of customer access to a better product, the building of brand loyalty, and more. While few major companies have made significant explorations of the cryptocurrency space public as of this point, there are undoubtedly potential benefits to projects along these lines.
The Benefits of a Corporate Crypto
Crypto Daily highlights a hypothetical digital currency launch by a company like Coca Cola (KO). A Coke cryptocurrency could help to encourage consumers to buy KO products. In return, these customers would receive a reward through the blockchain, thus creating a cyclical incentive pattern. Other companies, including auto manufacturers, could use a digital currency to help to prove ownership or authenticity of parts, among many other potential applications.
BP and Intel
Although BP plc (BP), the multinational oil and gas company, and Intel (INTC), the tech operation, have not specifically suggested interest in launching cryptocurrencies, it’s not hard to imagine why a project like this would be beneficial for each company. A BP digital token could be used to increase customer loyalty, allowing for lower fuel rates for customers paying in tokens as well as a rewards incentive program. Further, selling a corporate digital currency on the broader cryptocurrency market would bring in additional cash as well. For BP, one potential barrier to navigate would be the question of an oil-backed cryptocurrency, which has already proven to be tricky.
Like many other companies, Intel could harness blockchain technology to improve numerous aspects of its business model. An Intel-linked digital currency could help INTC machines with verification. It could help to track updates and service histories, among other perks as well.
Certainly, the idea of widespread corporate cryptocurrencies remains a somewhat distant prospect. No major companies in the U.S. have so far announced plans to develop and launch a token of this kind. However, if cryptocurrencies continue to grow in popularity, do not be surprised if and when these corporate tokens do begin to appear.
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