As crypto popularity grows, we expect a number of large companies to branch out into creating their own cryptocurrencies one day. This is because not only will unique, corporate cryptocurrencies benefit many products, they will also ensure that customers get access to a better and more fulfilling product.
We see it like this – if Coca Cola created a cryptocurrency, they could use it to encourage people to buy their product and in return receive a reward, through the blockchain. The same goes for bigger, more elaborate products like cars. If Ford created a cryptocurrency, they could use it to prove ownership and authenticity of parts that might have been bought for that car.
If I headed a major firm like the aforementioned, it’s something I’d certainly be looking in to anyway.
We want to explore the advantages three of Forbes Top 50 Companies of 2018 could reap from the production of their own cryptocurrencies. The companies in question are; BP (ranked 36th), Nestlé (ranked 48th) and Intel (ranked 49th). How exactly could these companies benefit from a homegrown cryptocurrency?
BP, British Petroleum are a fuel company that provide commercial fuel services. Referring to BP stations specifically, a BP cryptocurrency could be used to develop a loyalty package for BP customers. By developing a native token, BP could introduce cheaper fuel rates to customers and a rewards incentive scheme. By selling their own cryptocurrency, they will of course be able to make more money, which could eventually lead to cost saving for customers. The only problem here is the notion of an oil backed cryptocurrency, something that people tend to want to avoid.
Nestlé could see similar advantages from this, yet as they sell a greater range of products, Nestlé could use a native token to really encourage a rewards scheme for loyal customers. Sweets and chocolates are popular with children and therefore, a parent-led cryptocurrency could even have implications for teaching children about money and economics, through Nestlé as a medium. Though I guess there are moral implications to consider if you’re generating a cryptocurrency that encourages children to buy chocolate.
Finally, Intel. As a tech giant, Intel could benefit from blockchain technology and moreover we believe that this is something they are exploring. An Intel cryptocurrency could be used between Intel machines for verification purposes. It could also be used to keep track of updates and the general service history of Intel products.
Whilst this is all a bit abstract, these companies and many others could benefit from the production of their own cryptocurrency. In each instance, the currency would have a slightly different use case, yet, in a society that is becoming more open to blockchain and cryptocurrencies by the day, this is a realistic prospect and something that could be a part of ‘the norm’ in the future.