By Apple, a big player in the mobile phone industry, has given a vote of confidence to the blockchain technology. Apples positive affirmation on the potential of cryptocurrencies came out in an interview. Speaking at the discussion last week, Jennifer Bailey, the Vice President of Apple Pay reportedly said;
“We’re watching cryptocurrency. We think it is interesting. We think it has interesting long term potential”.
The sentiments give cryptocurrencies a shot in the arm. It is so as Apple’s market capitalization is five times more than that of bitcoin, which is currently at $188 billion.
Further, unlike other mobile techs companies such as facebook and Samsung, Apple previously gave cryptocurrency and the blockchain technology a wide berth. Compared to facebook that has Libra, Apple is yet to associate with any cryptocurrency project. However, going by these latest sentiments, Apple’s indifference to the technology may take a sudden turn.
Apple is keen on innovation
The change in attitude towards cryptocurrency can be attributed to Apple’s keen interest in mobile money payment options. The company launched Apple Pay for iPhone in 2014 and a month ago released its credit card. The credit card which is backed by MasterCard and Goldman Sachs is within Apple Pay wallet in the iPhone.
With such a keen interest in mobile money, the sentiments can also be taken to indicate Apple’s interest in cryptocurrency phones. The interest can be due to the current trends in the world of blockchain technology and mobile phones. The trend has seen other big mobile phone company exploring the blockchain technology. Mobile phone industry players such as HTC and Samsung already launched blockchain-based phones.
A lot of competition in the market
HTC launched the Exodus 1 device which comes packaged with a “secure enclave”. The enclave works to keep cryptocurrency holdings utterly separate from other applications on the device. Samsung too, launched Paywall last week. Paywall is the brainchild of the South Korean blockchain platform, Klaytn. The paywall is a modified version of Samsung’s Galaxy Note 10, and it comes with crypto co-branding.
Although the comments may be considered brief, their effects are likely to be far-reaching. The comments will also go on record as the first time Apple publicly made a pronouncement to the fact that it is keenly watching cryptocurrencies.
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