Nowadays, Blockchain is a trending disruptive technology. It is due to the close connection of this technology with the cryptocurrency industry. This put a direct impact on the financial trends of organizations.
Blockchain disruption is one of the major shifts this year. People from all walks of life are getting involved either in buying cryptocurrency or supporting projects like Ethereum, NEO, Bitcoin, and others. Further, a record five social network giants are defending against the disruption of blockchain.
Scroll down to get a broader idea of how these networks are transforming their businesses with blockchain technology.
Twitter is America’s third-largest social network. It is the platform where Elon Musk shamelessly pumps crypto coins. In 2021, there were 220 million tweets about NFTs, and in January 2022 alone, there were 60 million more tweets for the same. In November, crypto to-obsessed CEO Jack Dorsey left, but Twitter is still focusing on a decentralized future. It is focusing more on creative tools, tipping other tweeters with Bitcoin, and allowing them to display their NFT collections.
Platforms: Bitcoin, Ethereum
Tencent – Cloud Blockchain
More than a billion people use Tencent, which is one of the largest networks for gaming, messaging, and shopping. Now, the company is developing a unique platform known as Tencent Cloud Blockchain. Some provinces like Hainan, Guangdong, and Beijing, use this platform to issue e-invoices for healthcare and transportation. As of last year, Tencent processed more than 15 million transactions.
Platforms: ChainMaker, Hyperledger Fabric
Facebook – Metaverse
Facebook decides to rebrand itself as Meta and jump into the theoretical Metaverse could be a boon for blockchain. After all, a comprehensive virtual world is a true environment for cryptocurrencies, NFTs, digital wallets, and more. Metaverse is a much-hyped cryptocurrency, and hope that Facebook’s big push into metaverse can bring more success for it.
Blockchain platforms: Diem
It is Japan’s largest messaging app and has more than 300 million users. The company has developed a proprietary blockchain, also called LINE, which is owned by Softbank Group and NAVER Corporation. The services include a cryptocurrency exchange, NFT market, and digital wallet. At the end of January 2022, the market cap of LINE was $655 million.
Blockchain platform: LINE Blockchain
Kakao Company – KraafterSpace
Kakao is South Korea’s dominant messaging app that has nearly 52 million users in the country. It also has a marketplace for trading NFTs, which is known as KraafterSpace. Here users can purchase token artwork directly through Kakao’s messaging app. Last year, Kakao launched a $515 million Klaytn growth fund to support developers willing to contribute to its blockchain system.
Organizations and social networks believe in cryptocurrency and constructing their platforms. Also, women investing in cryptocurrency due to which networks like Twitter, LINE, and more are developing their blockchain platform and supporting the disruption.