FAMGA is an acronym that stands for Facebook, Apple, Microsoft, Google, and Amazon, large tech companies.
These companies are leading the pack in the technology market, and according to data published on Medium social journalism platform, FAMGA’s market cap comprises 45.8% of total capitalization of 100 largest corporations in the world in 2018.
Despite the positive dynamics, industry experts believe that the welfare of companies is under threat: the developing blockchain is offering alternatives to habitual services.
Why blockchain poses a threat to global giants?
Blockchain apps do not lag behind services provided by large corporations thanks to advantages that the technology brings, specifically, decentralization.
Blockchain technology allows users to keep anonymity and control private data on their own.
Centralized companies do not offer such an opportunity even after the introduction of the GDPR. For example, Google and Facebook collect data about users including data about completed purchases and installed apps.
Besides, in September of 2018, Facebook detected a security breach that led to data leakage. Hackers received access to accounts of around 50 million Facebook users. Hackers made use of the fact that the network code was vulnerable.
In its turn, blockchain enables decentralized data storage, thanks to which the system is more secure and protected against hacking.
Which alternatives does blockchain offer?
In the future, Bitcoin and Ethereum blockchains can become an alternative to the standard Microsoft Windows OS. For example, NYNJA Group is developing a blockchain-based operating system for smartphones – NYNJA Virtual Operating System (vOS). Perhaps, such advantages of the new system as high security and efficiency will motivate blockchain developers to build an OS for computers.
Moreover, today many apps and services based on the technology are capable of replacing FAMGA services.
Blockchain vs Google
Brave web browser based on blockchain is an alternative to Google Chrome. Brave has an embedded payment system based on blockchain and an embedded function that allows users to block advertising.
Users can refuse from ads shown in the browser at any moment.
YouTube owned by Google might be replaced by the analogous service called Dtube. The platform has no strict censorship and authors of content rely on rewards from other users rather than payments for advertising.
Blockchain vs Amazon
Today a great variety of blockchain-based online shopping platforms is being developed. The technology makes transactions more secure thanks to smart contracts, simplifies tracking of parcels, increases delivery speed, and reduces its cost.
Let’s take the decentralized ECoinmerce platform, where members are owners of digital assets of various brands and stores. Using blockchain, they register ownership rights to stores and later can transfer or sell ownership. Full control over brands brings benefits to customers: one can find low-price goods on the platform.
OpenBazaar is one of the first trading platforms that allows making purchases directly. The website reports about its resemblance to such traditional and famous companies as eBay and Amazon. The platform provides full control over data and allows buyers to pay for goods with around 50 different altcoins.
Blockchain vs Facebook
Decentralized social network Steemit is an alternative to Facebook. The number of its users reached 1 million people in May of 2018.
Steemit allows users to communicate, run a blog, and publish various materials. Readers can assess publications. Depending on marks and popularity of an account, its owner receives a reward in Steem cryptocurrency.
Besides, users can exchange private messages and subscribe to interesting bloggers.
The platform states that unlike standard social networks, Steemit aims at providing benefits to website users rather than owners.
Blockchain vs Apple
Apple smartphones with iOS and Apple Store might be replaced with blockchain-based phones.
On October 22, 2018, HTC released Exodus 1 – a smartphone that works with cryptocurrencies and decentralized apps. Users willing to keep full data privacy will be able to deploy DApps that are not connected to cloud services of centralized companies.
The new smartphone uses blockchain-based Brave browser by default. Besides, Exodus 1 has an embedded cryptocurrency wallet.
In such a way, one can develop different platforms and services on blockchain. Their potential will allow luring away users from centralized companies and perhaps even fully replacing services of tech giants in the future.
Cryptocurrency experts will discuss the blockchain technology and its use at Blockchain & Bitcoin Conference Prague.
