News has been spread across the cryptocurrency space that Apple is “watching cryptocurrency,” this according to Apple Pay‘s vice president, Jennifer Bailey, who spoke to CNN. Of course, on the surface, it is big and exciting news that Apple, one of the biggest companies in the world, has an eye on cryptocurrency.
On the other hand, Apple would be very far behind the eightball to be only “watching” cryptocurrency at this time. Bitcoin, blockchain, and other cryptocurrencies have grown substantially in the past few years that it is hard to find a major company that has not set their sights on the ecosystem for the future.
There is already an arms race developing to provide blockchain solutions for several enterprise corporations; Microsoft, IBM, Amazon Web Services, are all heavily invested in that side of things.
More so, there is a race in the financial sector to plunge the potential of cryptocurrencies in a mainstream arena; JPMorgan, Ripple, and many other banks have seen the potential in cross-border payments alone.
Now, for Apple to say, they are interested in cryptocurrency and are “watching” the space speaks of a company that is falling behind. Apple has been at the forefront of innovation; however, in the fast-moving space of technology, their mantle can quickly be overtaken.
Many companies have managed to reinvent themselves off the back of burgeoning and nascent technologies – such as Microsoft and cloud computing – and blockchain offers another such opportunity.
That being said, the arms race is on, and many companies are already entirely down the rabbit hole. Thus, it is relatively embarrassing for Apple to talk about cryptocurrencies like many were speaking about the space some three or four years ago.
It is also poignant that these comments are coming from Apple Pay‘s vice president as the future of payments is very much at a critical space. Payment entities, from Skrill, PayPal, Circle, and Square have also entered into their own cryptocurrency arms race in the hunt for appropriate and revolutionary uses for cryptocurrencies.
ApplePay is currently a leader in payments solutions, but that could all change in a very short time, and it could change without Apple if they are not more proactive in the cryptocurrency space which is establishing itself as necessary, rather than optional, in the future of payments