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Lagging giant: Apple rethinks blockchain and cryptocurrency

Some global companies remain skeptical about blockchain and cryptocurrencies. However, Apple's CEO recently revealed the company's interest in blockchain technology.
Lagging giant: Apple rethinks blockchain and cryptocurrency
Lagging giant: Apple rethinks blockchain and cryptocurrency
Apple is exploring the possibility of using cryptocurrency
Apple is exploring the possibility of using cryptocurrency
Old policy is not consistent with the transparency of the blockchain
Old policy is not consistent with the transparency of the blockchain
Half of Forbes’ top-ten companies are also on the list of 50 blockchain companies
Half of Forbes’ top-ten companies are also on the list of 50 blockchain companies
Apple is exploring the possibility of using cryptocurrency, company CEO Tim Cook said in a New York Times interview. The company doesn’t plan on releasing any innovations in the near future but is studying the technology. Cook added that Apple won’t be accepting cryptocurrency for purchases anytime soon, but the company is exploring ways to break into the sector.

At the same time, Apple’s CEO admitted that he invests in crypto assets. Cook said he considers them a reasonable part of a diversified portfolio. He didn’t specify his assets or the volume of his investments.
Apple and cryptocurrencies
In February, iPhone owners were allowed to pay with Bitcoin. In Apple Pay, it became possible to add BitPay cards and make payments in cryptocurrency without exchanging it to a fiat currency.

Back in 2014, Apple removed several Bitcoin wallet apps from the App Store. However, over the years, the company's position towards cryptocurrencies has softened. Nevertheless, Apple is in no hurry to enter this field. That’s why owners of the Apple Card issued in 2019 cannot use it to buy cryptocurrencies.

In May 2021, the Apple Wallets, Payments, and Commerce (WPC) team was looking to hire a business development manager in the alternative payments segment. The company required applicants to have experience in alternative payment services such as
Apple is exploring the possibility of using cryptocurrency
Apple is exploring the possibility of using cryptocurrency
Old policy is not consistent with the transparency of the blockchain
Old policy is not consistent with the transparency of the blockchain
Half of Forbes’ top-ten companies are also on the list of 50 blockchain companies
Half of Forbes’ top-ten companies are also on the list of 50 blockchain companies
Be stable or be late
The top ten companies on the Forbes Global 2000 list include only two companies that don’t use blockchain: Apple and Berkshire Hathaway. Forbes noted that five of the ten largest companies on the list are also represented in the list of 50 blockchain companies.

Apple's only contribution to the blockchain industry was a 2016 registration with the US Securities and Exchange Commission (SEC) for a blockchain patent for signing digital documents. According to the patent description, the technology allows for more accurate tracking of the document flow and helps prevent fraud.

In 2019, Apple filed a report with the SEC detailing its "support" for developing blockchain guidelines for a nonprofit business alliance. Since then, the corporation have not yet made any announcements about the blockchain development.

The company has become so huge that the only way to maintain its position is to stick to old business policy. Apple's ecosystem is closed, and this policy doesn’t align with the openness and transparency of the blockchain. Cryptocurrency is also now more of an investment vehicle than a means to pay, which could also be a reason why Apple is taking its time with cryptocurrency support. And although the company is taking steps towards new technologies, they are too slow.
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