Like many other companies, Microsoft is willing to try Bitcoin acceptance, which has clearly defined tax treatments, but is reluctant to do anything else thus far. BitPay Chairman Tony Gallippi has previously identified one of Microsoft’s reasons for accepting Bitcoin:
People are using their products and operating system in many parts of the world that don’t have credit card penetration. It’s difficult for many consumers to actually be able to put money in their Microsoft accounts.
Also read: Bill Gates: “Bitcoin Technology Is Key”
Microsoft may be planning to do more than just allow the entire world to fund their Microsoft account with bitcoin. Speaking with CoinDesk, a Microsoft spokesperson said:
The technology behind bitcoin also represents an interesting set of new technologies to explore in the world of distributed, connected devices.
Though the words “Internet of Things” were not used, the code words are clear. Microsoft added:
Whatever we might do, we will do it in a smart way to ensure we meet our customers’ needs while respecting local laws and regulations.
2015 will see the new draft of the NYDFS BitLicense, which has a large effect on American companies that wish to do business in NYC. Also, other states are expected to model their digital currency regulations on the BitLicense.
Many people aren’t aware that the IoT is already seeing increased use all around us. According to a recent survey conducted by the Statistical Analysis System (SAS) Institute, a whopping 18% of industrial machinery companies are currently using IoT enabled devices to cut costs and increase efficiency. These developments are not limited to large corporations in the traditional manufacturing capitols of the world; for instance, Argentinian plastics manufacturer Petrobas Zarate uses temperature sensors in their factory that ensure that their plastics are being molded under the optimal conditions.
IoT has particularly far reaching and more-visible effects in the auto industry. According to a McKinsey study, we could save $100 billion USD annually from reduced accidents if IoT technologies were further implemented. Having a connected and “smart” utility grid also offers billions of dollars of savings to its respective industry. Cisco predicts that 50 billion devices will be connected to the internet by 2020; Gartner anticipates the IoT industry to have added $1.9 trillion total value by the same year.
Microsoft and IBM are just a few of the big names entering the IoT space with the blockchain on their mind.
Images from Shutterstock.
Last modified: August 5, 2020 4:15 PM UTC