FANG refers to the group of four of the most reckoned companies on the internet viz. Facebook, Amazon, Netflix, and Alphabet’s Google. These four names have dominated the internet over the past decade and have left little room for the emergence of new companies on the internet. However, blockchain technology is expected to put an end to the streak of dominance of FANG. Blockchain technology is a database software technology that requires community users to pay for their owned servers; the technology focuses on decentralizing the web by putting an end to centralized organization such as FANG. There is clear evidence about the supremacy of the FANG companies in e-commerce, social media, and internet so far.
Companies Aligning themselves to Blockchain
The key technology used for cryptocurrencies such as Bitcoin is blockchain that helps in tracking the transactions and secures the record of those transactions. As the FANG companies are at a threat of losing their spark, Facebook has plans of launching a separate division to fit in with the blokchain technology. Furthermore, the cloud computing business started by Google is majorly reliant on blockchain technology, thus, aligning the company with the new technology. Besides this, IBM, Amazon, Microsoft, and Accenture have also made efforts to acquaint themselves with the blockchain framework.
Smart contracts help in automating tasks and are fed into the blockchains, which makes them an important component of the blockchain technology. Experts believe that these smart contracts will play a pivotal role in ascertaining the success of blockchain technology.