If you’ve ever wondered what companies use blockchain to turn around their fortunes and improve the quality of our lives, this article is going to tell you all about them.
Earlier this month, Forbes introduced their new Blockchain 50 list. The selection includes US companies with a minimum revenue of $1 billion that have been exploring what blockchain technology has to offer. From Amazon and Google to Nestle and Samsung, the companies are setting up their very own blockchain departments, hoping to make the best out of it.
We’ve decided to look them up and picked the most dominant names and interesting use cases for you to reflect on.
Companies Using Blockchain Tech
While some questionable startup-wanna-be projects have been popping out ideas for technology implementation on bitcointalk threads, the leading enterprises meant business.
We’ve already mentioned Facebook, who founded a closed-door blockchain department that caused a certain spate of rumors. Apparently, according to Mark Zuckerberg, the social media platform is working on implementing blockchain identities for users that will eventually change the way of monetizing their data. So who else is on the list of companies using blockchain technology?
The world’s leading technology company used to have mixed feelings about cryptocurrencies in the past with all that banning of crypto-related ads and then reversing it for some selected exchanges. However, Google seems to be more positive about blockchain in general and has been systematically investing in the technology. In February 2019, it introduced a set of search tools that allow interested parties to search and analyze transaction data of 8 principal blockchains. While one can consider this innovation as the first important step towards popularizing blockchain, some skeptics argue that it might also be a slippery slope to centralization.
The idea of an Amazon native digital currency for sure agitates crypto enthusiasts. Although we’re not quite there yet, Amazon has come up with their Managed Blockchain solution, which provides blockchain tools for companies to use the technology minus the burden of building everything from scratch themselves. The service offers to build scalable blockchains on top of Hyperledger Fabric, Ethereum, Philips, Guardian, and other major companies are already among their clients.
Microsoft’s Azure Blockchain Development Kit is similar to Amazon’s solution and allows for the building of blockchain applications. Developers can use a variety of free templates, however, if the enterprise wants to use Azure for any purpose, it has to pay for the usage of cloud service.
Visa is clearly not just playing around with blockchain, as the company has filed for fifty patents already. Currently, it is about to launch B2B Connect, aiming to provide banks worldwide with an international payment system exclusively for the highly profitable b2b segment.
Another credit card giant is also among the companies using blockchain tech. Mastercard managed to apply for no more than and no less than eighty blockchain patents. Although the company is not very keen on revealing their plans, they have recently admitted to working with Amazon. The goal is to add transparency to supply chains and allow clients to trace the history of their purchase and tip the manufacturer. In the best case scenario, if Mastercard succeeds in linking their network with blockchain payments it might be really crucial for the whole industry and its scalability and transaction speed issues.
One of the most powerful US banks, J.P.Morgan, has come up with Quorum – an ‘enterprise-focused version of Ethereum’. Its mission is to eliminate the middleman and redirect the tasks normally performed by the back-office to the blockchain. Apparently, they are also about to launch their own coin.
Golden State Foods
And how can companies use blockchain to contribute to our wellbeing? One of the world’s largest diversified suppliers to the foodservice industry has joined IBM’s Food Trust. The initiative is building a universal food tracking system. Initially, Golden State Foods focused on burgers. With the help of distributed ledger technology, the company can show the entire process of distribution, starting from the meat processing until the time it ends up on your plate. The goal is to control food safety and cut production costs.
The Taiwanese electronics company is well-known for their Exodus 1, a crypto-friendly smartphone that gives its owners the opportunity to take good care of their digital assets, including safe storage, lost funds recovery, and crypto trading.
Samsung, in turn, developed Nexledger. It is a blockchain-powered platform that helps the company monitor how its battery manufacturers carry out their contracts. Moreover, Samsung’s Korean users can enjoy all the perks of their new app that allows them to verify their identity and send the information to the banks via the use of blockchain. Apparently, this comes in rather handy, considering the country’s outdated verification system.
One of the largest food and beverages companies in the world is also looking up to IBM Food Trust and plans to use it for tracking a variety of their food ingredients in Europe. Nestle is also looking to use blockchain technology to cut down on expenses and build more trust around their products.
The king of retailers, together with Big Blue, is responsible for initiating that famous IBM Food Trust we’ve been telling you about. As of now, Walmart can already track a variety of products from several suppliers and keeps on adding new titles to the list.
From banks to food manufacturers, leading companies are clearly embracing blockchain technology. It might not even be that obvious for the regular consumer, but the industries themselves have already started gaining benefits. After all, it’s not about who makes this viral, killer use case, it is about making our lives easier and better. Ultimately it doesn’t really matter how many companies use blockchain to make a change, as long as this change is for the better.
Could this be the beginning of the whole new improved economy? We very much hope so.