Source: Enterprise Times
Author: William Carter
If you are unfamiliar with blockchain technology, it is time to start climbing on board. It has been touted within the global financial industry, and that is already occurring today. Some of the most prominent blockchain developers on the planet have been working with major industries to integrate the technology so that it can be used in almost any platform. This is helping to improve the efficiency and security of these systems. It means that customers can feel more confident in the reliability of their accounts and transactions.
Because of its reliability, security, and ability to be used in a multitude of situations, it is not surprising that major corporations are getting involved in using blockchain. They are using blockchains for their own systems and developing apps and programs using the platform. It has been seen in major telecommunications companies, such as Samsung, as well as in major industries, such as supply chains, healthcare, and manufacturing.
The wave of the future is a reality today. Here are 10 major corporations that are already integrating blockchain technology into their systems.
IBM is not just using this technology; it has become one of the major innovators within the industry. “Big Blue” has already fashioned its Hyperledger Fabric code to produce technology that is faster and easy to integrate. As a result, companies from across the globe have sought out IBM to partner with to protect systems and increase efficiency.
It has been seen in the food industry, supply chains and pharmaceutical distribution, just to name a few. Governments, major businesses, and manufacturing companies have partnered with the technology giant already. It is likely that their influence in the blockchain platform industry is only going to increase in the next five years.
The world’s largest online department store is heavily invested in the use of this technology. It is using it within its own systems and offering it to customers. Nestlé recently began offering their own brand of coffee through the use of the “Chain of Origin” platform developed by Amazon. Customers are now able to monitor the coffee’s supply chain. Additionally, companies, such as BMW, Sony, and Accenture, have also partnered with Amazon to deploy this technology.
The luxury car manufacturer is using the technology to monitor the supply chain of their vehicles and parts, tracking these items across the globe. BMW is a member of the Mobile Open Blockchain Initiative (MOBI). It is a group of car manufacturers that are working together to track the supply chain using blockchain technology. Included in the consortium are Honda and Ford. The eventual goal of this technology is to track all the events in the life of a car. This includes the direction of travel, location, speed, and even driver intentions.
Facebook CEO Mark Zuckerberg has long championed himself as a technological innovator. He opted to take this reputation to the next step when, in June 2019, he announced plans to create Libra. It is a new cryptocurrency backed by the US dollar and government bonds.
His plan was not well received. Initial investors in the project, including Visa and MasterCard, have already dropped out of the consortium supporting the project. It was expected that Libra would be available sometime in 2020. However, it has still to gain regulatory approval.
Google has established itself as the place to find just about any information you need. When it confirmed it was going to integrate its BigQuery data analytics platform with Chainlink, there was significant excitement. This integration would allow outside sources to be used within applications thanks to the blockchain. Analysts recognize that this would help ensure that transactions were private and would help to settle speculative bets. In 2019, Google added a suite of new tools to BigQuery that made it so that bitcoin and other major currencies were fully searchable.
MasterCard has been highly active within this industry. The company has filed for 116 blockchain-related patents, and they are actively involved in creating several different projects. It has already partnered with food buyer Topco to give consumers the ability to search and find where the food purchased in their grocery store originated. It is also developing a system that will make cross-border payments in banks a lot more transparent and faster. Mastercard has also been lobbying several central banks across the globe to issue digital currencies.
Microsoft is already offering blockchain-as-a-service on its Azure cloud computing platform. It has also been working to create new products to help companies transfer and protect digital assets using a specific, standard set of criteria. Microsoft is aiming to create a new tokenization framework making it easier for major enterprises to gain access into the blockchain.
Baidu is another search engine giant that is actively pursuing innovations related to blockchain technology. Duxiaoman Financial, an affiliate of Baidu, created its own version of Cryptokitties in 2018. This allowed people in China to trade digital puppies using the blockchain. It has also developed a service that disburses funds after exam grades have been verified. This is just a small fraction of the innovations created by Baidu which is also actively involved in artificial intelligence.
Tencent has focused on creating blockchain technologies geared toward big business. It started by building a trade finance application to simplify the bulk metal purchasing process. Working with Gangjuren, Tencent developed an application that aided small and medium-size steel traders to handle the finance process more quickly and efficiently. It has also built technologies to make tracking metals from the warehouse more efficient and the data regarding the transfer available in real-time.
It is not surprising that America’s largest bank is also working on its own digital currency, JPM Coin. Despite a lack of details, it is looking to jump into the cryptocurrency market, maybe even as early as 2021. In February 2019, it developed a new blockchain technology to help settle bank transactions faster. The new blockchain platform, known as the Interbank Information Network, has greatly increased the speed of cross-border payments between banks using a shared ledger system that resolves any delays in transactions.
All these large corporations are seeing the benefit of blockchain technology. They are also taking an active role in the development of platforms and technologies to use this innovation. It should be a big bonus for consumers, who will have a more efficient and secure system to be able to handle their essential, private financial matters.