Cryptocurrencies have received much attention from the press and financial backers during the last 12 months. After the initial excitement has subsided, blockchain technologies like Bitcoin are developing more conventionally.
Moreover, the financial industry is no longer the only one that may benefit from using cryptocurrencies. Businesses are making significant progress using blockchain technology in various fields, including logistics management, real estate transactions, and digital identity management. The top 12 firms that are using blockchain technology today are profiled here.
Top 12 Corporations That Are Using Blockchain Technology
The Linux Organisation’s Hyperledger Fabric is a publicly available blockchain architecture that has become the industry standard in business settings.
Fabric provides a private and secure platform for payments and contracts instead of a public authorization system. Thanks to this flexible framework, users may use fabric-built solutions in any market. Hyperledger Fabric was developed from the ground up with corporate applications in mind.
Each year, FedEx transports goods valued at billions of dollars, making it among the world’s largest logistics management organizations. FedEx is the first major transportation company to use blockchain Technology for logistics management. They are now just employing blockchains to monitor high-value shipments, but this will change shortly. In addition, they are also assisting in defining the Public blockchain quality standards for logistics supply chains, distinguishing themselves as innovators in this sector.
Based on open-source blockchain technology, Quorum combines the shared innovations of the Ethereum ecosystem with enterprise-ready enhancements. JPMorgan Chase was the one that started the company in 2017.
The system provides its commercial users with an encrypted version of Ethereum. It results in improved software and more effective solutions for banks and other financial organizations to use to secure consumer data throughout the processing of transactions and contracts.
WhopperCoin, the digital currency coin of fast food behemoth Burger King, was released on the Waves network in Russia. Burger King’s effort to use blockchain to fuel its rewards program is called WhopperCoin, after the company’s signature burger. Unlike conventional loyalty programs. WhopperCoin tokens may be held digitally, exchanged, and even transferred to new owners over the Waves platform.
Burger King customers might earn a WhopperCoin per each Rouble they spend, with a Whopper costing 1700 WhopperCoin. It is a huge change that may affect loyalty programs across the board, from movie theater tickets to airline miles.
Corda is a permissioned blockchain network that facilitates secure, private, and direct business-to-business transactions. Corda’s distinctive privacy architecture enables organizations to conduct high-value operations safely and without friction using apps developed on the network. It is beneficial for the highly regulated sectors.
Applications in production throughout the financial and physical supply chain decrease transactional and reconciliation costs, quicken settlement, and offer an enterprise-grade database and automation to enable authenticity and verification.
With its blockchain infrastructure services, IBM is poised to become a significant player in the cryptocurrency industry. They may assist businesses in developing shared ledger and smart contract infrastructure using the Hyperledger Network builder tool.
They’ve established relationships with logistics firms to improve productivity and save expenses. One of Walmart’s main priorities in food logistics is ensuring a safe and reliable supply chain to cut down on food poisoning. Meanwhile, financial institutions have collaborated on a blockchain export credit network codenamed Batavia.
Explore is the foundational component of the decentralized ledger system that Axoni utilizes. It acts as the underlying architecture that enables data to be shared and synchronized across different systems and organizations while retaining the necessary levels of privacy, scalability, and authenticity of data for several capital markets.
Axoni has also developed its smart contract terms, which they call AxLang. It is a language that enables quicker and more secure creation of smart contracts for platforms compatible with Ethereum.
Blockchain technology is being used in businesses across a wide range of industries with the assistance of Microsoft’s Aws platform. The first blockchain-based maritime insurance platform was developed by collaborating with Microsoft, the financial company EY, and the shipping major Maersk. The business also created DLT to resolve disagreements around hotel and travel bookings. It has deployed Azure in its Xbox networks to pay compensation to game creators more effectively.
Walmart and nine other food corporations are working with IBM to develop a blockchain to monitor the movement of food throughout the world. Every food item will have its data recorded in real-time. Nestlé SA, Dole Food Co., Unilever, and many more make up The Food Network blockchain.
These organizations have been working with IBM on this project since 2016 when testing the product’s prototype started. These efforts aim to make it easier for businesses to spot problems associated with food recalls, such as the source of an epidemic, and take appropriate action to reduce the danger to their customers. After a gastrointestinal infection in the food industry last year, Walmart seems to have joined the effort.
Overstock, the largest publicly listed shop accepting cryptocurrencies, is now investing all of its efforts into blockchain technology.
The business spun out a new division in 2014 named Medici Ventures to explore blockchain technology in areas including banking and administration. Overstock’s other subsidiary, tZERO, recently raised more than $135 million in an initial coin offering (ICO). Since the organization is so committed to blockchain, Chief Operating Officer Byrne is divesting the firm’s e-commerce operations to concentrate on distributed ledger technology (DLT).
Mastercard has applied for more than 30 patents connected to blockchain, among which are titled “Method and System for Instant Payment utilizing Secured Guarantees,” which appears to hint that the company is working on developing its very own Cryptocurrency payment systems. It has been suggested that Bitcoin threatens payment services like Visa and Mastercard; hence, it is reasonable to expect that these companies may investigate their private payment options based on Crypto.
Recently, Kodak has enjoyed a resurgence due to its use of blockchain technology. KODAKOne, the blockchain network developed by the firm, employs distributed ledger technology to safeguard the copyrights of photographs and films. Kodak has shifted its focus toward developing technologies and is now using blockchain to authenticate original identification, preventing infringement and piracy. The corporation, founded 130 years ago, also uses a digital currency called KODAKCoins for licensing and acquiring photographic photographs.
Many organizations use blockchains for internal and private solutions or more public, industry-wide breakthroughs and partnerships. The fact that 90 of the top 100 are already experimenting with blockchain projects is a massive vote of confidence in the technology’s potential.
There has been a gradual awakening among the established powers that be to the fact that unless they update their antiquated infrastructures, they will inevitably fall behind the competition and the new wave of technological advancements. In many cases, keeping up is now impossible. Therefore, they must accept that they will eventually fall behind.
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