Largest Companies Using Blockchain Technology
The blockchain technology market is estimated to grow to $2.3 billion by 2021. Since its inception in 2008, blockchain has evolved to find applications in almost every industry. It has become a vital technology for business as it provides transparent and trustworthy transactions.
More and more companies are exploring and developing their own blockchain technology-based application. Both well-established and startup enterprises are focusing their resources to harness the power of blockchain.
Heres a look at 7 of the largest blockchain technology companies.
In 2015, Microsoft Azure was the first platform to bring blockchain services to the cloud. Microsoft has been developing blockchain applications, although its main aim is to enable developers to build their own apps, such as the Ethereum-based protocol, Confidential Consortium .
Microsoft has also connected its blockchain services to other platforms, such as Office 365 Outlook, Salesforce, SharePoint Online, SAP, Dynamics 365 CRM Online and even Twitter. This will allow Microsoft users to store their data on the cloud and from there, it will be stored onto a blockchain, in a standardised format.
Matt Kerner, CEO of Microsoft Azure, said, What blockchain is doing is creating a multi-party business process that is moving out of email, phone calls, spreadsheets and into a single system with a single view on the data that all of the participants can rely upon and trust.
4. Bank of America
Does Blockchain Have The Potential To Be Widely Used
Despite all this potential, we are still in the early days of the blockchain. Three key issues need to be resolved before it goes mainstream. They include energy use, processing speed and interoperability across blockchains.
- Verifying transactions to add to the blockchain is energy-intensive because of the computer power required to do all the computations, solving equations by trial and error. Technology firms are working on solutions to maintain the security but reduce the energy consumption.
- Because of all the computations involved, the processing time is slow. But researchers are working on ways to simplify calculations and increase the number of transactions.
- Currently there are many blockchainssome public, some privatethat dont talk to one another. The next generation of blockchain technology will likely address this issue.
Blockchain has the potential to transform many industries. As a stand-alone technology, it can verify and track transactions. In conjunction with the Internet of Things and smart contracts, it can speed up transactions.
On The Blockchain Private Information Is Visible To Everybody
People often think that all their information and transaction details posted on to the blockchain are public, based on the fact that the distributed ledger is public. This is not correct.
Though visibility depends on different use cases and the technology deployed. Narrowing the scope to this question for business to business purposes, all transactions are private and only visible with the appropriate permissions. A company leveraging a blockchain to distribute data to their suppliers does not mean his competitors can see his suppliers or what they are buying. Nor can the suppliers see other suppliers data. It is all private and secure and the suppliers only see the data the buyer has permissioned them to see.
Whilst some transactional information can be made public, what is stored on the distributed ledger is nothing more than the amount of the transaction and a hash. The hash is a code generated by running the actual transaction details through a cryptographic method. Therefore, it is impossible to have access to more information on the transaction.
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New Law Allows Corporations To Use Blockchain Technology In Recordkeeping
A new law permits New Jersey corporations to utilize secure blockchain technology on electronic networks to simplify recordkeeping and prevent hackers from accessing sensitive information.
Gov. Phil Murphy signed the legislation, A-1178/S-898, sponsored by Assemblyman Andrew Zwicker and Senator Joseph Cryan , late Tuesday afternoon. NJBIA supported the legislation.
Businesses looking to strengthen data privacy and prevent hacking in their recordkeeping systems could benefit from using blockchain technology, said Zwicker, who chairs the Assembly Science Innovation & Technology Committee.
Blockchains help protect information and simplify data collection to help businesses perform more efficiently. Beyond the convenience aspect, the security of blockchain technology may be useful in industries that store sensitive information, including healthcare, banking and government agencies.
Blockchain is a digital ledger, originally invented for keeping track of the cryptocurrency Bitcoin, that has far-reaching applications across many industries. It works like a chain of digital blocks that contain records of transactions. Each block is connected to those before and behind it, making it difficult to tamper with because a hacker would need to change the block containing that record and all those linked to it to avoid detection.
The governor also signed two other laws affecting businesses on Tuesday:
Barclays Adopts Blockchain Technology Early On
First up on the list, is Barclays, the second largest bank in the UK, and they are one of the first financial institutions to see the use in blockchain technology in the banking sector. First and foremost, they have begun using blockchain technology in their KYC process. This allows the bank to collect and store customer data quickly and efficiently. The data is then stored securely, safer from hacks than almost any other data storage system on the market.
Currently, the bank is working on a way to use blockchain to back digital transactions. This way they can make them faster and easier than ever in addition to increasing the borderless banking world. They are doing this by creating a settlement coin that would act as digital cash between banks and allow for a streamlined settlement of transactions when users wish to send funds but have accounts at different banks. This technology is still in development, but they hope to release the technology soon.
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Marathon Digital Holdings Inc
Revenue: 38 million in H1 2021
According to its latest Form-10Q filed with the Securities and Exchange Commission, Marathon Digital Holdings, Inc. had earned $38 million in revenue during the first half of this year, marking for an astounding annual growth of $37.5 million.
As governments and major companies like Square Inc , Tesla Inc , Apple Inc and Alphabet Inc Class A embrace cryptocurrency, blockchain and crypto companies like Marathon are set to grow.
Facebook: Blockchain For Digital Payments
Facebook has had to come up with new ways of ensuring better protection of peoples data in response to the Cambridge Analytica scandal. Implementing blockchain technology to take care of the huge trove of data appears to be the companys latest push.
Another popular project they are working on is the Libra cryptocurrency project. Previously, it was more focused on supporting only the Libra token. But now, it will include existing government-backed currencies on the platform as well.
In reality, this project can actually become the first-ever platform to introduce digital dollar. So, its a big step up for the international community.
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Walt Disney: Blockchain To Track Inventories
Blockchain implementation in theme park giant Walt Disney is also taking shape. The most obvious use case of the technology in the companys operations is the tracking of inventories as well as sales and shipments in the parks.
The company is also exploring the use of technology in making it easy for people to know whether a transaction is approved or declined. Dragonchain is the proposed blockchain solution that the company is working on, as it joins other companies in making inroads in leveraging its capabilities.
How Can It Help Track Goods And Make Payments
In supply chain logistics, the combination of blockchain, smart contracts, and the Internet of Things will allow companies to track shipments and make payments when certain conditions are met . Maersk, the worlds largest shipping company, began testing blockchain a year ago to track its cargo in conjunction with Dutch customs, the U.S. Department of Homeland Security and the company sending the goods.
Smaller companies could use this technology as well. Imagine a grocery store whose inventories are getting low. Smart containers holding the goods could be programmed to inform a wholesaler that they need to be restocked. The wholesaler would notify a trucking company to pick up the goods and deliver them to the retailer. Each step would be recorded and payments made via a blockchain because all would be verified.
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What Is A Blockchain Technology
To understand Blockchain technology and the leading companies in blockchain technology today, it is important to note that:
- Blockchain Technology is a decentralized and distributed ledger that records the origin of a specific digital asset.
- The data on a blockchain cannot be changed, making it legit for various transactions and safe for use.
Which Are The Revolutionary Applications Of Blockchain Technology
The top blockchain development companies are working on projects that will secure the results of any poll-taking situations such as government elections, the board of director polls, customer surveys, etc. It will promote a transparent and easily accessible process. Blockchain app can further prevent the system from the hackers and ensure the integrity of the results.
2. Identity Management:
With the world going digital, most transactions and payments take place on the online forum. However, to date, the number of account hacking and identity theft cases is on the rise. Introducing a blockchain technology solution can eliminate this by creating a safe and clear digital identity database.
3. Land Registration
Blockchain ledgers are publicly-accessible, which makes an extremely efficient mode of record-keeping. A revolutionary project is the property title registration process. The real estate industry faces countless cases of fraudulent transactions due to the lack of a proper database system. This has urged a list of blockchain companies towards blockchain land registry projects.
The best blockchain companies are exploring ways to provide a decentralized and secure platform for exchanging and handling personal medical records. An open platform will allow medical practitioners to view the entire medical history of their patients easily. This will enable them to provide quick treatment in case of an emergency.
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What Is Blockchain And How Does It Work
Simply put, blockchain is a continuously updated digital record of who holds what. Information about transactionsthe time, date, dollar value and the participants involvedis encrypted into a block that is linked to other blocks to form a chain.
There is no one central authority controlling the blockchain and thats one of the reasons why Bitcoin and other cryptocurrencies are so fascinating. Everyone in a blockchain has access to the same information, providing transparency and continuous reconciliation.
Because it exists on many computers, there is no centralized version of the information for a hacker to attack. This means its no longer necessary to have a trusted third party verify information about you and a transaction you want to make.
Toyota: Blockchain To Enhance Autonomous Driving Technology
Japanese auto giant Toyota is considering implementing blockchain technology to accelerate autonomous driving technology. The companys research unit has teamed up with MIT Media Lab to foster a digital environment whereby people and businesses will be able to share autonomous vehicle data as well as manage ride-share and car-share transactions
The two are working with other partners to develop applications as well as proof of concepts to enhance mobility in the auto industry According to the company blockchain implementation will help people become more comfortable with autonomous technologies.
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Are There Any Blockchain Start
Yes, absolutely. There are 1,992 blockchain start-ups in the United States. Some of the start-ups include :
Bakkt is a developing bitcoin futures trading platform that started in 2018 and is located in Atlanta, the U.S. its platform allows users to buy, sell, store and spend cryptocurrencies.
It aims to provide an integrated global platform for trading, warehousing, and commerce.
tZero is a trading platform for digital assets backed by blockchain technology. It allows users to trade, transfer, and digital store currencies. Individuals can track the number of shares held by a user on the platform. The application can be accessed on iOS and Android devices.
Figure provides an online lending platform for consumer loans. It offers loans such as student loan refinancing, mortgage refinancing, and home equity loans. Its APR starts at 2.12%.
Dfinity is a Non-profit organization based in Switzerland. It works on a decentralized cloud computing network, which is seen to support internet services such as sharing economic networks, securing messages, and various other distributed applications programs .
Dfinity is working very hard to implement a distributed intelligence governing entity, known as the blockchain nervous system , which will make many changes to different network protocols.
Pakos is a known blockchain solution provider to various financial institutions.
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Fedex: Blockchain For Disputes Settling
FedEx is another shipping giant that has unleashed a good example of blockchain implementation. Blockchain implementation has allowed the company to enhance the process of settling disputes involving customers
The company is implementing blockchain solutions to identify the type of data to store on a blockchain, ideal for settling customer issues. More so, the technology is also to be used to store records for future reference.
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Shell: Blockchain For Crude Oil Trading
Shell is one of the energy companies implementing blockchain for the energy sector. Using the tech this company along with Sinochem Energy Technology Co Ltd and Macquarie, Shell is planning to use blockchain for crude oil trading.
Also, they are exploring the tech for other purposes in the oil industry as well. Anyhow, they plan to use the platform to promote transparency and get rid of corruption.
How Pwc Can Help
Any blockchain solution, no matter how prescient, is only as good as its execution. This is where PwC excelsby offering proven expertise in managing complex implementation programs from start to finish.
What PwC delivers:
- Design, development, testing and training of blockchain solutions
- Integration and management of third party implementation partners
- Rigorous PMO and proactive management of overall efforts
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Samsung: Blockchain For Supply Chain Management
Hardware giant Samsung has also implemented blockchain technology as it looks to enhance supply chain management as well as logistics. Being one of the worlds largest manufacturer of electric appliances, the company is in dire need of a system that is capable of managing its vast supply chain.
The company is planning to use the technology to track its myriad of shipments made up of electronic devices and appliances of all sizes. The company expects blockchain implementation to fuel digital transformations by enhancing operational efficiencies.
There Is Only One Blockchain
The term blockchain is most often used to describe a ledger technology, not a specific product or solution. A blockchain solution will have the same common denominators such as being distributed and underpinned by cryptography and having some form of consensus mechanism.
However, there are various blockchains that come in public, permissioned or private versions. Today, there are dozens of different protocols, considered as blockchains and can be classified as distributed ledger technologies. For example Ethereum, Corda from R3, Fabric from IBM and Ripple.
Some are similar while others differ greatly from one another. Each blockchain solution will have specific advantages and disadvantages for the specific use, different use cases and applications.
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How Safe Are Smart Contracts
The risks of smart contracts fall into three categories:
- Operational risks Exploitation of authorization functions, in the case of insufficient or incorrect management of the token network.
- Implementation risks Intrinsic failures that lead to unintended smart contract behavior.
- Design risks Misuse of accepted system features to change intended smart contract behavior.
Companies Using Blockchain To Drive Their Supply Chain
Businesses are using the ledger technology behind Bitcoin to track their supply more efficiently.
Building a slide deck, pitch, or presentation? Here are the big takeaways:
- Businesses are beginning to adopt blockchain technology to track their supply chain more efficiently.
- Blockchain technology creates a record of each spot it has been in, making it useful for the enterprise, especially in the shipping industry.
Blockchain, the ledger technology that supports Bitcoin and other cryptocurrencies, is being increasingly adopted for enterprise use.
Since it creates and maintains a permanent transcript of an item’s transactions, blockchain technology can be helpful for tracking a company’s supply chain. Using the emerging technology instead of past methods could be more efficient and accurate, saving businesses time and money.
Here are five companies experimenting with using blockchain to drive their supply chain.
Using blockchain, Walmart employees can track some products back to their roots–literally. After scanning mangoes or a couple dozen other products with the store’s app, employees can see which farm the fruit came from and where it’s stored in the backroom, according to the Wall Street Journal. The technology could help customers understand where their food comes from and could streamline the restocking process.
3. British Airways
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Retail Companies Using Blockchain Technology
Technological advancements help retail businesses in countless ways.
However, each new development sometimes leaves the business owners helpless in figuring out how to integrate them into everyday life without the hassle of overthinking or unattainable investments.
Thus, some businesses began to use the concept of blockchain in different fields of retail, and this technology is less complex than it sounds like.
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