Most probably, you know Blockchain as the underlying technology behind the Bitcoin. But Blockchain is much more than that! This revolutionary technology gained mainstream attention in 2013 with Bitcoin’s meteoric rise and now Blockchain is as popular as Bitcoin itself.
For the past few years, more and more companies are exploring the uses of Blockchain tech and many have already adopted it in some form. Today, the use of blockchain is not restricted to just financial sectors as from logistics to real estate; numerous organizations around the globe are increasingly adopting this innovative technology.
Blockchain, the ledger technology that supports Bitcoin and other cryptocurrencies, holds enormous potential for enterprise use. And the shipping industry is already using Blockchain to make their supply more efficient by tracking the company’s supply chain. But this is not the only use of Blockchain. In this article, we will look at the top 5 companies around the world that have already incorporated blockchain in their operations.
Walmart is one of the early adopters of blockchain technology. The company has partnered with IBM to utilize Blockchain for tracking food globally through its supply chain. In fact, Walmart, as well as Nestlé SA, Dole Food Co., Unilever, and several other big names in the food industry are exploring the potential benefits of this innovative tech since 2016. Now, with this development, Walmart is able to maintain a track of the products back to their roots by capturing real-time data at every point. This will help employees in streamlining the restocking process, as well as will enable customers to understand where their food comes from.
FedEx, one of the world’s biggest logistics management companies, is the first major shipping company to incorporate Blockchain Technology into its operations. The shipping giant is using this technology for its supply chain management to track high-value cargo. The company has also launched a blockchain-powered pilot program to help solve customer disputes and is also planning to extend the functionality to all other shipments.
Another prominent company actively engaged in exploring the potential of blockchain is Mastercard. The payment processor company has already filed more than 30 Blockchain related patents. And it is believed that the patent titled “Method and System for Instantaneous Payment using Recorded Guarantees” filed by the company is intended for building the company’s own Blockchain based payment gateways.
Since the inception of Bitcoin and blockchain technology when nobody even knew about it, Microsoft embraced this technology. The tech giant has already secured around 40 patents that are expected to make use of Blockchain for secure storage and payment gateways. Moreover, the company is also exploiting this revolutionary tech to improve the workings within the organization.
5. Bank of America
Almost every financial institution is already involved in some sort of internal R&D effort to understand how the Blockchain can improve their operations. A prominent name in the industry is Bank of America which has lately applied for nine more blockchain related patents. This clearly proves that the bank is supporting this technology and is looking to utilize open-sourced ledgers to create more efficient financial transactions. With the adoption of blockchain technology, the cost of cross-border payments will go significantly down and the Bank of America could potentially save billions of dollars every year.