A key indicator of any emerging technology’s staying power is how companies respond to it. As the number of companies adopting the technology increases, the same happens to its chances of entering the mainstream market. This is starting to hold true for the blockchain. From simply asking “what is blockchain,” these major companies have started to integrate the blockchain into their core operations and processes.
Major Companies Adopting Blockchain Technology
Blockchain technology has evolved far beyond its cryptocurrency roots. Many of the world’s largest corporations have realised the revolutionary potential of the decentralised platform. The blockchain has ushered in an unparalleled level of transparency, security, and efficiency that very few innovations have achieved.
The blockchain opened endless opportunities for businesses to streamline their operations and generate greater profit. The following are just a few of the many corporations that are already maximising the technology:
One of the biggest logistics management companies in the world has entered the blockchain market. FedEx handles billions of dollars’ worth of cargo every day, and its adoption of the technology has done wonders for its supply chain management. For instance, FedEx is using the blockchain to track high-value shipments and is working to extend it over all other cargo they handle.
Unsurprisingly, tech giant IBM is also pioneering increased blockchain not just within the company, but outside as well. The company developed the Hyperledger Blockchain Creator tool.
This allows businesses to design their own smart contract systems and distributed ledgers. IBM has already partnered with several organisations that utilise the tool, including the Bank of Montreal and the United Bank of Switzerland.
Walmart is part of a worldwide effort to track food throughout a global supply chain. The effort is called the Food Trust Blockchain, which includes key players, such as Unilever, Nestle SA, and Dole Food Co. Along with these companies, Walmart is using the technology to improve its ability to identify food recall issues, trace food through each stage of shipment, and more.
Mastercard is in the first stages of building its own blockchain-based payment system. To date, the company has filed more than 30 blockchain-related patents. Blockchain’s finance applications are transforming payment processors, like VISA and Mastercard. It is only a matter of time before other finance-focused businesses will start creating their own blockchain-based systems.
- Bank of America
Bank of America has been exploring answers to what is blockchain and how it can improve banking operations. In fact, the bank has already applied for nine blockchain-related patents. It seeks to use open-sourced ledgers to streamline financial transactions for its clients. Combined with tokens, the blockchain can save the bank billions in terms of cross-border payments.
Why You Should Invest in the Blockchain ASAP
The rapid blockchain adoption of the world’s biggest companies is indisputable proof that the technology is here to stay. Aside from corporations, governments and industries as diverse as healthcare and travel are incorporating the technology into their operations as well.
While the hype surrounding cryptocurrency may have started to fade, the blockchain’s rise has just begun. It’s already showing incredible profit potential even at its infancy stage. This makes the blockchain market a smart investment.
Whether you want to explore the possibilities of digital asset management, ICOs, or blockchain start-ups, consider consulting a blockchain investment company to learn more.