Blockchain technology remains one of the most disruptive technological concepts in the world today. With numerous applications and areas of use, it seems as though we’re just scratching the surface.
Rafal Szymanski, CEO of Global Tech Makers, once stated his belief that blockchain technology is a concept with the potential to be more than just a buzzword. IT expert thinks, that the technology can fulfill its promise of transforming the landscape of the global business process.
In that spirit, below are a few companies which have been able to integrate the technology to transform their businesses suggested by Rafal Szymanski:
Over the past few years, MasterCard has gone on to file over 30 blockchain-based patents, with some under the title of “Method and System For Instantaneous Payment using Recorded Guarantees,” essentially meaning that the company might be looking into the development of its own blockchain-based payment gateways.
Industry insiders have pointed out that Bitcoin is a force that will disrupt payment processors like VISA and MasterCard, so it is only a logic option for the company to be working on how it could diversify.
Microsoft was actually one of the first major companies to adopt blockchain technology. Microsoft began to accept Bitcoin payments since 2014, at a point when only a handful of people had even ever heard of cryptocurrencies.
Microsoft has also secured up to 40 patents related to the use of blockchains as payment options, as well as for secure storage. In addition to all of that, Microsoft has made it possible for developers and businesses to deploy their blockchains with the use of Stratis, a tool in Microsoft Azure. Azure is a tool for cloud computing, which helps in testing, developing, and deploying applications at Microsoft-managed data centers
Bank of America
The Bank of America has also made blockchain-related patents, giving a hint that it might be ready to try out blockchain technology on one- or more- if its numerous platforms. The company, armed with Ripple’s XRP crypto asset, is looking to develop a means for customers to access faster, cheaper and more efficient transactions.
This could save the bank billions in transaction costs.
We all know FedEx. The company is one of the foremost logistics and movement management companies in the world, and it handles billions of dollars’ worth of cargo on an annual basis.
Years ago, FedEx made the foray into blockchain technology, becoming one of the first large agencies to adopt blockchain technology into their supply chain management. As of now, the company uses blockchain to monitor some high-value shipments, and it is rumored that they are working to and this capability to every item being shipped as well.
In addition to all that, FedEx is also working to develop blockchain-related industry standards for logistics and supply chain management, thereby solidifying itself in the industry as a pioneer and a frontrunner.
For decades, IBM has held its position as one of the world’s most dynamic and leading etch companies. The company made moves into blockchain and cryptocurrency providing an underlying infrastructure for blockchain-related services.
Thanks to the use of Hyperledger Blockchain creator tool, IBM now has the ability to create its very own distributed ledger and smart contract system. The tech giant already has partnerships with some major companies that provide logistics services to help them lower their costs and boost efficiency some of these partners include the Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group, and the United Bank of Switzerland (UBS).
All in all, the overall objective is to ensure that supply chains are more secure, and products are free of compromises.
Walmart remains the largest online retailer in the world. The company partnered with nine other food companies and IBM to develop a blockchain for monitoring the supply of food on a global scale.
According to the agreement, real-time data will be taken at every point during the supply chain, as well as for every single food product.
The agreement, known as the FD Trust Blockchain, includes partner such as Unilever, Dole Foods Co., and Nestlé SA. The collaboration has been in effect since 2016, and it has yielded some substantial results without a doubt.
The overall objective of this blockchain is to help the companies involved to better identify issues such as outbreaks more quickly, thereby reducing the rate of food recalls and enhancing the safety of their customers.
Huawei has been working on how it can use blockchain to reduce fraud in the mobile industry. In a press release, the company touted blockchain technology as a great way for mobile carriers to achieve a transformation of their business models through new network layers.