In the previous article, we have discussed some of the top global companies that are integrating blockchain technology into their businesses. If you haven’t read that article, please consider reading it here. In this article lets understand a bit more how these companies are using blockchain to make their businesses reliable, cost-effective and transparent.
The reason for the bifurcation is that the companies mentioned in the previous article use blockchain extensively, and here we’ll discuss companies that are just starting to adopt this disruptive technology and have yet to explore its immense potential.
Even these companies can be considered early adopters of this technology as the major part of the world is yet to discover the amazing possibilities that blockchain has to offer.
Top Companies that have adopted Blockchain Technology
This American cross-border courier delivery service provider is the biggest logistics management company in the world. It handles billions of dollars worth of cargo on a daily basis. Recently FedEx has become the first company on the planet to integrate blockchain technology into their supply chain management in order to track, record and assign their deliveries more effectively. Currently, they are using blockchain to track the expensive cargo shipments and are planning to extend the exact same functionality to all of their shipments very soon. FedEx is also helping the blockchain industry by increasing its standards and the usage of blockchain in supply chain management effectively.
No one needs an introduction to this American multinational retail corporation that operates a chain of mass retail stores and hypermarkets. This company, by far, has the largest number of employees in the world, with over 2.3 million persons.
Recently Walmart has partnered with IBM to incorporate blockchain technology into its business operations. They use blockchain to track the perishable items globally by its supply chain.
With the use of blockchain, Walmart is able to capture the real-time data at every stage, on all of the food products it carries in its retail stores. IBM has created a blockchain with the name ‘Food Trust’ which acts as a modular solution and benefits all the participants in the network with a smarter, safer and sustainable food ecosystem.
Other than Walmart, there are other food giants like Nestlé, Dole, Unilever, etc. who are using this ‘Food Trust’ blockchain by IBM. The ultimate goal of ‘Food Trust’ is to improve the ability of the companies that handle perishable food in identifying food safety issues, such as tracing outbreaks more quickly, to avoid or limit customer risk.
Walmart has started using this blockchain service after the outbreak of salmonella disease, caused by pre-cut fresh melons it sold in the recent past.
This Chinese multinational technology company, mostly known for its Smartphones, has been appearing on the news for all the wrong reasons after the U.S. posed a ban on all of its businesses due to a security threat. However, the ban was reportedly lifted yesterday after the G20 summit.
This technology company is using blockchain to make the mobile industry more organized to reduce deception and fraud. The spokesperson of Huawei talking about blockchain technology said that blockchain could transform its business model by adding new network layers of protection to it. Blockchain can revolutionize the way data is verified, tracked and transmitted compared to the existing infrastructure of Huawei.
This American e-commerce retailer is one of the first companies in the world to accept Cryptocurrencies. Their product portfolio includes home furniture, interior décor, kitchen appliances, sporting equipment etc. and they accept Bitcoin and most of the popular altcoins like Ether and Litecoin.
Patrick Byrne, CEO of Overstock, is a blockchain evangelist and he expressed that he wants Overstock not to be a retailer but a blockchain company. The company has invested over $175 million in its subsidiary’ Medici Ventures’, which backs a lot of blockchain startups.
KIK Messenger is a product of Canadian based company KIK interactive. It is one of the biggest online chatting platforms with more than 300 million downloads in both iOS & Android combined.
KIK has recently integrated the Kin crypto into their chat platform. Kin can be used to make payments to the other existing users of the app. By using decentralized blockchain technology, the Kin Foundation said it is capable of offering zero-fee transactions with the help of its unique network.
The goal is to incorporate blockchain based payments into those services that are already being used by millions of people. This company is building a whole economy around their cryptocurrency as they already have free exposure of 300 million active users who are using this platform.
This American chain of fast food restaurants has launched its own cryptocurrency, the WhopperCoin. They have launched this token on the Waves platform, and for now, it is limited to Russia.
WhopperCoin is named after Burger King’s flagship burger’ Whopper.’ The company is using this crypto to power its rewards program, and it has its own USP. Since the rewards received by the customers will be in WhopperCoin tokens, they can be transferred, stored online and users can even trade them using the Waves platform.
This is an effective way to create interest among consumers and is quite unlike other more conventional reward programs. For every Rouble (Russian Currency) a customer spends at Burger King they get a WhopperCoin, and with 1700 WhopperCoins a signature Whopper burger can be bought. This concept could be applied to many of the boring reward programs out there to generate interest and increase the exposure of a company.
The Federal Reserve (FED) and BOA (Bank Of America) has partnered with Ripple, and ICBC (Industrial and Commercial Bank of China) is using blockchain to verify digital certificates over a trusted central authority. Many other companies are effectively using blockchain to simplify their businesses and increase transparency.
A lot of research and development is being done by international companies on how blockchain can improve the way they do business. For instance, Toyota is working on a blockchain payment integration method with self-driving cars and Apple has filed a patent to use blockchain in timestamping data. So there is still a lot of unexplored potential of blockchain, and we can only be extremely optimistic and wait for the wonders to happen.
Watch this space for more blockchain related information. Don’t forget to comment on your views of these companies using blockchain in the comments section below.