Spearheaded by the content of Bitcoin, Blockchain Technology has covered a long way, heralding its relevance in various industries. That said, plenty of spurious information is being produced in the context that has disrupted the involvement of blockchain in businesses.
The condition of Blockchain at the beginning of the decade is similar to that of the World Wide Web in the early 90s; no Google, no Amazon, no Facebook, nothing existed.
Blockchain bridges the gap between data control and collaboration. It presents transparency, decentralization and immutability to the distributed ledger all across the network. Also because the transactions are irrevocable, tempering with the record is not possible, thus establishing its security in every aspect. Most tech giants and big companies are adopting blockchain technology to grow while some are still shrouded in the mystery of blockchain technology. Some of the early adopters of the technology are fintech, healthcare, industrial products, and logistics industries to ensure business reconciliation, security and authentication.
Unveiling the Mystery of Blockchain Technology
Blockchain networks contain a system of records and logs added by members in peer-to-peer encrypted networks. This network is immutable, and the logs once added can’t be edited by anyone. As a distributed ledger network, every entry in the system is accessible by the network only if agreed upon by everyone. The entire process of working on a blockchain is automated, and no external infringement is possible. This makes it future- and temper-proof, and hence the technology is completely reliable.
We have compiled a list of big companies that are using blockchain technology to sort and manage their data & information and business operations.
Biggest Companies using Blockchain Technology
Banking and Finance
Companies like Barclays, BBVA, Visa, HSBC, Intesa Sanpaolo, NASDAQ OMX Group Inc, Swiss investment Bank, and UBS use Blockchain technology to save on costs incurred during data exchange. Traditional methods involved several intermediaries with multilayer schemes that were costly and lengthy. But blockchain technology has cut prices to a considerable rate while reducing the lengthiness of the process. It also has the capability to curb data breaches and bank fraud by having a decentralized network.
Big companies like Unilever, Walmart, Ford, Anheuser Busch InBev, De Beers, Maersk, British Airways, FedEx, etc. are approaching Blockchain Technology to track all from production to export of the product. From keeping information transparent to combating counterfeiting of products, blockchain can create a network to validate the company’s success.
Companies in the health sector, like Guardtime, Factom, BurstIQ, Iryo, FDA, Pfizer, Medicalchain, Chronicled, EncryptGen, SimplyVital Health have already implemented blockchain technology to their process to streamline their operations. It reduces the involvement of intermediaries and paperwork to ensure safe storage and management of records within a closed-loop tracking system.
Major airlines like Singapore Airlines, UAE’s National Airline, Delta Airlines, Lufthansa, and British Airways have absorbed the power of blockchain technology. This distributed ledger technology manages all from security checkups to aircraft manufacturers, logistics providers, etc. Endowed with specific features, it helps the travel industry improve its customer reach by focusing on customer issues.
Though companies are still dubious for choosing blockchain or not, but Blockchain as a disruptive technology is changing the ecosystem to make it secure and approachable in the near future. Despite the challenges that people are facing in the context of Blockchain technology, it’s being adopted in both the private and government sector to streamline business operations. Automating your business operations will unlock the full potential of your business in a highly competitive market. What’s your take on switching to blockchain technology? Write us back to share your views.