BACK TO THE FUTURE: HOW AND WHY MULTINATIONAL COMPANIES ARE IMPLEMENTING BLOCKCHAIN.
In our previous update about Blockchain Week 2019 we promised to come back with a review on the importance of blockchain and how multinational corporations are embracing it. Why, you ask? Because, regardless of our opinion, blockchain is increasingly becoming an integral part of the way we do business, manage our finances, and many more everyday tasks. Because we want to show you existing cases of successful adoption of blockchain, which, in the future, companies and regular users might be using the MARK.SPACE platform. Because it’s not just about e-commerce, data management, or finance. And, most importantly – not just about crypto.
Blockchain technology has emerged as one of the most promising services in the recent years. It holds tremendous potential to transform the workings of various sectors. Living in a highly digitalized world, a range of large and medium-sized enterprises are exploring blockchain technology services in order to make a place in this competitive market. Companies across the world are eager to integrate some version of blockchain technology into their company, and this can be seen in the massive influx of filed blockchain related patents.
Companies can really excel by providing blockchain solutions in this sector. A mix and match of strategies is all you need to see your business growing by leaps and bounds. Understanding nuances of blockchain technology can play an instrumental role in charting the future path of any company. We have made a summary of (random-not-so-random) 20 corporations, organizations, and enterprises that are increasingly implementing blockchain technology as they seek to take advantage of its many capabilities.
- IT & Social Media
Apple is a company that understands that the likelihood of being copied or that other companies establish a similar idea before or during the commercialization of their creations is very real, which is why this company has patented blockchain technology for time stamping data. Their competitor Samsung, on the other hand, intends to use blockchain technology to enhance chain management when it comes to electronic shipments.
When it comes to social media representatives, at Facebook they’re exploring the user of blockchain to enhance data security and user privacy.
Baidu, the Chinese multinational technology company specializing in Internet-related services and products and artificial intelligence, are already using blockchain to enhance intellectual rights management, whereas Google, member of the Big Four (together with previously mentioned Apple and Facebook), is exploring the use of blockchain technology to enhance cloud service security and for data protection.
- Automotive & Aviation
The second-largest U.S.-based automaker (behind General Motors) and the fifth-largest in the world Ford Motor Company is leveraging blockchain technology to enhance the mobility of its technologies, whereas its competitor Toyota Motor Corporation, world's second-largest automotive manufacturer and world's market leader in sales of hybrid electric vehicle, are currently planning to use blockchain technology to enhance autonomous driving technologies.
A good example of blockchain in aviation can be seen at British Airways, who are implementing the technology to manage flight data as well as verifying traveler identities.
- Healthcare, Finance & Insurance
Current number six of Fortune 500, American health care UnitedHealthcare is using blockchain technology to improve doctors’ directories to enable accurate insurance claim fillings, and MetLife, leading international holding in the field of insurance and pension provision is using blockchain technology for storing patients’ medical records for insurance purposes.
Largest public listed pan-Asian life insurance group of companies AIA Group launched the first of its kind bancassurance for sharing policy data, and Prudential, another major insurance, retirement, and investment company, unveiled a blockchain powered trading platform for small and medium-sized enterprises.
- Retail, Food & Drink
Swiss multinational food and drink company Nestle is using blockchain technology in supply management to track baby food products, and Walmart, American multinational retail corporation and current Fortune 500 leader is using blockchain technology to track product movement from farmers to stores.
- Shipping & Courier Companies
Multinational package delivery and supply chain management company UPS came up with a blockchain-powered logistics monitoring and management solution, whilst competitor FedEx, multinational courier delivery services company is working on a blockchain solution for settling customer disputes. Danish business conglomerate with activities in the transport, logistics and energy sectors Maersk want to implement a blockchain system for tracking movement of shipments between ports.
- Natural Resources
BHP (Billiton), Anglo-Australian multinational mining, metals and petroleum dual-listed public company is leveraging blockchain technology for supply chain management.
- Certified Data Verification
Today, businesses, government, and educational institutions, as well as individuals are being increasingly challenged by certified data verification issues. For this reason, Chinese multinational conglomerate specializing in e-commerce, retail, Internet and technology Alibaba Group is using blockchain technology to track luxury goods in its e-commerce platforms, whereas Chinese multinational investment holding conglomerate Tencent found a solution for verifying invoice authenticity and for ensuring tax compliance.
How would you implement blockchain technology? Share your ideas in our chats and on social media!