Blockchain Is The New Black: Top 10 Companies Exploring Blockchain Technology
Blockchain is the new black and its picking up steam faster than ever. Blockchain technology is perhaps one of the most significant recent developments affecting the future of money and the internet, since, well… the internet. Many of the world’s largest corporations have already begun implementing blockchain technology into their businesses. The technology has changed the game, and if small to mid-level companies don’t learn the new rules, they may be left behind. Here is our list of the top companies that are exploring blockchain technology and what they’re doing with it.
Amazon offers blockchain tools along with Amazon Web Services, one of the largest corporations in cloud computing. This creates a smooth pathway for corporations to implement blockchain distributed ledger technology into their businesses. Amazon Web Services is Amazon’s most profitable business line, with profits of over $7 billion in 2018. It only makes sense that Amazon would invest even more into blockchain technology and their web service tools in the near future.
The behemoth maker of Budweiser, Corona, Stella Artois, and more is starting to dip its toes in blockchain technology. AB InBev recently started a pilot program in San Francisco where consumers can upload their personal information to a blockchain and can be verified to buy alcohol at vending machines simply by scanning their phone. Additionally, the company has been working in partnership with companies in Africa to provide real-time pricing and payment information to farmers that lack the funds to obtain such information.
Citigroup has invested in numerous blockchain related startups that include: Digital Asset Holdings, Axoni, Cobalt DL, and many more. They are heavily invested in further developing blockchain technology for many financial applications such as securities settlement, credit derivative swaps, and insurance payments. Earlier this year, Citigroup partnered with Barclays to launch a blockchain app store (LedgerConnect).
The company best known manufacturing Apple’s iPhones — has been involved in blockchain technology for a while now, being the main manufacturers for Sirin Labs’ first blockchain phone. In addition to manufacturing, Foxconn was a Series A investor in Cambridge Blockchain, a startup that specialized in helping enterprises ensure they handle KYC and comply with regulatory requirements.
Search engine giant Google is currently in development of a distributed ledger that allows third parties to send and verify transactions. Its long term plans with blockchain involve providing a full stack blockchain service for developers that companies can run on their own servers. This hopefully will grow their market share in the cloud business, which is currently behind both Amazon Web Services and Microsoft Azure.
Microsoft has recently been heavily involved in the blockchain space with their support for the ID2020 Alliance, a public-private partnership designed to solve the widespread lack of identity documentation. In addition to aiding 1.1 billion people around the world without legal forms of ID, Microsoft has collaborated with Accenture and Avanade on a blockchain-based identity protype that uses Microsoft Azure.
IBM has been involved in blockchain technology for many years. Back in August 2017, IBM partnered with Walmart, Kroger, Nestle, and Unilever to use blockchain to improve food safety through enhanced supply chain tracking. IBM has open-sourced the widely used Hyperledger Fabric and is a driving force behind many blockchain initiatives.
In addition to contributing blockchain platform Sawtooth to the Hyperledger consortium, the computer giant has mainly focused on how hardware can help push blockchain technology forward. Intel also has a partnership with Oracle utilizing Intel’s processor technology to deliver cloud based blockchain service to its enterprise customers.
Despite JP Morgan CEO’s Jamie Dimon calling Bitcoin a “fraud” back in 2017, the bank has been actively testing possible use cases for blockchain technology. They have submitted numerous patents regarding distributed ledger technology for settling transactions between banks; as well as issuing their own JPM coin in 2018. Blockchain technology could help provide banks with the ability to process payments in real-time.
The global grocery store chain that ranked number 24 on Forbes’ Global 2000 list has tested blockchain technology since its early prototype phase using Hyperledger Fabric on the pork supply chain. Since then, Walmart has expanded its blockchain investments into other supply chains as they recently announced a partnership with Chainlink in cooperation with PriceWaterhouseCoopers (PWC).
Here are some more companies that are dabbling in blockchain technology that didn’t make our original list at press time.
The social media giant Facebook has proposed the Libra project which aims to be a permissionless blockchain digital currency that is planned to be released in 2020. Facebook is currently under heavy watch by regulators and lawmakers regarding Libra and Facebook’s CEO Mark Zuckerberg is scheduled to appear in front of the House Financial Services Committee for a hearing regarding the digital currency this month.
Twitter founder and Square CEO Jack Dorsey has long been an advocate for bitcoin, having said in the past that he fully expects the cryptocurrency to become to world currency. Square recently launched Square Crypto, the bitcoin-focused arm and has brought in over $65 million in revenue through its CashApp Bitcoin exchange platform in Q1 of 2019.
This article was originally published in Block Journal | Issue №9 | July. 2019 (featuring Da Hong Fei of NEO)
To read more: www.blockjournal.io and subscribe to our weekly newsletter for the latest updates in Bitcoin and the crypto markets.