Top companies seduced by Blockchain
According to The Block, 72% of the Fortune 100 companies are investing in blockchain. From studying to implementing, the top companies are placing bets on the new technology. But what use cases are the largest companies in the world exploring and why do they believe in blockchain?
Let’s review some examples:
Industrial and Commercial Bank of China (ICBC)
The Industrial and Commercial Bank of China, has created an enterprise blockchain platform to track transactions during the pandemic and in April 2020, ICBC released a White Paper on Blockchain technology applications in Finance.
The bank also holds more than 40 blockchain-related patents including a financial security system, and cluster computing.
With $177 billion in sales and total assets of $4.2 trillion, ICBC leads the list of the top largest public companies in the world by Forbes Global 2000.
Walmart
Using blockchain, Walmart created a food traceability system to prevent foodborne diseases. Currently, they trace the origin of over 25 products from 5 different suppliers and already invited all their leafy greens suppliers to join the system.
Walmart has positioned itself on the top of the 2020 Fortune 500 list.
Sony
The Japanese tech giant is using blockchain to store and share verified academic records in a tamper-proof distributed network, allowing students, educational institutions, and companies to have real-time access to the verified academic records.
UnitedHealthcare Group
Holding the 7th place in 2020’s Fortune 500, UnitedHealthcare Group is the world’s biggest healthcare company. In April 2018, the company joined forces with Humana, MultiPlan, Quest Diagnostics, and Optum to create a blockchain solution to tackle the high cost of healthcare provider data management.
So far, each insurance company has maintained its own directory and according to the Synaptic Health Alliance, roughly $2.1 billion is spent annually across the US health system doing so. Besides, inaccuracies are often found in these directories, what has motivated the health giants to join forces developing a decentralized directory using blockchain technology.
Agricultural Bank of China Limited
According to a CoinDesk report, the Agricultural Bank of China has tested a blockchain platform to offer agricultural loans to businesses and farmers.
“the tamper-proof blockchain is able to streamline the manual process of loan approval, eliminating the double-spending problem wherein borrowers using the same piece of land as collateral apply for loans from different banks.” the bank says.
Nestlé
The world’s largest publicly-traded food company is using blockchain in an effort to provide transparency to the customer. Now, European consumers of Zoégas coffee can scan QR codes and track the coffee journey from the growing locations to the packaging and learn more about the time of harvest, shipments, roasting and the Rainforest Alliance certification. Nestlé is also exploring the use of blockchain for tracking their organic infant formula, baby foods and more.
Samsung
The 16th largest company in the world, Samsung, integrated cryptocurrency support into its smartphones in 2019 and launched the Samsung Blockchain Wallet supporting all the major cryptocurrencies and user’s private keys.
These are just a few examples of the increasing number of players in the industry exploring blockchain technology but is blockchain that simple to adapt?
The Blockchain Solution for Enterprises
Concordium is a tier 1 public-blockchain, with on-chain verified ID, working on making blockchain adaption easy for the enterprises.
Led by a team with a proven success record of building Global 500 business, Concordium’s mission is to meet the enterprise needs. We are designing a 2-Layer Consensus Mechanism that combines a Nakamoto-style Blockchain with an innovative finalization for fast transactions and secure finality under adverse conditions.
Concordium includes an identity layer at the protocol level and a ZK Proof Based mechanism to ensure a high level of privacy and regulatory compliance at the same time.
Currently, we are creating user-friendly tools to help businesses create applications on top of Concordium core protocols and technologies, allowing business to easily adapt the technology to their needs.
Would you like to know how Concordium can help you develop your company’s use case? Contact mar@concordium.com
Learn more about Concordium here.
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