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Blockchain Traceability More Important than Payments & Settlements for Billion-Dollar Firms

Due to the increasing number of blockchain usage in everyday life, billion dollar companies are now said to be more likely to use blockchain for traceability and provenance rather than for payments and settlement, according to a new analysis of the Forbes Blockchain 50, an annual list of companies embracing the underlying technology of blockchain and cryptocurrencies as a whole. Published in late February, the list includes fifty of the biggest world-renowned brands on all industry types that are actively advocating for the use of blockchain both inside and outside their respective companies, and each one at the very least has an annual revenue in excess of $1 billion.

More specifically though, the companies applying blockchain traceability solutions include IBM, Nestle, Foxconn, Honeywell, Walmart, Amazon, BMW and Mastercard. Some of their company products are already in production, while more are being started as pilot programs to test the waters before going all out on their respective projects spread across many different sectors like agriculture, mining, aerospace, food and automotive industries just to name a few.

The next best category that piqued the interest of some multi-billion dollar companies on the list such as Facebook, Credit Suisse, JPMorgan, Bakkt, Ripple and Square was highlighted to be Payments and Settlements, followed by blockchain development, trading and exchanges, supply chain management, fraud prevention, asset tokenization and many other factors. This analysis concludes by reinforcing the idea that Blockchain is slowly but surely and steadily taking over the many different sectors in our market today, and will continue to do so in the new era yet to come.

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