Are companies really using Blockchain technology?

BBFTA News Editor | | PERMALINK

Written by Jonny Fry
Writers linkdin: https://www.linkedin.com/in/jonnyfry/

One of the most common questions we get asked when giving presentations is ‘Are companies really using Blockchain technology?’. To be honest, this was one of the reasons that Digital Bytes came to be in March 2018, as back then most of the engagement with Blockchain technology (apart from cryptocurrencies) was about exploring proof of works - thus how this technology could be used. However, as we have commented before, the driving force for greater adoption of Blockchain technology is no longer the ’cyberpunks and techy geeks’ but is now very much being driven by governments and global corporations. 



Here are just a few examples:


  • Alibaba - one of the largest holders of Blockchain technology patents globally, using this technology in supply chain logistics, financial services and the fight against counterfeit food.




  • IBM - Hyperledger Fabric is one of the keyways in which ‘Big Blues’ is rolling out Blockchain technology to its clients. IBM’s Food Trust network is used by household names such as such as Nestlé, Dole, Walmart and olive oil giant, CHO. IBM has also been very active in the shipping sector, working closely with Maersk’s TradeLens platform to digitise the movement of global shipping logistics and supply chains.


  • Hedera Hashgraph - developed in 2016 and designed to offer secure applications in real-time. Hedera Hashgraph has an impressive range of global corporations that own and govern the organisation have just announced that U.S-based AVC Global subsidiary Medical Value Chain will be offering a track-and-trace platform for global pharmaceutical supplies to Bahrain.


 

The Hedera Governing Council


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Source: Hedera Hashgraph.com


  • IconLoop - South Korea is very active in the use and development of Blockchain technology. IconLoop has applications using Blockchain-powered platforms in banking, healthcare and government sectors as well as using the technology for driving licenses, which it is currently developing.


  • JPMorgan - the biggest bank in the United States has gone on to create the JPM Coin, despite its CEO being verbally disinterested in Bitcoin. JPMorgan is a member of a blockchain consortium comprising of 130+ banks called the Interbank Information Network, using technology to improve compliance monitoring and controls whilst reducing the time it takes to process payments.


  • Oracle and Microsoft - these two global-technology ‘titans’ both sell cloud computing services offering blockchain-as-a-service attracting companies such as GE Aviation, Singapore Airlines, Indian Oil, Nigeria Customs, Starbucks, JP Morgan.


  • PayPal - as one of the largest online payments systems, it has accepted Bitcoin for years and now offers a service to institutions enabling them to hold cryptocurrencies as part of their treasury reserves. PayPal has recently stated that “it was looking for a way to understand how to leverage blockchain to better serve merchants and users.”


  • Salesforce - Salesforce Blockchain offers an additional facility to Salesforce’s customer relationship management system (CRM) which already has 150,000+ clients. Lamborghini is using the Salesforce Blockchain-powered platform to prove the heritage of its cars. This proof of provenance can substantially increase the value of a Lamborghini.


  • Visa - five years ago, Visa invested in a blockchain start-up called Chain, then proceeded to develop ‘Visa B2B Connect’ with Chain as a fast and secure way to process business-to-business payments around the world. Visa also offers a number of crypto debit cards such as Binance, Coinbase, Baanx and Revolut.


  • World Economic Forum - of all the supernational organisations, the World Economic Forum is one of the most active and has established the Global Blockchain Council, helping with the adoption of Blockchain technology for the global public interest. An example of this is its initiative, to track greenhouse gas emissions from mining and metals companies.


Still not convinced about the adoption of Blockchain technology? Simply by searching on Google for Blockchain+xxxx (xxxx being the name of industry in which you are interested), there are plenty of examples to be found. However, despite this, TeamBlockchain presented at an on-line financial services event only last week and it was still astonishing to hear feedback comments from the attendees such as: “Didn’t realise how widespread Blockchain technology was”; “Thought it was just about crypto”; “Wow, there are 80% of central banks looking at digital currencies!”; “Can I have more information about how Blockchain is helping companies to meet their ESG targets?” But then again, writing every week in Digital Bytes is a continuously learning curve as to how, why and where Blockchain technology and Digital Assets are being used by governments, companies, individuals and society. Indeed, Deloitte and the World Economic Forum stated in their 2021 Global Technology Governance Report that: “Blockchain’s characteristic immutability and transparency of transactions as a “single source of truth” could increase trust in the accuracy of critical official data…”


One thing is immutable, we are becoming ever-more digital in the manner in which we conduct our lives. As we witness more and more AI, machine learning and robotics being used to automate the many dangerous, mundane and repetitive processes or jobs, we will undoubtedly see the harnessing of Blockchain as being one of the key technologies going forward.