With the success of blockchain, many enterprises have begun to use blockchain technologies. The capacity for blockchain is to add decentralization, security, transparency, and immutability to company processes.
In addition, in distinct usage cases such as supply chain, hospitals, government, insurance, banking, real estate, and much more, blockchain is applicable.
While blockchain was originally deemed only acceptable for the banking industry, it has now begun to disrupt other industries. So, we have a number of blockchains now that are in the pilot process or that are already in operation in specific companies.
The e-commerce behemoth provides blockchain software for enterprises who don’t want to create their own, as an expansion to Amazon Web Services.
Nestlé used Amazon’s blockchain product in Australia to help promote a new coffee brand, “Chain of Origin,” where customers would see through the supply chain of coffee: they can check a QR code to see where the beans were grown and roasted on a small farm. Sony Music Japan, BMW, Accenture, and South Korean craft brewery Jinju Beer are other Amazon blockchain users.
Nestlé’s approach to full supply chain openness from crop to cup, with technology at its heart, is Chain of Origin.
Coffee producers usually go for simplicity, uniformity of multiple beans to get a consistent flavor.
Today, buyers want to hear about the product’s consistency, recognize where it comes from, and have a range of flavors.
AWS provides a full variety of purpose-built programs that allow businesses such as Nestlé to concentrate on making a difference to the consumer experience.
Nestlé is able to store supply chain transactions using Amazon Managed Blockchain in ways that are open, irreversible, and verifiable to allow its partners to connect in a trustworthy and productive way. This approach, therefore, guarantees that the supply chain is checked and immediately fixes any defects, malpractices, or tampering.
Along with Tesla’s much-publicized entry into Bitcoin with its $1.5 billion dollar purchase and plans to allow Bitcoin as payment for its vehicles, Tesla has dove headfirst into specific integration of blockchain technology.
To speed up the importation phase in China, Tesla is utilizing blockchain technology.
CargoSmart, a blockchain-based logistics provider, shared the news in April that a blockchain software has been tested by Tesla, the Shanghai International Port Group, and the Chinese container ship operator COSCO in order to shorten the release period of cargo. This made it possible for the distribution departments of Tesla to assume control of the items after they have been unloaded.
CargoSmart stated that the pilot was performed in December and it used blockchain technologies to exchange related shipping data and metadata with Tesla and other interested parties.
This provided access to a shared database that simplified the process and helped Tesla “speed up procedures for cargo pickup on a trusted and secure platform.”
There are no details on the form of blockchain used, or on the type of products shipped into China by Tesla through this app. It is still uncertain whether or not Tesla plans to proceed to import products into China or somewhere else utilizing blockchain technologies
Facebook expects to launch its cryptocurrency project in 2021.
David Marcus, head of Facebook Financial, or F2, told audiences at the Singapore FinTech festival that by introducing Diem, Facebook’s proposed digital currency for usage on its social network, and Novi, the corresponding wallet for its Libra blockchain, on its website, he hoped the organization will invest in transforming the financial services market.
The introduction of the site is based on securing the requisite regulatory approvals from Facebook to work in various jurisdictions. The Libra association is currently seeking Swiss regulators’ approval to issue a dollar-backed stable coin.
Diem (formerly known as Libra) is a blockchain-based authorized payment protocol.
The currency and the network are not yet in operation. The launch was originally scheduled for 2020, but only a rudimentary experimental code was published.
The project, currency, and transactions are to be handled and delegated to the Diem Group, a member body of payment, infrastructure, telecommunications, internet marketplace and venture capital and non-profit firms, in cryptographic terms.
Of all technology companies, Google might be the most important organization. However, it has generally kept the crypto revolution at arm’s length until recently.
A venture-backed blockchain startup, Theta Labs, has formed a new partnership with the quickly expanding Alphabet affiliate, Google Cloud.
A new service will be provided by Google Cloud to enable users to install and operate Theta’s blockchain network nodes. Or more significantly, Google Cloud itself, serving all of Europe, will run a validator for Theta’s network.
For Google, it’s a baby move, but make no mistake about it: the organization is already interested in blockchain.
A validator is a blockchain network’s base, determining if a transaction is legal and vouching for the transaction. A decentralized network would not function without it.
For Theta Labs, this is a game-changer. The firm, headquartered in San Jose, California, aims to alleviate crowded networks everywhere by introducing blockchain technology to online video sharing.
As external business validators who suggest and verify new blocks on the Theta network, Google follows the likes of Binance, Blockchain Projects and Gumi Cryptos. Eventually, Theta plans to provide 31 validators for external companies. Google Cloud is now becoming Theta’s preferred service provider with today’s news.
In addition, the search giant reported its BigQuery data analytics tool was integrated with Chainlink, enabling data from external sources to be used in applications developed directly on the blockchain.
The relationship could assist in handling futures contracts, settling risky bets, and rendering trades more private.
Google released a set of software on BigQuery earlier in 2019 that rendered blockchain details completely searchable for bitcoin and seven other major cryptocurrencies.
IBM has a well-discussed partnership with Stellar with regards to its stable coin project.
In order to introduce stable coin project USD Anchor, IBM collaborated with Stellar, a blockchain that shares technologies with Ripple, and Stronghold, a startup.
USD Anchor coins are backed by an equal sum of U.S. dollars on deposit by Nevada-based Prime Confidence at FDIC-insured banks.
Big Blue also created a patented variant of its IBM Blockchain technology named Hyperledger Fabric that is simpler to set up and easier to run for non-coders.
One of the blockchain consortiums assembled by the organization, the IBM Food Trust is built to migrate dynamic food supply chains to one decentralized, public ledger. The olive oil giant CHO revealed in January 2020 that, after the November 2019 harvest, it has been monitoring its gourmet Terra DeLyssa oil on the Food Trust blockchain.
Similarly, 18 million purchases for 17,000 items have already been tracked by the Food Trust.
6. JP Morgan
The biggest bank in America is holding quiet on the success of its JPM Coin, the digital currency it launched in February 2019 to enable banks to more easily settle transactions.
However, it admits that 100 organizations are already utilizing its Liink product, formerly known as the Interbank Infromation Network, a blockchain that accelerates cross-border transfers between banks by using a mutual ledger to address delays that occur because, for example, one bank suspects that a foreign penalty may be breached by a move.
In addition, in October, JPMorgan Chase said its digital currency, JPM Coin, is being used commercially by a major technology client to transfer payments around the world for the first time this week.
Takis Georgakopoulos, the bank’s global head of wholesale payments, said that progress, along with other behind-the-scene changes, convinced JPMorgan to establish a new company to house its blockchain and digital currency activities called Onyx.
There are more than 100 devoted team members in the unit, he added.
Via Azure, the cloud infrastructure arm, the tech giant provides blockchain-as-a-service.
It launched a new product recently, intending to make it simple for enterprises to use a common collection of requirements to mint their own digital properties (tokens). Microsoft’s latest tokenization platform, including its other products, is intended to lower the barriers to blockchain entry for large businesses.
Azure Blockchain Service is a completely operated ledger application that helps users to scale blockchain networks in Azure to expand and run.
With a few quick taps, users can deploy professionally managed blockchain networks and implement integrated governance and codeless control of consortiums.
In addition, users can create blockchain applications utilizing common development languages and software. Azure also provides a blockchain data manager for end-to-end solutions to capture, respond to, and store ledger data off-chain.
The blockchain of Samsung SDS, Nexledger, adds transparency and security to transactions.
The framework is now being used in an application named BankSign by a community of 18 Korean banks, which easily helps banks’ retail customers to show who they are, including while entering a bank where they are not a client.
The framework has registered 235,000 person users since its introduction in August 2018. The Nexledger is also used by Samsung Group’s information and data systems branch to aid patients to confirm their identification, speeding up the period it takes to process a health care application.
Samsung SDS unveiled a blockchain-based quick compensation insurance claim program in January 2020. It is a program where customers through their smartphones demand insurance money without using paper papers.
It is based on the Universal Blockchain Framework. It is useful since, without downloading a different program, anyone may use it.
This approach saves needless paperwork from clinics, such as medical cost receipts and the possibility of receipt forgery from insurance providers, as no manual labor is done to validate supporting documents.
The security of blockchain transfers has been greatly enhanced by NexLeisure Universal. The transaction speed per second (TPS) was increased, which was lower than that of a general network, and numerous blockchain technologies such as hyper ledger fabric and Ethereum were also related.
In October 2020, Square, Inc. reported that it had bought around 4,709 bitcoins at an estimated price of $50 million.
Square argues that cryptocurrency is an economic development mechanism and offers a means for the globe to engage in a global banking structure that aligns with the intent of the business. As of the end of the second quarter of 2020, the contribution constitutes nearly one percent of the overall assets of Square.
Square plans to observe and engage in a disciplined way as adoption develops. The payments processor stated that the investment is a phase in the path for a business that is creating goods focused on a more inclusive future.
From a product, leadership, and legal innovation standpoint, Square previously invested in bitcoin, and today attaches this financial contribution.
In 2018, the firm introduced Bitcoin exchange with the Cash App, which allows bitcoin to be purchased and sold.
The business founded Square Crypto in 2019, an autonomous team based exclusively on contributing to the gain of all bitcoin open-source work, which recently introduced the Cryptocurrency Open Patent Alliance (COPA), a non-profit association that encourages crypto creativity and unlocks access to proprietary crypto innovations.
In October, PayPal revealed it will introduce a revolutionary program allowing its users to buy, keep and sell cryptocurrency directly from their PayPal account, and indicated its intentions to greatly expand the utility of cryptocurrency by making it accessible to its 26 million retailers worldwide as a means of financing for transactions.
A new PayPal app enables its users to directly purchase, retain and sell cryptocurrencies from their PayPal account.
One in 10 central banks, or nearly one-fifth of the world’s population, is projected to launch their own digital currency over the next three years, according to a report by the Bank for Foreign Settlements. PayPal has aimed to target this specific market as the world’s largest online payment processor.
By way of collaborations with payment processors BitPay, GoCoin, and Coinbase, PayPal was also one of the first payment firms to enable retailers to adopt Bitcoin.