Since the introduction of the blockchain in 2008, this emerging innovative technology has already conquered a number of industries worldwide. Security, transparency, cost and time-efficiency are just some of the blockchain’s benefits companies take advantage of. Increasingly these days, more and more large corporations are implementing blockchain, transforming and improving their operations dramatically. Let’s take a look at some of the biggest.
We’ll start by looking at the top five, and then talk about five more than are notable due to their high profile. It’s no surprise that the top two are Chinese corporations.
#1 Industrial and Commercial Bank of China
The giant $165 billion/year Industrial and Commercial Bank of China is leading the list. With $4.2 trillion in assets, this state-run bank had previously denied working with blockchain stock exchange, Tzero. However, as reported by Coinbase in April, patent filings were made public that showed the bank was exploring using blockchain to improve the efficiency of issuing certificates by keeping users from repetitively filing the same document to multiple entities.
Instead of the certificates being obtained by the issuing agency and submitted repetitively to multiple agencies, the technology would allow it to be passed and viewed digitally, streamlining authentication of the document and cutting down on the effectiveness of counterfeiting.
#2 China Construction Bank Corporation
It’s probably not hard to guess that number two on the list is also a large Chinese Corporation, the $143 billion/year China Construction Bank Corporation.
CCBC’s implementation is much more public, including a high profile partnership with IBM. The company’s blockchain system is being used to help improve how financial institutions and insurance companies buy and sell products from each other. Along with the world’s leading economic and tech hubs, such as U.S., U.K., and Switzerland, China is on the list of the countries leading in adoption of blockchain technology.
#3 J.P. Morgan Chase
The third on the list is the largest U.S. bank, JP Morgan Chase. With $118 billion in sales and $2.7 trillion in assets, the diversified financial organization is one of the most active companies in terms of integrating blockchain technology. Even though CEO Jamie Dimon has repeatedly criticized Bitcoin, his company has committed its own internal blockchain platform, Quorum, to the open source community at large.
Many of their high profile customers, including Pfizer and IHS Markit, are highly active blockchain integrators.
#4 Berkshire Hathaway
If you’re thinking that this company should be on #1, Warren Buffett’s Berkshire Hathaway now slips to fourth, due to more and more large companies adopting blockchain. Checking in at $235 billion in sales and $702 billion in assets, Berkshire Hathaway became a member of two large-scale blockchain initiatives.
The first one, TrustChain, is a game changer in the jewelry industry, allowing to track authenticity of gold and diamonds following all steps of their production with the help of the blockchain technology. Berkshire Hathaway’s jewelry arm, Helzberg Diamonds, currently provides TrustChain with a plan to launch it globally to the public in early 2019.
Second major blockchain initiative Berkshire Hathaway became a part of is connected with the freight industry. Berkshire’s railroad arm, BNSF, joined the major industry organization, Blockchain in Transport Alliance, revolutionising the transportation industry through blockchain, developing and implementing the blockchain solutions focused on database, vehicle maintenance, quality control, and fraud prevention.
#5 Agricultural Bank of China Limited
Rounding out the top five big companies using blockchain is another Chinese bank, the Agricultural Bank of China Limited. Their sales lag a bit behind at $129 billion, but they have $3.4 trillion in assets. The company is implementing blockchain technology to streamline land-backed loans to e-commerce companies. Coinbase recently reported a successful trial of the technology.
Another notable company adopting blockchain is also the only technology firm to make the top 10, Apple. Their exploration of blockchain systems has been largely kept quiet. However, the $247 billion/year giant recently revealed a patent application presenting a system to timestamp data using blockchain technology.
Three years ago Microsoft rolled out their Azure blockchain system to their cloud computing platform, and now are in the process of connecting all their major products to the system as well.
“With enterprise blockchain, you get the structured and formatted data part thrown in for free,” said Matt Kerner, the general manager of Microsoft Azure. “What blockchain is doing is creating a multi-party business process that is moving out of email, phone calls, spreadsheets and into a single system with a single view on the data that all of the participants can rely upon and trust.”
They are also exploring the use of a decentralized blockchain user ID/identity system as well, proving they are at the forefront of implementation of the technology.
#8 Alphabet (formerly Google)
Being one of the global leaders in digital technologies, advertising, and software development, Alphabet is one of the most influential companies in the world. As you might expect due to their vast resources, they are developing their own internal blockchain system. The digital ledger will facilitate third-party users posting and verifying transactions. The company is also looking to consolidate their vast cloud operations and have been experimenting with blockchain protocols within the segment. Additionally, they are actively investing in promising tech startups that will help them access the emerging technology.
Formerly a skeptic, Walmart CEO Frank Yiannas has now steered the retail giant to be one of the largest companies using blockchain technology.
In a recent Computerworld Q&A Yiannas stated,
“We believe blockchain is a great use case for supply chain traceability and transparency.”
According to Yiannas, no less than 25 SKU’s in the Walmart supply chain are being traced using the technology, which provides increased transparency and therefore public safety.
Many auto manufacturers are exploring the the benefits of blockchain systems, for not only financial transactions, but for supply chain and manufacturing efficiencies as well. Daimler issued a €100 million bond in 2017, has also explored issuing their own coin, MobiCoin as a customer reward, and lots of integration in their manufacturing segments.
#11 U.S. Centers for Disease Control and Prevention
Our final example of a big company using blockchain technology isn’t as much a company as it is a government agency. The Centers for Disease Control and Prevention (CDC) has been exploring blockchain implementations,, including helping to combat the opioid addiction epidemic.
The distributed ledger allows quick access to a wide variety of data from many different sources, allowing them to zero in on potential problem areas very quickly.
Blockchain technology is not just a trend, or a hype. With the capabilities and opportunities blockchain is offering, it can solve complex business tasks in almost every industry. Even large traditional corporations are now successfully implementing blockchain solutions, which means that it has become a mainstream and a must-have competitive advantage.
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