How are big enterprises using blockchain technology?

Blockchain is a technology, organizations are now taking seriously clearly for the benefits it proffers. Right from J.P. Morgan to Walmart, massive businesses have already embarked on the mission to implement blockchain solutions. These organizations have given their strategies a major spin-off owing to the new inclusion. These tactics are to leverage blockchain’s advantage of security, transparency, and automation to augment customer delight, prevent fraudulent practices, optimize the supply chain, and much more.

Through this article, we want to show you how Blockchain — “The Technology wonder” seems to grow in usage in Fintech, retail, etc and how it is changing stereotypes.

Fundraising through Blockchain

Back in 2013, Blockchain Capital was the first VC firm to invest in blockchain. Later on, it also issued an ICO selling their token to raise money for their VC to further promote Blockchain. To come up with an idea of digital tokens itself was great as they are liquid VC investments and are easily resaleable. ICOs have become a great way to raise big funds and combining them with Blockchain security, is an added benefit. In 2015–16, there were about 75 entries that raised more than $250 through such Coin offerings utilizing blockchain technologies!

Blockchain in Fintech

JP Morgan carries the credit of creating a huge spread of blockchain-based mobile payments network called the Interbank Information Network. The promise of the technology also got two biggies Royal Bank of Canada and Australia and New Zealand Banking Group to join the INN. By implementing the technology, the network could remove a good number of participants from the payment process. As a result, costs related to payment delays were reduced considerably. JP Morgan ever since has been utilizing Blockchain to improve client experience.

Blockchain to optimize supply chain

Everledger uses smart contracts from blockchain to track the origin of luxury items right from source to the buyer with serial numbers. This went a long way in preventing fraud in the supply chain. In fact, all the stakeholders of the contract including marketplaces, banks, and customers, can easily track the authenticity of the luxury item on blockchain.

Luxury Car manufacturer

In one of our earlier features, we talked about Blockchain basics and provided you with a comprehensive guide. Through this feature, we want to assist companies with information about how it is been used worldwide by top-notch organizations. Luxury car manufacturer, BMW uses blockchain technology to monitor the supply chain of its vehicles and parts. They now track movements across the world. BMW is a member of MOBI ( Mobile Open Blockchain Initiative), which is a group of manufacturers coming together to track the supply chain with this technology. Honda and Ford also are a part of this consortium. The major goal of this technology is to track everything about the life of a car including direction, location, speed, and unbelievably even the driver’s intentions.

Great for Baidu

BlockTales has always endeavored to present information that will ensure everyone’s opinion is relevant in the market. Our teams research well to grab information that is akin to what users want. Similarly, Baidu, the great search engine, has been avidly pursuing technology to push innovations. Duxiaoman Financial, Baidu’s affiliate, created its own version of Cryptokitties in 2018. As a result, people there were able to trade digital puppies using blockchain. This is just the tip of the iceberg as Baidu has several blockchain innovations up its sleeves.

Let numbers speak!

BlockTales love to report facts and believe in numbers. Let’s see some encouraging figures:

  • By 2022, worldwide spending on blockchain solutions will reach $11.7 billion.
  • The global blockchain technology market is estimated to accumulate $20 billion in revenue by 2024.
  • Blockchain can reduce 30% of banks’ infrastructure costs.

Sum of all things

We are aware that cryptos are revolutionary ways to transact. Sooner or later, cryptos will take over but what is worth knowing is that large changes are not without pain. The blockchain world is a difficult one, but it is a must and knowing where to start is the first step to begin the journey!

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  • Real-time news about existing and new cryptocurrencies in under 30 seconds.
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  • Quik one-click research about any NFT, cryptocurrency or DeFi projects.
  • Have the latest updates about the latest development in Blockchain Technology.

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