Global corporations use the technologies underlying cryptocurrency because they want to speed up business processes, increase transparency and save billions of dollars in the long run.
According to data from International Data Corp., the total costs of corporations and governments on the blockchain in 2019 reached $ 2.9 billion, which is 89% higher than last year, and by 2022 - $ 12.4 billion.
For the world's largest companies, blockchain is no longer just a word from a possible future. This is part of the business. Read more about how global companies work with blockchain technology today.
Amazon - Seattle.
Amazon Web Services offers blockchain tools for companies that want to use distributed systems, but do not want to develop them themselves. This is a competent way to maintain a leading position in the field of cloud computing, the most profitable business of Amazon, whose operating profit for 2018 was $ 7.3 billion.
Cloud services clients that use Amazon tools include Change Healthcare, which allows you to manage payments between hospitals, insurance companies and patients, Workday HR management software provider, and DTCC clearinghouse.
Blockchain Platforms: Hyperledger Fabric, Ethereum.
Anheuser-Busch InBev - Leuven, Belgium. The giant of the brewing industry participates in a pilot program, in which customers load data from their driver's licenses into the blockchain, and then they can buy beer in the vending machine by simply scanning the phone. In Africa, in the fastest growing beer market in the world, AB InBev cooperates with BanQu and, with the help of the blockchain, interacts with local farmers who do not have bank accounts. This may allow the company to work faster and with more farmers to develop business in Africa.
Blockchain Platforms: Ethereum, Corda.
BBVA - Bilbao, Spain. In November last year, the second-largest bank in Spain announced the first syndicated blockchain-based loan in the framework of a $ 170 million deal with Red Eléctrica Corporación, Spain’s grid operator. Moreover, every year worldwide syndicated loans of almost $ 5 trillion are issued, the transparency, safety, and efficiency of the blockchain could play a big role.
Blockchain Platforms: Hyperledger Fabric, Corda, Ethereum.
Bitfury - Amsterdam. Although Bitfury with revenue of $ 500 million is still known mainly for selling mining equipment for Bitcoin, now they are developing blockchain services for corporate clients. In 2017, she launched the blockchain Exonum, designed specifically to make it easier for companies to work with Bitcoin-blockchain. One of the early clients, Georgia, uses Exonum to register and transfer ownership of the real estate.
Blockchain platforms: Exonum, Bitcoin.
BP plc - London. BP invests in blockchain technology to improve the efficiency of commodity trading. The oil company is one of the founders of Vakt, a blockchain platform whose mission is to digitize relatively slow energy trading processes, such as contracting and invoicing. To date, BP has invested more than $ 20 million in blockchain projects.
Blockchain Platforms: Ethereum, Cardano, Quorum.
Cargill - Wiseta, Minnesota. An agricultural giant who popularized high-fructose corn syrup began testing Intel's Hyperledger Sawtooth in 2017 before Thanksgiving Day to track the delivery of turkeys from farm to supermarket. The Hyperledger Grid platform will allow you to track the path of the product to its source of origin - an important step in an era of fear of food contamination. When Grid starts to function, Cargill will be able to sell its experience to other suppliers.
Blockchain platforms: Hyperledger Sawtooth, Hyperledger Grid.
Citigroup - New York. The bank has invested in half a dozen startups (Digital Asset Holdings, Axoni, SETL, Cobalt DL, R3, and Symbiont), which develop blockchains and distributed registries for securities settlements, credit swaps and insurance payments. Last year, Citi signed a cooperation agreement with Barclays and software infrastructure provider CLS to launch LedgerConnect, an application store where companies can purchase blockchain-based tools.
Blockchain Platform: Ethereum.
Coinbase - San Francisco. With more than 20 million users and an estimated $ 8 billion, Coinbase is the leading US crypto exchange market It offers storage services, digital wallets and trading platforms for both retail chains and government agencies. The influence of this “blue chip” from among crypto-financial firms will increase as the blockchain using increases.
Blockchain platforms: Bitcoin, Ethereum, XRP, Lumen.
Google - Mountain-View California. The search engine giant has repeatedly invested in a blockchain, including Veem, a payment startup that allows companies to instantly send and receive payments in various currencies, using bitcoin as an intermediate asset. In parallel, he developed a set of tools that simplify the search and analysis of transactions in cryptocurrency - in other words, “to google” public blockchains.
Blockchain platforms: Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Zcash, Dogecoin, Dash.
Microsoft - Redmond, WA. Last year, Microsoft’s cloud division, Azure, launched the Azure Blockchain Workbench, a blockchain development tool. Many templates are available for free, but if an organization develops or runs an application or network on Azure, Microsoft charges for basic cloud services. Blockchain Workbench users include Insurwave, Webjet, Xbox, Bühler, Interswitch, 3M and Nasdaq.
Blockchain Platforms: Ethereum, Parity, Quorum, Corda, Hyperledger Fabric.
Visa - San Francisco. The payment system has filed applications for registration of fifty patents - from the settlement system in real-time to the technology related to the cryptocurrency trade. This year, Visa is launching B2B Connect, which uses a blockchain to help banks around the world process cross-border payments between legal entities. Given that each year the volume of such payments is $ 18 trillion, even a small share of this market would be a pleasant addition to the dominant position of Visa in the field of consumer payments.
Blockchain Platform: Hyperledger Fabric.
Nestle - Vevey, Switzerland. Over the past two years, the consumer market giant with sales of $ 92 billion has tested blockchain technology in more than ten projects. The most promising is a joint project with the IBM Food Trust, in which the blockchain is used to track the origin of ingredients in a number of products, including baby food Gerber. The service is expected to be available in Europe at the end of this year. Food-borne illnesses cost the US $ 55 billion annually and can ruin the brand's reputation. A blockchain-based tracking system could reduce these costs and become a competitive advantage for its participants.
Blockchain Platform: IBM Blockchain.
Ironically, the version of the blockchain-future that these companies are building is basically very different from what the founders and first users of the blockchain represented. While many idealists cryptocurrency fantasizes about the global public network of individuals connected directly and democratically, without intermediaries, these companies - many of which are themselves, intermediaries, like DTCC - create private networks that will be used to generate profits from centralized management.