It is important to note that the cryptocurrency system is composed of two components, each of which has its own advantages and disadvantages. There are many companies that are now adopting blockchain technology for their daily operations, and Kimberly Rosales, a FinTech and cryptocurrency expert, outlines some of the top companies that have already adopted blockchain technology for their daily operations.
There is the first aspect of cryptocurrencies, which is the peer-to-peer currency that can be used to exchange funds anywhere in the world in a matter of seconds. Secondly, there is the blockchain, which not only serves as a repository for financial data records, but also serves as a method of storing any kind of information.
As a result of blockchain technology, there are now hundreds of companies around the world that are using it for their data storage and transmission needs. Blockchain technology provides an immutable and secure distributed ledger, which makes it an ideal method of storing and transmitting data. It cannot be altered and, since it is not maintained in one place and is encrypted, it is not vulnerable to being compromised or stolen.
Taking advantage of blockchain technology, companies everywhere will be able to accurately and definitively track their business operations in ways that have never been possible before. This technology will serve as an undeniable proof of activity that supports virtually any company’s operations from start to finish.
The Danish shipping and logistics company A.P. Moller-Maersk is one of the leading companies in the world that have embraced blockchain technology. Its own blockchain platform, TradeLens, is used for digitizing its supply chain data through blockchain technology. As of 2018, TradeLens has been onboarded on more than 50% of all container ships around the world since it was introduced.
During the past year, blockchain technology has processed over a billion shipments, 30 million containers and 14 million documents. This is twice what it had a year earlier.
There is also another company out of Melbourne, Australia, that is using a distributed ledger to manage its operations in a way that is using the power of a distributed ledger. In order to ensure that the mining company’s operations are digitized, including the tracking of ESG protocols (environmental, social, and corporate governance) and the verification of suppliers’ identity, the company has digitized much of its operations. The blockchain requirements of BHP are fulfilled by two blockchain platforms, MineHub and HyperLedger Fabric.
In addition to SkyGrid, a blockchain-based air traffic control system, Boeing is based in Illinois. Several contributions have been made to the development of the system by HorizonX, the company’s venture capital arm, which has already been approved for use by drones at low altitudes, by the FAA. Essentially, SkyGrid was created as a pilot program to determine the feasibility of blockchains in the management of air traffic control, according to Simon.
Explains Rosales, “It has been developed as a simple and easy-to-use app that is free for all to use at any time. In addition, it might eventually lead to it becoming the tracking system for autonomous flying taxis.”
When Cargill used Intel’s Hyperledger Sawtooth to track turkeys ahead of Thanksgiving 2017, the company decided to test the benefits of blockchain. By monitoring the distribution networks of turkeys and making sure that they were properly registered along the entire supply chain, the company was able to demonstrate the advantages blockchain technology can have for supply chains.
The company became a partner last year in a platform called Covantis that employs a blockchain for the purpose of storing all the data related to grain and oilseed movements in different parts of the world, using the Ethereum blockchain technology.
Additionally, blockchain has been embraced by consumers directly. For example, Carrefour, a large French supermarket chain, is using it to track more than 30 different product lines. The system can be used to verify the origin of products as far as the supermarket shelves can be reached, and the response has been significant. It is capable of verifying the origin of products, such as eggs, salmon, and cheese, all the way from their sources up to the supermarket shelf.
Carrefour has indicated that sales have risen significantly and that it plans to add an additional 70 products to its tracking system by the end of this year as a part of its strategy to increase sales.
A number of financial institutions around the world have begun adopting blockchain solutions as an integral part of their daily business routine. These include the ING Group, HSBC, and the Depository Trust Company, among others.