How Big Companies Use Blockchain Technology
Blockchain technology is one of the most progressive advancements of this century, and it’s becoming more popular thanks to its usage by big companies. Blockchain technology is basically a decentralized means of storing your transaction records. Blockchain is a ledger of transactions that can be used not just for money, but for anything of value. The great thing about blockchain technology is that, if done right, it is currently impossible to hack because it isn’t stored in any one centralized location. Big businesses are finding the use of blockchain more appealing because the ledger is incorruptible and cannot be changed in any way. So how exactly do big companies use blockchain technology today?
Why Big Companies Want to Use Blockchain Technology
Blockchain technology is gaining admiration by big businesses because of the ultimate security that comes with it. If a company is able to store its information in a way that is basically incorruptible, there really isn’t much of a reason not to consider blockchain technology. For businesses, here are few benefits of blockchain technology:
The data in blockchain technology is cryptographically stored.
The blockchain is immutable, so the data in a blockchain cannot be tampered with.
Blockchain technology is decentralized, meaning it is not owned by a single entity.
Blockchains can be public or private. Public blockchains are completely transparent, while private blockchains offer secure data storage.
How Big Companies Are Using Blockchain Technology
There has been a lot of hype regarding cryptocurrencies from the media and investors, but now word of mouth is getting out about the revolutionary growth of blockchain technology, especially now that big businesses are involved. From logistics to digital ID management, corporations are eagerly accepting blockchain technology as the future of data. Here are a few of the big businesses using blockchain technology:
Burger King (Russia)
Bank of America
FedEx handles billions of dollars worth of cargo each year and has now become the first shipping company to use blockchain technology in its supply chain management. As one of the biggest logistics management companies, they use blockchain to track their select highly valuable cargo and soon plan to extend this function to all of their shipments. FedEx is also in works to create the blockchain based industry standards for supply chain logistics which will make them the first company to step into this field.
The instant messaging mobile app has a hefty base of over 300 million users. They recently introduced the Kin cryptocurrency into their platform so users can make payments to other users. The company’s goal is to integrate blockchain-based payments into services that users already use which will develop an entire user economy around their cryptocurrency.
Burger King (Russia)
In Russia, Burger King has released its very first cryptocurrency called the WhopperCoin which can be accessed on the Waves platform. Burger King is using blockchain technology to build a powerful rewards program. Their unique approach allows users to store tokens and data online and trade or transfer to other people through their platform. Customers will be able to receive a WhopperCoin for every Russian ruble they spend.
Microsoft has accepted and openly embraced blockchain technology since its early inception. Bitcoin payments were used on Microsoft’s website before cryptocurrencies ever became a talked about subject. Blockchain technology is used by Microsoft as payment gateways and for secure storage and they have over 40 patents related to the use of their blockchain technology.
Heavy hitter, Walmart now requires all of its leafy greens suppliers to use an IBM-based blockchain technology that allows them to trace its produce all the way back to the early farm stage. This allows the company to quickly identify the precise location of production and the condition that the shipments were in case of an E.coli or Salmonella outbreak.
Bank of America
Bank of America has recently begun applications for nine more blockchain technology patents. The company is looking to use open-sourced ledgers to create more productive and efficient transactions for its consumers. By adding blockchain technology into its existing cryptocurrency use, they could end up saving several billions of dollars every year in payments.
Overstock has been involved in blockchain technology and cryptocurrency since the very beginning. Users are able to purchase all of their items on their website by using Bitcoin. Overstock’s founder, Patrick M. Byrne, has spoken out about his support for decentralized money being used by big businesses.
Get Started with Blockchain Technology and Cryptocurrency Today
If you want to see the way blockchain technology works through business and are interested in owning your own cryptocurrency, now is the time to start buying. Pelicoin has ATMs located all over the Gulf South that are easy to use and accessible at any time. Visit our website to learn more about cryptocurrency and blockchain technology.