How are the world’s leading companies using blockchain?
Blockchain is the latest technology for storing information and recognizing users. In essence, it is a divided database that consists of ordered chains of blocks containing the necessary information. Blockchain is most often used for exchanging cryptocurrency, but this is not its only capability, because digital documents, individual files, money, and even contracts can also be transferred. The biggest advantage of this method of data storage is decentralization, because all participants of the network own it at the same time. The scope of this technology is quite broad, from personal identification to computer games, and almost every day it penetrates newer and newer sectors. In this blog, we’ll look at how big companies are using blockchain.
Microsoft made personal computers as we know them today. Few people know, but they were so ahead in the industry that they were accepting Bitcoin payments on their website back in 2014. Microsoft has more than three dozen patents on technologies related to blockchain payment and data storage security. With these technologies, they have developed enterprise blockchain applications and smart contracts on cloud infrastructure, which other giants like Bosch are using.
IBM is one of the world’s computer and software giants. The company is also firmly established in the marketplace for blockchain implementation services for other enterprises. Its Hyperledger Fabric platform is used by 120,000 organizations, which it helps with data security and digital asset management.
If no one doubted that tech giants would keep up with the times, then automakers can also surprise. BMW plans to involve blockchain technology in everyday work to automate complex manual production processes and optimize the company’s services. There are also plans to create Web3-based services for the BMW loyalty program. The blockchain-based reward system will determine the status of the client and reward him with appropriate bonuses.
One of the largest payment processing companies, Mastercard offers its customers services using blockchain technology. They paid more attention to security and launched the Crypto Secure software solution. Its essence is to enable financial institutions to detect and cut off transactions for exchanges that have an increased risk of fraud. This algorithm uses elements of artificial intelligence and is also based on data from the blockchain.
Another payment company specializing in P2P money transfers, PayPal, saw the latest blockchain technology as an opportunity for expansion. Therefore, customers of this service can use it for all possible operations with many of the most popular cryptocurrencies, such as Ethereum, Bitcoin, Litecoin, and others. Obviously, this strategy has given its results, now the company has more than 430 million active users. PayPal has also developed an internal system to encourage employees to use blockchain technology.
Such methods are interesting not only for large companies. For security and convenience of payments, the UN plans to pay assistance to Ukrainian internally displaced persons in USDC stablecoin directly to their own digital wallet. The United States regularly provides serious technical assistance to Ukraine in the form of advanced weapons, so the question of tracking its location and use remains open. According to some reports, blockchain technology, in particular, is used for this purpose.
Also in Ukraine, the Ministry of Digital Transformation is interested in integrating blockchain-based technologies into the mechanisms of the state. This approach will make public services more convenient for users, as well as improve data protection and become another mechanism for fighting corruption. An example of such implementation can be the recently presented concept of e-hryvnia. It allows making the national currency programmable, meaning that it can be spent only on certain services or goods. This will help prevent the misuse of state aid or subsidies.