Businesses that use Blockchain technology and why should you adapt it to your business?
Blockchain is a type of data structure which is used to identify and share digital transactions on a group of computers. In other words, it is a digital ledger of all the Cryptocurrencies. In the current world of the Internet, fortune 500 companies which work in different sectors of the society are finding different ways to adapt blockchain technology. They are all looking for ways in which Blockchain technology can be beneficial for their business.
It is one of the trending technologies and can be used for a lot of purposes by various companies. However, it is primarily used for R&D. We will provide you all the important details about how industries use it, so that you can learn and adapt them to your business. Knowing the best cases will help you make an informed decision.
How are businesses using blockchain?
Various companies from different sectors, such as automobiles, telecom, shipping, and others have started researching the use of Blockchain within their industry. From 2016-2017, popular companies such as Airbnb, Rakuten, and Daimler purchased blockchain startups. They purchased the startups because their analysts saw the value of Blockchain technology. Popular companies such as Land Rover, JetBlue, and Verizon have also made Blockchain related strategic decisions. Here, we will provide you a rough idea of what kind of R&D is being carried out in different sectors.
Blockchain activity started in the financial services sector about 2 to 3 years ago. Popular companies like JP Morgan, American Express, and Visa started the research. All of these companies consist of popular internal working groups which work to implement blockchain on their core platform.
Not only that, last year, American Express applied for a patent in order to launch new customer reward programs which uses Blockchain for record keeping and uses a cryptocurrency for reward points. Well, now that they’ve patented, you can’t use this idea for your rewards related business, however, this concept opens our mind to other ways in which you can use Blockchain and cryptocurrency together. Similarly, other companies have started exploring different ways to adapt Blockchain Technology.
Within the last year, transportation has been changing in different ways, such as ridesharing, autonomous vehicles and much more. Hence, a few companies are testing ways to adapt Blockchain. Recently, Renault and Volkswagen started PoCs (proof of contract) to track vehicle activity. They attempted to capture various details such as the vehicle’s mileage, engine data history & maintenance history within Blockchain by which dealers, manufacturers, etc. can see the vehicle properly.
Pro tip: There are many car rental platforms which use proof of contract for tracking the vehicle activities as soon as the car is sent for rent? This could bring transparency in the process and could save the companies from potential losses due to the mistakes made by the tenant.
Shipping & Telecom Industry
In 2015, AT&T filed a patent by which it will accept digital currency payments or connected cars. In one such case, Maersk, world’s largest container shipping company used Blockchain to track the movement of shipping cargo & freight. They have completed the trial in 2017 and now they are testing different ways to adapt the technology.
Own a shipping related company? You should probably get started with Blockchain technology as soon as possible. As it won’t just bring transparency in the process, it’ll also improve the tracking. If implemented properly, there is a chance that the cost of shipping might fall too!
Challenges faced by Enterprises while adapting Blockchain Technology?
- Blockchain Technology allows data robustness and doesn’t involve any middlemen or third party for data, due to which it takes more transaction time & provides less security. However, this can easily be handled by a smart implementation.
- Enterprise has tested Blockchain on a very small scale. Technology is great, but at the moment it’s not very reliable on a large scale.
- In various use-cases of Enterprises, assumptions are made on basis of trust & accuracy in data inputs taken from the physical to the digital world.
Important Things to Consider for Adapting Blockchain Technology
In order to adapt Blockchain Technology, companies have to find the answer to all the below questions.
- What kind of speed & scalability do you need?
- What level of security & privacy will be needed?
- Do you plan to join any other organization for quick growth?
- Which type of blockchain to use, Private or Public?
- Would you want to establish an Enterprise-based Blockchain Platform?
By finding answers to all the above questions, enterprises will have a better idea about the implementation. Remember, implementation won’t be easy, but once implemented, things can be easier and more accurate!
We hope you enjoyed this promoted post as much as we did!