Blockchain technology is the foundation of all cryptocurrencies. As cryptocurrencies like Bitcoin and Ethereum have gained popularity, so has blockchain technology. You might think that this innovative technology is only used by cryptocurrencies and other complex computer programs.
However, you will be surprised at how many traditional companies have adopted blockchain technology to optimize aspects of their company. Some companies have started to implement blockchain technology into their everyday operations in order to optimize their procedures.
You will be truly shocked when you hear about these companies that have started to use blockchain technology to optimize their business. Keep reading to find out about 4 companies that started using blockchain technology and why.
Amazon Web Services (AWS)
It might not be that surprising that a technology giant like Amazon uses blockchain technology. However, considering that Amazon has refused on multiple occasions to accept cryptocurrencies, it is a little surprising.
Amazon has purchased domain names involving cryptocurrencies, and supporters of the company have expressed their support for the company to accept cryptocurrency. Despite this public support, the company has stated on multiple occasions that they do not plan to accept cryptocurrencies.
Despite their reluctance to accept cryptocurrencies as a form of payment, they have implemented blockchain technology for their web services. They partnered up with blockchain giant R3, an association with over 200 members, to allow their Corda platform to use blockchain ledger technology.
The Corda platform is a finance platform that uses blockchain technology to handle complex financial transactions and restrict access to said transaction data. Since the introduction of this technology to their Corda platform, Amazon has doubled down on their use of blockchain technology in other aspects of their business.
In spring of 2018, they also introduced a cloud platform using the Ethereum blockchain to allow users to build and manage their own blockchain powered apps on their platform. This will make it even easier for other companies and individual users to adopt blockchain technology into their everyday lives.
Walmart’s Tracking of Farmed Goods
This may come as a surprise to many of you who might not expect your grocery store to be using blockchain technology for their operations. However, starting in mid 2020, Walmart began to urge their farmed goods suppliers to track their produce using a blockchain technology system.
Walmart partnered up with tech giant IBM to build a system that would allow for the tracking of produce. This system is supposed to help Walmart efficiently track where the produce came from and ensure it is delivered to stores in a timely fashion. A grocery store giant such as Walmart has such a massive network of food suppliers that it only makes sense for them to want to digitize their record keeping system.
Having a tracking system to track produce from the farm to the packing house, and warehouse is a great tool. It is for this reason that Walmart decided to start using blockchain technology to optimize this record keeping process.
Additionally, the company has ambitious plans for their tracking system. Walmart wants to build a system that is so accurate that it will allow consumers to scan their produce, and allow them to know exactly where it came from. This is something that can be achieved using blockchain technology because this technology makes it almost impossible to falsify or alter information.
J.P Morgan’s Improvement of Money Transfers
In April of 2021, the historic J.P Morgan firm announced that they were using blockchain technology to improve their money transactions. After realizing that they could improve on the amount of transfers that were rejected or returned, the company decided to use blockchain technology to improve the process of information exchange.
The firm introduced this in their new program named “Confirm.” This program is a global information validation program that aims to improve the information exchange between banking institutions worldwide. The way this program works is that it allows banks to request information from the bank of the recipient of a transaction. This program then allows for the information to be transferred almost immediately without a waiting period.
After the information is corroborated, the payment can be sent through J.P Morgan’s money sending platform. This use of blockchain technology will help the company reduce the amount of transfers that are rejected between banks in different countries. In doing so, they will be able to improve their services to their customers by making them faster and cheaper.
Samsung’s Digital Wallet
In May of 2021, Samsung announced that with a new update, users would be able to trade their cryptocurrencies using the Samsung Blockchain Wallet. This wallet allows users to trade their cryptocurrencies from their smartphones.
Additionally, this feature also allows users to import cryptocurrencies stored in cold, or physical, wallets. This gives customers a convenient way to manage and trade their cryptocurrency assets. This same blockchain technology used by the Samsung Blockchain Wallet allows users to use other decentralized apps, or Dapps.
Thanks to this technology, Samsung users are able to download other blockchain based apps. These may include games, finance, or social media apps that use blockchain technology. This is a great development for cryptocurrencies as users are now able to conveniently use their smartphones to import assets and trade them. This is also a great development for Samsung as they are able to stay a step ahead of Apple through this technology.
Overall, as blockchain technology becomes more popular, more companies will begin to implement it to improve their services and processes. Whether it’s a grocery store trying to improve their inventory tracking, or it is a tech giant trying to offer more services to their customers, they are all opting to use blockchain technology because of its benefits.
You may not realize just how many companies are using blockchain technologies today. It is crazy to think that traditional companies such as Walmart and J.P Morgan are using blockchain technology to improve their operations. In the future, the number of companies that use this technology will only increase as more companies realize the value that this technology has to offer.