Published 14th April 2020
How are the world’s biggest corporations utilising the power of Blockchain?
Organisations and individuals are only just starting to discover the power of Blockchain technology. At Sequence, we’ve taken a look at some of the amazing ways that Blockchain is being used and developed in businesses across the world.
Fed Ex
Fed Ex is one of the world’s largest logistics companies, in 2019 they delivered 6.2 million parcels across the world every day.
Fed Ex has utilised the power of Blockchain in its supply chain management. Blockchain has allowed Fed Ex to create a decentralised digital ledger that cannot be altered by anyone involved in a transaction.
This enables all the stakeholders involved to access the same digital record and accurately track the delivery of products.
Introducing Blockchain in this way has also helped fraud prevention at Fed Ex, previously items could go missing somewhere in the supply chain, due to criminals using fake details and papers to collect parcels.
However, through the use of Blockchain, this becomes impossible, as the individual collecting the parcel would have to present the correct key to the manufacturer to take it.
Walmart
Walmart are currently making use of the transparency of the Blockchain network to create a food traceability system.
This allows Walmart to track their deliveries and identify the exact farm where specific fresh goods have come from.
Access to this information can help prevent future food safety scandals, as Walmart can make decisions quickly, responding to issues within the supply chain and cutting off farms where there may be a threat to food safety.
Facebook is currently exploring the possibility of using Blockchain technology in a variety of ways across their social media platform.
One possibility would be that users would be able to prove and confirm their identity on the network. This would reduce the problems Facebook has with removing billions of fake accounts every month, and provide greater transparency to users so they know who they are talking to online.
In October 2019, Facebook also announced that they would be creating a team to develop their cryptocurrency based on the Blockchain network. This would allow users to send money on all of Facebook’s platforms including WhatsApp, and allow users to seamlessly and securely send money over the platforms.
Coca Cola/Cona
The organisation behind the bottling of CocaCola (CONA) is now using Blockchain to help manage their 160,000 orders a day.
Blockchain provides much faster settlement times for transactions within the business, helping CONA respond quicker to orders and ultimately becoming more efficient.
Previously order reconciliation took around 50 days, however, with the new Blockchain system CONA expect to reduced this time to just a few days.
Burger King
The burger giants first introduced Blockchain into their Russian restaurants through their new loyalty program ‘Whoppercoin’ back 2017.
When users spend money, they are awarded Whoppercoin’s that can be redeemed in the restaurant for different rewards such as a free Whopper Burger.
However, since then Burger King has been developing and experimenting with Blockchain technology rapidly. In 2019, they introduced cryptocurrency as a form of payments in Germany on all online orders.
HSBC
HSBC is one of many banks investing in Blockchain technology, shifting $20 billion in assets from its traditional paper based system to a Blockchain system.
The high street bank is currently in the process of launching the new Blockchain platform. The decentralised nature of the platform will provide a secure way for investors and customers to track their money in real-time.
The new platform named Digital Vault will reduce the time it takes investors to make checks or queries on holdings.
British Airways
The UK’s largest international airline is currently testing a Blockchain solution to streamline the check-in process for flights.
Long security check-in queues for the 200,000 daily passengers could be a thing of the past with the new system. The system works by checking passengers travel documents and then comparing these to details held on a decentralised ledger.
The nature of the Blockchain network means that this data doesn’t have to be shared with any 3rd parties, but can also be accessed from any country in the world.
With some of the most successful global businesses developing their products and services around Blockchain, isn’t it time you considered Blockchain?
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