Business

Steve Kaaru

Forbes lists top companies exploring blockchain technology

Forbes is known for compiling lists that everyone wants to lay their eyes on. For years, the magazine has put together the list of the world’s richest, a list that the whole world references to know who runs the world. And now, Forbes has put together a list of the biggest companies in the world exploring blockchain technology.

Blockchain technology has become a mainstay in many industries. Its immutability allows companies to fight fraud and stay transparent, all at a fraction of the cost of other methods.

Citing data from the International Data Corp, the report stated that government and corporate spending on blockchain is expected to hit $2.9 billion this year. This will be an 89 percent increase over last year. By 2022, this spending will hit $12.4 billion. Moreover, blockchain technology will change how companies handle their day-to-day operations, with a PwC survey revealing that 84 percent of top level executives said their companies are already involved with blockchain.

The ‘Blockchain 50’ list is composed of diverse companies, from retail giants to insurance behemoths and banking conglomerates. Walmart leads the retail industry, having filed for more than 50 blockchain patents. The world’s largest retailer partnered with IBM to launch a blockchain-based food safety platform in 2016. It has also implemented blockchain to track its food supply including strawberries, yogurt, chicken and other fresh produce.

Samsung, HTC and Foxconn lead the charge in the electronics industry. Samsung has been implementing its own blockchain network Nexledger in its battery manufacturing subsidiary. It has also developed an identity app for its Korean users that allows them access to 15 banks. HTC has gone a step further and launched a blockchain-powered phone that lets its users to store and trade cryptos easily. Foxconn, which produces chips for Apple among others, is also developing a blockchain-powered smartphone.

The banking industry has perhaps been blockchain’s biggest market. JPMorgan Chase, BNP Paribas, Citigroup, ING, Santander, UBS; these are all using blockchain-powered platforms in their operations. Some like JPMorgan have even developed their own custom-made blockchain platforms and launched their own cryptos. The banks are using blockchain technology to digitize letters of credit, settle securities, conduct credit derivative swaps and more.

And these are just a tip of the iceberg. Many more global giants are joining the blockchain bandwagon including Mastercard, Hewlett Packard, Facebook, Cargill, Visa, Allianz, Google, Nasdaq, Facebook, Nestle and Microsoft.

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