Best Blockchain Platforms Used by Global Companies

Blockchain technology makes possible to secure data to the extent when no hack attacks, cheating, or even changes are possible. That’s why the top thriving companies prefer blockchain platforms for their businesses. We invite you to meet these giants, read about their blockchain applications, and take a glimpse at their offices’ buildings.

The decline in interest in cryptocurrency is not a reason to put an end to the technology on the basis of which they are built. 

Blockchain-based technology for new business applications has already started its incredible path. Take, for example, the giant Depository Trust & Clearing Corp, also known as DTCC. The company is responsible for storing information about 90 million transactions per day, relating to the majority of all the world’s securities worth $48 trillion – from stocks and bonds to mutual funds and derivatives. 

Decades ago, all this work was done on paper, and now this process, although it has become electronic, is still complicated by a huge number of duplicate procedures and approvals between thousands of participants. In the nearest future, DTCC will gradually begin to implement the most ambitious project on the use of blockchain technology in real-time with its decentralized database, which has become popular due to bitcoin cryptocurrency. Information about approximately 50,000 accounts in the $10 trillion credit information created by DTCC Trade Information Warehouse will be transferred to a specially designed digital book called AxCore. Soon everyone will have access to a single list of transactions, updated in real-time and free from multi-level databases.

Walmart uses blockchain technology to track shipments from suppliers and reduce the risk of food spoilage and pollution. They have already registered 50 patents related to the blockchain. Seagate hard drive maker uses the technology to detect and prevent counterfeit cases, and Metlife insurer can instantly make payments to pregnant women who have been diagnosed with gestational diabetes.

Top Blockchain companies

Global corporations use the technologies underlying cryptocurrency because they want to speed up business processes, increase transparency and save billions of dollars in the long run.

According to data from International Data Corp., the total costs of corporations and governments on the blockchain in 2019 reached $2.9 billion, which is 89% higher than the previous year, and by 2022 it will have increased to $12.4 billion.

For the world’s largest companies, blockchain is no longer just a word from a possible future. This is part of the business. Read more about top blockchain companies here.

• 1. Amazon – Seattle. Amazon Web Services offers blockchain tools for companies that want to use distributed systems but do not want to develop them themselves. This is a competent way to maintain a leading position in the field of cloud computing, the most profitable business of Amazon, whose operating profit for 2018 was $7.3 billion.Cloud services clients that use Amazon tools include Change Healthcare, which allows you to manage payments between hospitals, insurance companies and patients, Workday HR management software provider, and DTCC clearinghouse.Blockchain Platforms: Hyperledger Fabric, Ethereum.

• 2. Anheuser-Busch InBev – Leuven, Belgium. The giant of the brewing industry participates in a pilot program, in which customers load data from their driver’s licenses into the blockchain, and then they can buy beer in the vending machine by simply scanning the phone. In Africa, in the fastest-growing beer market in the world, AB InBev cooperates with BanQu and, with the help of the blockchain platform, interacts with local farmers who do not have bank accounts. This may allow the company to work faster and with more farmers to develop business in Africa.Blockchain Platforms: Ethereum, Corda.

• 3. BBVA – Bilbao, Spain. In November last year, the second-largest bank in Spain announced the first syndicated blockchain-based loan in the framework of a $170 million deal with Red Eléctrica Corporación, Spain’s grid operator. Moreover, every year worldwide syndicated loans of almost $5 trillion are issued, so the transparency, safety, and efficiency of blockchain technology could play a big role.Blockchain Platforms: Hyperledger Fabric, Corda, Ethereum.

• 4. Bitfury – Amsterdam. Although Bitfury with revenue of $500 million is still known mainly for selling mining equipment for Bitcoin, now they are developing blockchain services for corporate clients. In 2017, they launched the blockchain Exonum, designed specifically to make it easier for companies to work with Bitcoin-blockchain. One of the early clients, Georgia, uses Exonum to register and transfer ownership of the real estate.Blockchain platforms: Exonum, Bitcoin.

• 5. BP plc – London. BP invests in blockchain technology to improve the efficiency of commodity trading. The oil company is one of the founders of Vakt, a blockchain platform whose mission is to digitize relatively slow energy trading processes, such as contracting and invoicing. To date, BP has invested more than $20 million in blockchain projects.Blockchain Platforms: Ethereum, Cardano, Quorum.

• 6. Cargill – Wayzata, Minnesota. An agricultural giant that popularized high-fructose corn syrup began testing Intel’s Hyperledger Sawtooth in 2017 before Thanksgiving Day to track the delivery of turkeys from farm to supermarket. The Hyperledger Grid blockchain application will allow you to track the path of the product to its source of origin – an important step in an era of fear of food contamination. When Grid starts to function, Cargill will be able to sell its experience to other suppliers.Blockchain platforms: Hyperledger Sawtooth, Hyperledger Grid

• 7. Citigroup – New York. The bank has invested in half a dozen startups (Digital Asset Holdings, Axoni, SETL, Cobalt DL, R3, and Symbiont), which develop blockchains and distributed registries for securities settlements, credit swaps, and insurance payments. Last year, Citi signed a cooperation agreement with Barclays and software infrastructure provider CLS to launch LedgerConnect, an application store where companies can purchase blockchain-based tools.Blockchain Platform: Ethereum.

• 8. Coinbase – San Francisco. With more than 20 million users and an estimated $8 billion, Coinbase is the leading US crypto exchange market. It offers storage services, digital wallets, and trading platforms for both retail chains and government agencies. The influence of this “blue chip” among crypto-financial firms will increase as the blockchain usage increases.Blockchain platforms: Bitcoin, Ethereum, XRP, Lumen.

• 9. Google – Mountain-View, California. The search engine giant has repeatedly invested in a blockchain, including Veem, a payment startup that allows companies to instantly send and receive payments in various currencies, using bitcoin as an intermediate asset. In parallel, they developed a set of tools that simplify the search and analysis of transactions in cryptocurrency – in other words, “googling” public blockchains.Blockchain platforms: Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Zcash, Dogecoin, Dash.

• 10. Microsoft – Redmond, WA. Last year, Microsoft’s cloud division, Azure, launched the Azure Blockchain Workbench, a blockchain development tool. Many templates are available for free, but Microsoft charges for basic cloud services if an organization develops or runs an application or network on Azure. Blockchain Workbench users include Insurwave, Webjet, Xbox, Bühler, Interswitch, 3M, and Nasdaq.Blockchain Platforms: Ethereum, Parity, Quorum, Corda, Hyperledger Fabric.

• 11. Visa – San Francisco. The payment system has filed applications for the registration of fifty patents – from the settlement system in real-time to the technology related to the cryptocurrency trade. This year, Visa is launching B2B Connect, which uses a blockchain to help banks around the world process cross-border payments between legal entities. Given that each year the volume of such payments is $18 trillion, even a small share of this market would be a pleasant addition to the dominant position of Visa in the field of consumer payments.Blockchain Platform: Hyperledger Fabric.

• 12. Nestle – Vevey, Switzerland. Over the past two years, the consumer market giant with sales of $92 billion has tested blockchain technology in more than ten projects. The most promising is a joint project with the IBM Food Trust, in which the blockchain is used to track the origin of ingredients in a number of products, including baby food Gerber. The service is expected to be available in Europe at the end of this year. Food-borne illnesses cost the US $55 billion annually and can ruin the brand’s reputation. A blockchain-based tracking system could reduce these costs and become a competitive advantage for its participants.Blockchain Platform: IBM Blockchain.

Why blockchain?

Why do these companies consider blockchain as the technology for their profitable businesses? Let’s give a quick view of the main advantages of this technology:

• 01To hack BlockChain requires too much resourcesThe top undoubted key feature of blockchain technology is that it’s really complex to corrupt. How does it work? As an unalterable network: every note on the network has a copy of the digital ledger. To add a transaction, every node needs to check its validity. If the majority thinks it`s valid, then it`s added to the ledger. This promotes transparency and makes it corruption-proof. And to strengthen this point, the added transactions can be neither changed nor edited or deleted.
• 02Decentralized technologyThere is neither a person nor the governing authority that looks after the framework. It makes the network decentralized and maintained by a group of nodes.That means that as a result the system is accurate. The decentralization leads to the fact that users don’t have to rely on the third parties their properties. It is resistant to any malicious attacks. As it runs on algorithms, scamming appears to be impossible. Every single adjustment is visible, and that makes the entire technology transparent. Though there is a minimal chance of human mistakes – some of them have been made by people whose coins were sent to 0x0 address or somewhere unreachable or just stuck within Smart Contract.
• 03Enhanced securityAs you already know, it’s impossible to change the characteristics of the network, but there is one more guarding tool there – cryptography. Combined with the decentralization, it gives one more strong layer for protecting users. Blockchain doesn’t hide information (except for non-classical cases that are not based on proof of concept or proof of work). The information becomes public without any possibility to be changed. A mathematical algorithm keeps the length of input data always the same, but the value is different each time.
• 04Ledgers are distributedNodes owners maintain all of them. Ledgers are in a race to solve a crypto puzzle. This system is easy to track due to the fact that the ledger is impossible to change, and the updates are fast and transparent. The real verifiers of the larger are nodes, and to add another block, other users should verify the offered transaction. So basically, the user is provided with fair participation. And this rule is the same for anyone, so you can’t have any extra privileges.
• 05ConsensusThe consensus algorithms at the core of architecture are the main reason for blockchain to thrive. This is what helps the network make decisions. You can compare it with a voting system in this way: nodes that are active on the network have to come up with an agreement for validating a transaction. And when there is the majority, the minority just supports it. Consensus is something that provides impartiality. It doesn’t matter whether the nodes trust each other as long as there is an algorithm at its core. So that’s how each decision on the network gets to be made. There is a variety of consensus algorithms for blockchains in the world. And this is what keeps the decentralization running and saves the core value of this technology.

Conclusion

Ironically, the version of the blockchain future that these companies are building is basically very different from what the founders and first users of the blockchain represented. While many cryptocurrency idealists fantasize about the global public network of individuals connected directly and democratically, without intermediaries, these companies – many of which are intermediaries, like DTCC – create private networks that will be used to generate profits from centralized management.

Our expertise

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