Not everyone is confident that Bitcoin is a good investment. However, some multinational companies agree that the technology running Bitcoin, blockchain, can revolutionize the workplace, increase productivity, and allow businesses to connect with customers better.
The Harvard Business Review discussed just how far blockchain has come in the past 10 years. The underlying technology fuelling Bitcoin’s operations can be separated from the cryptocurrency, which is why almost every major financial company in the world is doing their own research into blockchain. At the end of 2017 it was predicted that at least 15% of banks worldwide would be using the technology in some capacity.
Blockchain’s potential reaches beyond financial institutions. Below are 5 global brands that are also adopting the new technology.
The market for blockchain-related tech will reach $7.7 billion in 2022, according to Fortune, which is why IBM formed its own research team for studying blockchain’s potential. IBM has found that blockchain is changing how the company compensate sales associates. Sales reps will now receive a commission if their clients convince other companies to join them on a blockchain network.
Visa wants to study blockchains to help their clients speed up payments and store important data. By overhauling their system, Visa will allow banks to process credit card payments faster and eliminate fraud thanks to blockchain’s unalterable data.
In the same article by Fortune, it was mentioned that blockchain could augment sales growth in cloud services, databases, and servers by up to 35%. Visa will be one of the first companies that will use data clouds instead of their own data centers in 5 years time.
Online gaming company Sp8de is now developing a base blockchain gaming ecosystem that companies can build their games upon.
Blockchain’s use in the gaming industry isn’t new, but they are still facing problems that many in the blockchain industry are also experiencing, such as slow transactions and high costs. Blockchain is convenient when it comes to making transactions safer, but Sp8de aims to increase their clientele by making the transactions faster than they currently are.
Starbucks Chairman Howard Shultz says that his company will soon adopt blockchain technology and virtual currencies in order to serve customers better. However, he made it clear that Starbucks will not be creating its very own virtual currency. Coinwire states that Shultz didn’t believe that the cryptocurrencies would be an accepted currency today or in the future. The company, however, would like to use its credibility and lend it to emerging technologies. One such area the company is looking at incorporating blockchain technology into is mobile payments.
Walmart aim to make the food industry safer by using blockchain to track the products that they are buying from various sources.
Walmart believes that blockchain is the solution to traceability issues in the food supply chain. By using the technology’s bookkeeping methods, businesses can see how their food was sold to them from the time they were harvested to the point of their delivery. Farmers, suppliers, and regulators may soon learn from Walmart if big retailers demand blockchain-based handling data from them.