Top 5 Companies With Blockchain Technology
What is Blockchain?
It might seem that the concept of Blockchian is difficult to comprehend because of its newness and its relation to computer science, but the core concept behind this recent innovation is that of a system of recording and storing data in such a manner that it becomes almost impossible to alter, cheat or hack the system. Blockchain is a digital ledger of the transactions that is copied and spread throughout the entire system consisting of network of computer systems on the Blockchian.
With the increasing awareness on the Blockchain technologies, various companies have began to use this technology. Many companies with Blockchain technology have entered in various essential fields like insurance, banking, real estate, supply chain, healthcare, airways, government, etc.
These are some reputed companies with Blockchain Technology :
1. HSBC :
HSBC is a banking firm which had planned to start using Blockchain Technology by the end of 2020. Before the introduction of Blockchain Technology in their business, they use traditional paper based records for their clients which was slow and tiring process. After the introduction of Blockchain Technology, they moved to fully digital and decentralized storage platform. Thus, their investors can now keep a track of their deposits regularly
· Using Blockchain Technology it transforms global trade.
· Blockchain Technology helps simplifying foreign exchange transactions.
· It has improved the streamline payment processes.
2. Pfizer :
Pfizer is a healthcare company which uses the Blockchain Technology. Pfizer led organization – (CSBWG) and Biogen recently completed proof of concept for recording and managing the digital lists of pharmaceutical products. By using Blockchain based solutions, the company can track shipments of packaged medicines which can be seeing by all parties when the delivery is both sent and received. The shipper and receiver can be benefited with complete confidentiality in this process.
· Pharmaceutical packages can be tracked accurately.
· Transparency between the senders, mediators and receivers can be maintained.
· A proper record of their pharmaceutical stock can be kept accurately.
· Privacy can be enjoyed by the parties in transaction.
3. Metlife :
Metlife is one of the biggest insurance companies to have introduced Blockchain Technology in their business. Using this technology, the company provides a Smart Contract to its clients which saves the paper work, saves time and increases security of data. Metlife’s Singapore based incubator company, LumenLab collaborated with Singapore press holdings (SPH) and NTUC for generating Lifechain.
· Clients can get benefit of Smart Contract.
· Saves time, money and paper work.
· Increases the security and reduces the risk of Data Breaching.
· Can help to determine if the deceased person had insurance of not, and when the need arises, an insurance claim will automatically be filed.
4. British Airways :
British Airways is one of the largest travel companies who use Blockchain Technology. It is collaborating with a startup company called VChain to ensure their security check up process. The traditional way of security check up process is consume a lot of time and resources which can even result in delaying of flights and thus, harms the interest of both customers and airlines. Using Blockchain Technology, they can avoid such inconveniences.
· Faster check up process.
· Facial recognition process to increase the security.
· Better user experience.
5. RealT :
RealT is a company which tokenizes property ownership in the United States of America. The company retains all the protections and legal rights provided by traditional ownership in real estate. This company is a series LLC which makes unlimited segregation of membership interests, operations into independent series, assets possible. A “series” works as mediator between a piece of real estate property and a token owning entity. An ERC20 token or RealTokens, on the Ethereum Blockchian is owned by an entity which represents their investments in a series. Thus, the ownership of ERC20 tokens is indirectly the ownership of the property.
· One can invest in Real Estate with lesser amount of money.
· Management of the property can be maintained without any involvement of any token holding entities.
· Safe and well maintained investment.
To conclude this article, we can say that with the changing times, the large companies in different fields have started adopting Blockchain Technology for better management, better speed, better security, better user experience and administration of business.