Block chain is not just an elite technology that is only suitable for cryptocurrency companies. Many of the largest companies in the world have launched block chain developments. However, that being said, DLT Distributed Ledger Technology may not be an accepted system for mainstream businesses. The technology is still interesting despite the fact that not everyone has utilised it.
Bitcoin and block chain are not just for businesses but also for individuals willing to trade. People who want to invest can make a bitcoin withdrawal or payment quickly and easily. The returns have proven to be quite favourable for those willing to trade that it has now been recognised and utilised by many major corporations across the globe. The block chain is a secure way of handling information accurately, without manipulating it. Below are just a few companies that have begun grasping this concept.
Which Companies are ready to Use Block chain?
- Industrial and Commercial Bank of China
The industrial and commercial bank of China is by far the largest business enterprise in the world by means of its revenue, profits and market value. The company makes over $165 billion in sales and has $4.2 trillion in assets. Last year, the bank signed a patent agreement for utilising block chain technology to house and validate its digital certificates (birth, death and graduation). The block chain would share this information to other companies who needed the same documents verified without having their clients physically attaining them and sending them out every time the need arose. The bank did not make this decision known to the public.
- The China Construction Bank Corporation
The company has about $143 billion in sales and its assets total around $3.63 trillion. They are also beginning to utilise DLT however they have been more forthright about this than their rival company ICBC. The China Construction Bank Corporation CCB have joined forces with a few major insurance companies to sell those companies insurance policies to its clientele. This is called Bancassurance. Last year the bank announced that they partnered with IBM to use IBM’s block chain to try and minimise any possible hindrances in the flow of information and transference of documentation between their partner insurance companies and their banking branches. This is a good way of improving their security and providing accountability and gaining the trust of all their clients. The project is still in its development stages however it is likely to become an important part of the bank’s functionality.
- JP Morgan
JP Morgan has sales reaching $118 billion and assets of $702 billion. They have designed their own block chain using the Ethereum platform and have named it Quorum. They have stated that it is ideal for applications that requires high level of speed and processing of private trades within the group of members. It also addresses the challenges that may be faced within the block chain technology within the fiscal sector. The Quorum technology provides private and public transactions and is available for download by anyone. Pfizer has also shown interest in this technology. JP Morgan has teamed up with Microsoft to explore various block chain based fiscal services tools.
- Berkshire Hathaway
This company, owned by Warren Buffet, has $235 billion sales and assets worth $702 billion, and has become a participant in the DLT space. The irony in this is that Buffet has openly said that cryptocurrency is rat poison squared and a mirage. But, the company also cannot deny the amazing potential of this technology.
Recently Hathaway’s BNSF Railway Company came on-board block chain in transportation alliance. The intention was to establish DLT standards in fields like vehicle maintenance, quality control and freight transportation.
- The Agricultural Bank of China Limited
The Agricultural Bank of China Limited has assets of $3.4 trillion and $129 billion in sales. The company merged with Hyperchain which is a Hangzhou-based block chain start-up. This was developed by the DLT network and it offers loans to e-commerce merchants in the agricultural field. The system overcomes many hurdles that farmers often face when trying to acquire the credit that they need to buy products.
The above make it obvious that the block chain is quickly developing and leaving its mark in many industries far beyond the confines of just cryptocurrency and Fintech. There may be problems but they will be identified, and resolved. New technologies are constantly emerging and their uses explored and modified to best suit that particular company.