Blockchain Myths: Mainstream Adoption
Blockchain “going mainstream” has been the talk of the industry for years now. But with its already significant footprint in many of the world’s biggest companies, the better question is, “Who hasn’t adopted it yet?”
One of the best examples for this is the annual Forbes Blockchain 50 list, where they showcase companies with a revenue above USD 1 billion that have already implemented the nascent technology, as well as how far along that implementation is. The article itself states that blockchain has gone mainstream, with 21 newcomers to the list proving that the number of high-profile blockchain implementations is steadily growing.
Most of the listed companies use more than one blockchain platform, as many run several projects. Some—most notably the ones dealing in cryptocurrencies—only use public blockchains that host those coins. As we consider Hyperledger Fabric, ConsenSys Quorum, and R3 Corda the best enterprise-level blockchain providers, we will go through the different companies currently using them.
The enterprise-grade blockchain that was originally contributed by IBM and Digital Asset is by far the most popular on the Blockchain 50 list, used by a total of 24 businesses:
- A.P. Moller-Maersk handles both supply chain information and maritime insurance through blockchain.
- Ant Group has more than 50 blockchain applications in various stages on AntChain, their proprietary blockchain platform.
- Baidu has more than 20 blockchain solutions—one of them serves as a way to handle copyright disputes.
- BHP uses the technology mainly for supply chain information.
- Boeing has an air traffic control system for drones based on blockchain.
- Carrefour, the French supermarket chain, tracks several food items through blockchain to let customers check the origin of their produce.
- China Construction Bank uses blockchain to help borrowers get their loans, but also identify risky borrowers.
- CONA Services intends to move all orders and shipments between different Coca-Cola bottlers to the blockchain.
- Daimler is applying blockchain to several areas, including fundraising.
- Depository Trust & Clearing Corporation (DTCC) has moved USD 11 trillion of credit derivatives to a blockchain.
- Honeywell keeps 2 million aviation quality documents on the blockchain to make them more accessible to their users, along with selling used aviation parts on a blockchain-based marketplace.
- HSBC uses blockchain to improve the flow between its global branches.
- IBM Corporation has a Digital Health Pass application that allows people, such as event organizers, to check an individual’s Covid-19 results before letting them in.
- ICBC: with a total of 30 blockchain applications, the bank uses the technology to let customers track the data stored on it.
- ING Group helps several different financial authorities check whether crypto assets comply with AML standards.
- Nornickel is currently in the testing phase of an industrial asset tokenization platform, powered by Fabric.
- Northern Trust has invested in crypto startup Zodia custody.
- Novartis uses blockchain to track incorrect or outdated information on pharmaceuticals, along with tracking the black market or counterfeit medicines.
- Oracle has a blockchain-based maritime shipping consortium made up of 300 customers.
- Sappi ensures the sustainability of the pulp they produce, but also everything that is later produced using those materials, with the help of blockchain.
- Swisscom has a total of 11 different blockchain applications, mostly relating to cryptocurrencies.
- Tech Mahindra has a blockchain-based app that helps mobile customers evade spam calls.
- Telefonica uses blockchain to track millions of home equipment devices.
- Walmart’s main use case for the technology is in tracking and detecting food safety issues.
ConsenSys Quorum, based on Ethereum, is also popular with large enterprises looking into using blockchain:
- Ant Group: see above
- Cargill uses the technology to track the movements of different products around the world.
- HSBC: see above
- ING Group: see above
- JPMorgan Chase, where Quorum originated, offers a blockchain network that speeds up interbank transactions, with 425 banks currently signed up for it.
- LVMH is tracking products of luxury brands to fight counterfeits.
- Microsoft manages royalties and content rights with blockchain.
- Novartis: see above
- State Farm handles subrogation through the technology.
While not nearly as popular as the previous two, at least when it comes to these top 50 companies, Corda has still left its mark on the major blockchain platform ground. As each company using Corda is already using one or both of the previous two platforms, we’ve omitted the detailed descriptions of the use cases in question. These companies are:
- Depository Trust & Clearing Corporation (DTCC)
- ING Group
The days when blockchain was a vaguely understood technology that seemingly only served to power Bitcoin—also a grey zone for many people—are long gone, replaced by the technology’s boom in several major industries. With many of these companies spearheading the research into as many different use cases as possible (sometimes exceeding 50 projects, as we’ve seen), blockchain is already widely considered the best choice for a number of projects.
Do you know of other notable blockchain implementations that are not on the list but should have been covered nonetheless? Let us know in the comments! Interested in finding out whether blockchain is the solution to the pain points of your own business? Watch our video on What Is Blockchain Great At? or sign up for one of our upcoming Principles of Successful Deployments webinars, which will cover even more ground and attempt to answer all the questions you have.