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Blockchain's Traceability More in Demand Than Payments - Blockdata

Zain Raza by Zain Raza - 05:11 PM Apr 08, 2020
Blockchain's Traceability More in Demand Than Payments - Blockdata

A new analysis from Forbes blockchain 50 has suggested that major million dollar companies are likely to use blockchain technology for improved traceability and transparency rather than using it to settle payments. The blockchain 50 annual list was published a couple of months ago and named the top 50 companies which are using blockchain technology and have annual revenue of more than $1 billion.

Blockdata, the data firm, used that as a foundation and went one step ahead and utilized that to identify which companies prefer using it for traceability and which ones prefer it for payments.

They found that the number of companies which uses it for traceability purpose is fifteen and thirteen companies utilized blockchain for payments and settlements. IBM, Nestle, Foxconn are some of the top-notch companies which use blockchain mainly for traceability purposes. IBM's Hyperledger technology in particular tops the list and is used the most followed by Ethereuem.

Blockdata Praises Foxconn And IBM

Blockdata also cited Foxconn, the contract manufacturer of both Sony's PlayStation and Apple's iPhone, use of blockchain as a fine example. Zip utilizes its Finance platform to streamline financing even to medium and small firms. The data also paints a pretty picture for IBM's Food trust initiative which is being put to use by Walmart and Nestle too. IBM is behind successful Hyperledger technology. However, according to Steven Banker, Forbes Transportation contributor has stated that just because it is in demand massively doesn't necessarily mean it would be a success.

The next in line was payments and settlements with Facebook, JPMorgan and Ripple notable mentions on the list. Here also, Hyperledger topped the chart, followed by RippleNet and Ethereum. Blockdata concluded that the less popular departments on the list for now like digital identity and supply chain management would climb up the table in the near future.

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About The Author
Zain Raza

Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

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