Application of Blockchain
Leading Investment Banking Companies like Credit Suisse, JP Morgan Chase, Goldman Sachs, and Citigroup have invested in Blockchain and are experimenting to improve the banking experience and secure it.
Following the Banking Sector, the Accountants are following the same path. Accountancy involves extensive data, including financial statements spreadsheets containing lots of personal and institutional data. Therefore, accounting can be layered with blockchain to easily track confidential and sensitive data and reduce human error and fraud. Industry Experts from Deloitte, PwC, KPMG, and EY are proficiently working and using blockchain-based software.
Booking a Flight requires sensitive data ranging from the passenger’s name, credit card numbers, immigration details, identification, destinations, and sometimes even accommodation and travel information. So sensitive data can be secured using blockchain technology. Russian Airlines are working towards the same.
Various industries, including hotel services, pay a significant amount ranging from 18-22% of their revenue to third-party agencies. Using blockchain, the involvement of the middleman is cut short and allows interaction directly with the consumer ensuring benefits to both parties. Winding Tree works extensively with Lufthansa, AirFrance, AirCanada, and Etihad Airways to cut short third-party operators charging high fees.
Barclays uses Blockchain to streamline the Know Your Customer (KYC) and Fund Transfer processes while filling patents against these features.
Visa uses Blockchain to deal with business-to-business payment services.
Unilever uses Blockchain to track all their transactions in the supply chain and maintain the product’s quality at every stage of the process.
Walmart has been using Blockchain Technology for quite some time to keep track of their food items coming right from farmers to the customer. They let the customer check the product’s history right from its origin.
DHL and Accenture work together to track the origin of medicine until it reaches the consumer.
Pfizer, an industry leader, has developed a blockchain system to keep track of and manage the inventory of medicines.
The government of Dubai looking forward to making Dubai the first-ever city to rely on entirely and work using blockchain, even in their government office.
Along with the above organizations, leading tech companies like Google, Microsoft, Amazon, IBM, Facebook, TCS, Oracle, Samsung, NVIDIA, Accenture, and PayPal, are working on Blockchain extensively....