Are you looking for the best enterprise blockchain examples in 2022? Corporations, organizations, enterprises, and individuals are increasingly adopting blockchain technology to utilize its advantages. Rather than cryptocurrencies, there are several blockchain use cases, such as blockchain gaming. You will find the one most appropriate for your needs among the 4 types of blockchain in the best blockchain platforms.
Before we get started, here is a list of the best blockchain books in 2022 for better understanding. You may have heard about the blockchain talent gap and started to ask what is a blockchain developer. But unfortunately, you find some blockchain implementation challenges and security issues. So, let’s take a look at some of the best enterprise blockchain examples.
The success of enterprise blockchain examples invites you to join the hype
The blockchain isn’t just about bitcoin or other cryptocurrencies. The revolutionary blockchain technology is already being utilized in several sectors to change and improve people’s lives.
Do you know what IBM, Microsoft, Walmart, and JP Morgan have in common? To improve company operations, these businesses invest heavily in blockchain technology.
With business interest in blockchain growing, it’s critical to comprehend the advantages of this new technology for organizations. As a result, the need to deal with the enterprise blockchain distinctly emerges.
What is enterprise blockchain?
An “enterprise blockchain” is a special type of permissioned blockchain that can be utilized to simplify business processes on a large scale, such as monitoring supply chain items or making international payments.
Businesses feel that a private blockchain network, such as Bitcoin, is better suited to their needs than a public blockchain network because the visibility of their data may be limited to a restricted group of people.
Blockchains are digital records of financial transactions and data that are shared across a network of parties, although there are various sorts. They also employ cryptography to secure the history of past deals.
Businesses can use blockchain technology for a variety of areas, such as:
- Supply chain management
- Finance and banking
- Real estate
- Media and entertainment
- Precious stones
So, the time has come to examine real-life uses of blockchain technology, which can be used in various industries.
Best enterprise blockchain examples in 2022
The blockchain sector is exploding. The blockchain market is anticipated to be worth $67.4 billion by 2026, according to Technavio. Increased investment in the technology, widespread usage of blockchain solutions in banking and cybersecurity, and high adoption of blockchain solutions for payment, smart contracts, and digital identities are all contributing factors.
More than 90% of European and American banks are looking at blockchain possibilities. Blockchain technology can revolutionize miscellaneous industries, including government, finance, insurance, and personal identity security.
JPMorgan: Bank transfers
In conjunction with the Royal Bank of Canada and ANZ, JPMorgan Chase introduced the Interbank Information Network (IIN) to enable interbank payments. This is one of the first initiatives of the Advanced Blockchain Technology Center’s working group. Quorum was used to create IIN, which was developed in collaboration with Ethereum’s EthLab. It is one of the best enterprise blockchain examples.
Due to practice, bank transfers have become faster, less expensive, more reliable, and safer. Bank transfers have improved owing to the blockchain and smart contracts; they now take place in just one hour rather than three days, saving 2-3% rather than 5-30%, and there are fewer issues and inaccuracies in the document flow. Cross-border payments are extremely advantageous for the blockchain.
Walmart: Product tracking
Walmart, a massive retail business, is among the corporations that pioneered Blockchain implementation. The firm uses digital ledger technology to improve its regular operations’ data tracking and management procedures. Furthermore, Walmart is collaborating with IBM in what has been characterized as a great example of blockchain use in the industry of monitoring meat and poultry items sold in its stores.
This is a great example of high-profile firms utilizing blockchain.
Furthermore, the firm has already implemented a blockchain technology that may track information from the farmer to the broker, distributor, and retailer.
Thanks to blockchain integration, employees and consumers can now trace items back to their origins.
Volkswagen Financial Services: Digital vehicle logbook
The automobile firm’s Volkswagen Financial Services (VWFS), which serves customers of the Volkswagen Group and provides financial, service, and insurance products to them, has started creating a digital logbook for blockchain-powered cars.
Vehicle data is collected by process participants and RIFT tags, sent to the IoT Azure Center (Microsoft Azure cloud platform), and recorded in BigchainDB. Owners of the vehicle and interested parties such as insurers, states, possible purchasers, and others have access to the data.
British Airways: Blockchain monitoring system
Another example of a blockchain company is British Airways, Britain’s largest airline. In fact, it has implemented blockchain technology to keep track of data flights between key airports in London, Geneva, and Miami. The airline also started testing a new VChain Verification Service that has the potential to change the check-in process dramatically.
The new system allows airlines and airport authorities to confirm someone’s identity using a blockchain database. The system will verify travel papers without disclosing personal information to third parties.
Maersk: Cargo shipping
Maersk, the world’s largest shipping company (16% of the global shipping fleet), along with the Netherlands’ customs service and IBM Hyperledger Fabric, introduced a project that automates some freight shipment procedures, synchronizes data, and acts as a single “source of truth” for all participants.
TradeLens is an open, IBM-Maersk blockchain-based platform for international trade. It has already processed over 360 million shipping events and gained the involvement of more than 90 participants, 20 of which are customs authorities and ports.
UPS Blockchain: Logistics system
UPS has joined the Blockchain in Trucking Alliance, which is dedicated to developing blockchain technology for the multibillion-dollar freight sector. The group aims to create a trustworthy blockchain system by standardizing shipping operations. It is one of the best enterprise blockchain examples.
In order to work together, they have set out to create new ideas that can provide an efficient and less expensive logistics management system. In the sector, there are several challenges for blockchain technology will help solve, including a large number of brokers and confidential information throughout complex supply chains.
The project MediLedger was created in 2017 to test whether it is feasible to create a database based on the blockchain that would accompany pharmaceutical goods throughout the Drug Supply Chain Security Act (DSCSA) and other industry standards. In 2018, REshape began developing and testing software with SNS Bank NV and Deloitte.
MediLedger is employed by Pfizer Pharmaceuticals, McKesson distributors (more than 50% of US hospitals and 20% of physicians), AmerisourceBERGEN (income $ 150 billion), Genentech (40 years on the market; income $ 17 billion), maker of medicines Gilead Sciences, Inc. ($ 20 billion).
Alibaba: Tracking luxury goods
Despite being one of the most vocal critics of blockchain technology, Alibaba’s co-founder Jack Ma remains enthused about it. The firm has the most blockchain patents in the world, indicating how serious it is about applying it to boost its operations.
On the application side, Alibaba has unveiled a blockchain-based solution for tracking luxury goods sold on its e-commerce sites such as Tmall. The e-commerce behemoth is also using blockchain to improve cross-border supply chains. It is one of the best enterprise blockchain examples.
The Australian business unit has also created a blockchain platform to manage food movement with partners.
HSBC: Decentralized vault platform
The bank is already using a blockchain-based system. They are reworking their vault technology with blockchain. The bank is moving away from paper-based record-keeping to make it more secure and private.
As a result, investors may now follow the movements of all of their money on the platform.
Tencent: Blockchain for legal billing and taxation
In the Chinese city of Shenzhen, WeChat uses blockchain technology to improve legal billing and taxation. In reality, the multinational Fortune 500 company Tencent is looking into blockchain for business applications to combat phony invoices and reduce instances of businesses taking advantage of tax disadvantages.
The firm is collaborating with the Shenzhen city State Administration of Taxation to use blockchain technology to verify invoices’ authenticity. The proposed blockchain solution will be integrated into WeChat, the company’s messaging-scale media platform.
BP, Statoil, and Shell: Oil industry
The VAKT trading platform, which will enable the transition from conventional paper contracts to automated smart contracts, will be created by industry leaders and several other oil firms, trading platforms, and banks. This will minimize errors, save money, and make back-end activities more efficient and dependable. It is one of the most interesting enterprise blockchain examples.
Facebook: Blockchain for digital payments
In response to the Cambridge Analytica controversy, Facebook has had to develop new strategies for ensuring that users’ data is safer. It appears that the firm’s most recent effort is to use blockchain technology to manage a huge amount of data.
They’re also working on several other projects, including the Libra cryptocurrency project. It was formerly more concerned with just the Libra token. However, it will now support existing government-backed money as well.
This initiative may become the first of its kind, providing a digital dollar platform. As a result, it is a significant improvement for the worldwide community.
Walt Disney: Blockchain to track inventories
Walt Disney World is also using blockchain to implement a blockchain system. The most apparent use of the technology in the business’s operations is inventory tracking and sales and shipments in the theme parks.
The firm is also looking at how technology might be utilized to make it easier for consumers to determine if a transaction has been validated or denied. Dragonchain is the company’s planned blockchain solution, which it is developing in cooperation with other businesses to exploit its capacities.
Samsung: Blockchain for supply chain management
Samsung, the world’s one of the largest electronics makers, has likewise implemented blockchain technology to help manage its vast supply chain. The company requires a system that can handle its huge supply chain since it is one of the world’s major manufacturers of electric appliances.
The firm plans to use the technology to keep track of its many shipments, including electronic devices and appliances of all sizes. By increasing operational efficiency, the corporation believes that blockchain implementation will help fuel digital transformation.
Apple: Blockchain to timestamp data
For a long time, Apple has been unwilling to discuss if it sees potential in integrating blockchain technology into its extensive empire. The confirmation of a new patent, however, has put the issue to rest by revealing that the firm may be looking at applying digital ledger technology to generate and verify timestamps.
So, they are still exploring how to implement blockchain in business.
JLL: Spanish commercial real estate valuation
Another firm, JLL, is also utilizing blockchain technology. They are using this technology in the Spanish commercial real estate valuation process. Furthermore, they intend to apply it to the real estate sector’s construction process. You may rent or sell properties using the application. This project is focused on JLL Japan particularly.
Save the children: Non-profit
Commercial organizations are turning to blockchain technology to optimize operations, cut costs, and make even more money. Non-profit organizations are likewise using distribution registers in greater numbers.
The Save the Children organization works to protect children worldwide and is currently using a distribution registry database. The aim is for individuals and organizations who wish to volunteer to take an exam and acquire a digital identifier-“humanitarian passport” beforehand.
Save the Children builds a list of people and organizations with known and tested skills, capabilities, and locations. When there is no time for lengthy checks and interviews, this list is used in situations like natural catastrophes, accidents, or epidemics.
The organization is also looking into the potential of blockchain technologies in fully transparent fundraising and the usage of smart contracts for settlements with partners. It is planned to test the possibilities of smart contracts in future humanitarian aid distributions using Smart Contracts.
Best enterprise blockchain platforms in 2022
These are some of the best enterprise blockchain platforms in 2022:
Best enterprise blockchain coins in 2022
According to CoinMarketCap, the top 5 enterprise solutions tokens by market capitalization are listed below:
- XRP – XRP
- Polygon – MATIC
- Stellar – XLM
- Bitcoin Cash – BCH
- Hedera – HBAR
Blockchain adoption in enterprises
For years, several organizations have researched the benefits of corporate blockchains. However, the technology is still quite young. Most businesses are still in the experimental stage and haven’t deployed production-ready versions.
Before, these firms have often been rivals, but many of them are now collaborating with existing blockchain initiatives.
These days, big firms like Amazon, Alibaba, Walmart, and Microsoft are looking at blockchain technology opportunities. The entire business sector is turning its attention to these businesses and is keeping an eye on how they develop.
We’ve compiled a list of enterprise blockchain examples where we learned how blockchain be utilized in an enterprise setting. The examples also cover how business blockchain platforms can be used.
If you want to use blockchain in your industry, you already have a head start. Improved investment should result in more creative solutions geared towards enhancing people’s lifestyles, and it’s time to be more proactive in promoting blockchain. This is one of the greatest opportunities the industry has ever seen, so we should take advantage of it by focusing on what makes blockchain technology special.