// Blockchain

Companies that Use Blockchain

Blockchain is a fairly new and unusual technology, the meaning of which is to build a decentralized environment, where everyone manages certain data.This approach to storing information reduces risks, guarantees confidentiality, eliminates intermediaries...

Table of Contents

#1. Industrial and Commercial Bank of China (ICBC)
#2. Commonwealth Bank of Australia (CBA)
#3. Microsoft
#4. Mastercard
#5.  IBM
#6. Porsche
#7. FLOGMALL
#8. Сonclusions

Blockchain is a fairly new and unusual technology, the meaning of which is to build a decentralized environment, where everyone manages certain data.This approach to storing information reduces risks, guarantees confidentiality, eliminates intermediaries and gives full control over ongoing transactions and important data.

The concept of blockchain technology is quite easy. Its advantages can not be overlooked, and ease of use can not be appreciated.

Thanks to its positive qualities, the blockchain can integrate into all areas of our life. Based on the information provided by Bloomberg, Google has set about developing its own blockchain protocol, which will be used in Google’s cloud services. Not only Google, but also Walmart, Coca-Cola, Rakuten, IBM, Salesforce are developing their new projects based on the blockchain chain, and this is very serious.

Companies that have implemented the blockchain in their work.

Industrial and Commercial Bank of China (ICBC)

Companies that Use Blockchain

ICBC is the largest bank in China with more than 5 thousand corporate and 530 million personal clients.

The first information about the ICBC study (Industrial and Commercial Bank of China) of the introduction of blockchain technology appeared on April 30, 2018. The patent application was filed with SIPO in November 2017 and was published on April 27, 2018. For ICBC, this was the first patent application related to the blockchain.

It would seem that nothing unusual, the bank decided to introduce the blockchain technology into its work, however ICBC is a state bank, and therefore people interested in the technology are interested in the technology.

The reason for the study of this technology was the provision to various departments of various documents, for example, a residence permit or certificate of marriage, as well as their frequent falsification. Sometimes these procedures are very complex and slow, and therefore slow down the work of the bank. Falsification is a separate topic.

Using the blockchain technology, these problems can be eliminated.It will not be possible to falsify important documents, since their copies will be kept by other users, due to which it will not be possible to deceive the system. Also, there will be no need for legal procedures for obtaining documents, all documents will be clearly stored in a decentralized environment.

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One interesting fact. China has been conducting a negative policy on cryptocurrency since September 2017, but the government is actively working on the development and implementation of blockchain technologies in various industries.

Commonwealth Bank of Australia (CBA)

Commonwealth Bank of Australia

More recently, it became known that the Australian government is launching testing of the “reasonable money” blockchain project. This innovation is aimed at national insurance of citizens with limited working capacity.

The project was developed by CBA in collaboration with Data61, an innovative digital technology center. Data61 is a leading Australian company in the provision of data innovation services. The company worked with such business giants as Audinate, Ambiata, GeoSLAM, Goanna, HIVERY.

According to the press release from CSIRO, the idea of this startup is to create a token that will be used by consumers, that is, disabled people, according to previously defined rules.

Such a strategy to provide incapacitated people will allow receiving information about what money was spent on, by whom and when. Thanks to the decentralized environment, it will not be possible to change the recorded information, and also allow you to track payments.

In order to show that this concept is efficient and profitable, the Data61 team selected the insurance sector in view of the huge advantages in implementing this technology.

One of the main advantages associated with the waste of time is the disappearance of paperwork.Insurers and recipients of insurance funds will no longer need to go for the provision of various documents, all information will be stored in a decentralized environment.

It should be noted that Data61 can implement their development in various CRM systems of payment and transfer payments, as well as in those companies that need to optimize the processes within the business.

Microsoft

Companies that Use Blockchain

Microsoft has become interested in the issue of legal evidence of identification. According to the international analytical center, every sixth person has no legal evidence of identification, most often these are refugees and children. The absence of such documents creates enormous problems around the refugees, as well as facilitates the sale of children.

Microsoft is sure that the blockchain technology will perfectly help to get rid of this problem. The company joined ID2020 as a foundingmember.  This blockchain environment is developed in collaboration with all developers around the world.

The use of blockchain will make it possible to store identification data in a decentralized environment, primarily refugees and children. This information can not be changed, and this makes it impossible to falsify documents.

A new mechanism for registering new data, storing it and interacting with various departments and services will be created.

Identity privacy and security will be provided at the highest level. There is almost no chance that the identification information will be “merged”.

Microsoft considers the blockchain to be an almost “immortal” system, which is very difficult to eliminate, which is why this technology was chosen to create a decentralized identification system for the world's population.

Mastercard

Companies that Use Blockchain

The international payment system, transnational financial corporation, which unites more than 20 thousand financial institutions in more than 200 countries of the world, is introducing blockchain technology into its work.

According to data provided by the world center of analytics, the Internet theft and carding have become frequent. Clients of various banks lose more than $ 2 billion every year. It was this factor that alerted the company and prompted her to think about the introduction of blockchain technology.

The work of innovation is as follows:

First. The technology uses a two-factor method for encrypting the image of a card.

Second. All information about the card is stored in the blockchain, this requires a private and public key.

Third. When a person pays for something, the system, using a private key, gives access to encrypted information and performs verification.

The introduction of blockchain technology into POS terminals will maximize the security of transactions and transfers, save clients from plastic cards, and thus reduce the rate of theft and unauthorized logging into the system.

Carding cases have also become frequent. Since the data will be transferred by sending the code data from the display, you can cover it up by putting it in your pocket or bag. This data reading is much easier to control and use.

According to the available information, Mastercard connected 13 banks from different countries to this technology and already has a lot of positive reviews.It is worth noting that the introduction of the blockchain is a fast process, and accordingly connecting the entire network of banks in a short time is not a problem.

 IBM

Companies that Use Blockchain

IBMis one of the best and most advanced manufacturers and suppliers of hardware and software in the world. Capitalization for 2017 is 159.41 billion dollars.

First information about IBM and A.P. Moller-Maersk appeared in June 2016. Their goal is an enterprise based on blockchain technology. It will deal with shipments in the shipping industry and at the same time create a favorable environment for developers.

It should be noted that more than 80 organizations have joined the company, and the company's global launch is scheduled for the end of 2018. The platform is already used by PSA Singapore, International Container Terminal Services Inc., Patrick Terminals, as well as the customs services of the Netherlands, Saudi Arabia, Singapore, Australia and Peru.

The advantage of such a company is that producers of goods and services, carriers and retailers are able to track the location of their goods in real time. The possibility of loss of cargo and their falsification is reduced.

The second advantage is eliminating the need for paperwork. All this bustle disappears, since all information will be stored in a decentralized environment, legally binding. The possibility of falsifying data or their destruction disappears. The speed of workflow will increase.

Porsche

Companies that Use Blockchain

The well-known German manufacturer of Porsche cars was the first among its competitors who thought, created and implemented the blockchain technology in their cars. The first information about the creation of blockchain technology for cars appeared at the beginning of 2018 and was very surprised not only by the company's competitors but also by its customers.

The development takes place in close cooperation with the famous German company XAIN. XAIN was founded in 2014 as a research group at Oxford University, and in 2017 was registered as a company in Berlin.

The blockchain technology is being actively tested on the Panamera model cars and shows excellent results. Some machines have an energy efficient mining process from XAIN.

According to Porsche's chief financial officer, Oliver Döring, the use of blockchain technology will help the company ensure prompt and secure data transfer, confidence in the safety of the car when performing such activities as charging, parking, or providing third parties with temporary access to the car. Innovative technology will help the company transform the existing concept of cars.

Using the blockchain will give customers such advantages as fast and secure transactions, remote unlocking and locking of doors using a smartphone, temporary transfer of a car to the hands of third parties, improved data encryption, and also help to improve autonomous driving.

Since the car becomes part of the blockchain, there is no need to connect to the intermediate service (“intermediary”). All work with the machine will be implemented within the framework of offline connections.

During the testing of the new concept, it was concluded that the blockchain is several times greater than any existing systems on cars. Unlocking and locking the car doors is 6 times faster (1.7 seconds) than its rivals.

The blockchain requires the car to document all actions, ensures that it is impossible to change the recorded data, effectively encrypting information, the inability to manipulate data, and access to the blockchain from a smartphone.

The technology creates a secure connection between the participants, in which it is too difficult to get into in an unauthorized way, however, connecting third parties can be easily accomplished using smart contracts.

According to some reports, in the case of excellent performance when testing technology, Porsche is going to implement this technology in all subsequent new car models. So in 10 years most of the cars from Porsche will be “staffed” with the blockchain technology.

FLOGMALL

Companies that Use Blockchain

And now let's talk about the successful integration of the blockchain into the Internet trade - the FLOGMALL project. This service is already beginning to create more competition for its rivals: Alibaba, Joom, Aliexpress. Capitalization is growing every month, however, as well as the involvement of potential customers.

FLOGMALL is a decentralized platform designed to solve the problems of buyers and sellers. It works almost like Alibaba or Joom, however, the blockchain technology is taken as a basis, which naturally increases its attractiveness.

The main idea of the platform is the acquisition of goods and services for cryptocurrency. Thus, the project promotes the transition from fiat money to cryptocurrency, as well as the use of blockchain technology.

The global problem that the project wants to solve is to attract society to the use of cryptocurrency, to help people bypass banking and system fees when using electronic money, and also to avoid huge taxes on cryptocurrency in some states.

There are two highlights of FLOGMALL. The first is that you can pay for a product not from a narrowly directed cryptocurrency spectrum, but from a wide one. This means that in addition to the well-known cryptocurrency, you can use the little-known.

The second highlight is that the service is made in the form of LiveStore.

LiveStore is:

а)placement of commercials describing the product or service in detail.

b)creating a blog where a supplier of goods or services informs potential buyers about discounts, promotions and new products.

c)the creation of auctions or mass sales to increase the turnover of goods.

d)promotion of your brand, store, organization through video advertising.

The project combines the qualities of a sales area and a bulletin board. On the bulletin board that emerged 23 years ago, about 48 million ads are being published now, while online trading increases capital turnover and if in 2017 trade volume was 1.6 trillion dollars, then 2.5 trillion is forecasted next year.

Now imagine what happens when a well-known shopping mall (Aliexpress, Joom) goes to the platform. As an end result, FLOGMALL will become one of the most visited sites, as thousands of or even millions of transactions will be made daily.

Сonclusions

The introduction of blockchain technology is confident and lightning fast. Most of the world's business giants have already begun or integted a blockchain in their business. As an example, it is enough to put ICBC, Mastercard, Porsche. Two global giants in the provision of banking services and the world-famous German machine manufacturer are introducing the blockchain into their daily work.

This says only one thing: in a short time, the blockchain will become an integral part of our daily life. Its advantages can not be overlooked, and ease of use can not be appreciated.

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