Traceability In Blockchain Seems To Be A Big Factor For Multi-Billion Companies
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Earlier this year, the annual blockchain 50 list was published and includes 50 of the biggest companies in the world that are using blockchain technology. Looking at the data from the research, these multibillion-dollar firms are more likely to use the technology for traceability and provenance done for payments and settlements.
Looking at the research done by the Dutch company, Blockdata, they found that 15 absolutions that fight traceability and provenance whereas 13 are using blockchain for payments and settlement.
Some of the companies that use traceability solutions on the list include IBM, Nestlé, Amazon, MasterCard and BMW. 10 of these kinds of products are already in production with five being piloted in beta modes.
Let’s take a look at IBM and the hyper ledger technology which was the most widely used for traceability. The analysis looks into PlayStation and iPhones on the contract manufacturing Foxconn and their use of blockchain technology.
In noting its contributions to IBM, it said the following:
"IBM, backers of the Hyperledger blockchain project and its many platforms, makes an appearance because of the Food Trust initiative. This program allows companies to quickly and accurately ascertain the provenance of individual goods in its supply chain. Notable participants include Walmart, Nestlé, and Dole Foods."