Blockchain Adoption In Mainstream Businesses So Far

Blockchain use-cases are emerging quickly with more corporations adopting the technology. Blockchain Adoption has always been Moonwhale's primary mission. From our first examples, almost a year ago until now, many new developments have taken place. Blockchain technology provides the immutable record of transactions almost immediately. Other benefits of continuous audits, real-time monitoring and less time-intensive reconciliation of accounting data will disrupt the accounting and auditing industry.

More potential applications are emerging with Security Token Offerings (STO). The possibility of tokenization opens up new ways of growth-financing to SMEs, MNCs and listed companies. Examples of assets that could be tokenized:

  1. Equity
  2. Commodities (ie. Oil, GoldCannabis), 
  3. Commercial Real Estate (land and properties), 
At the same time tokenization allows fractional sales of these assets to a broader audience, it enables new liquidity to investments, all at very low fees.
comparison between process friction and process optimization in cross border payments flows

Banks Adopting Blockchain Technology

  • Industrial and Commercial Bank of China filed patents using Blockchain technology to verify digital certificates instead of a trusted central authority
  • Bank of America is working to automate the process of creating letters of credit
  • IBM is using the Stellar Blockchain protocol to help financial institutions clear and settle international payments in seconds
  • Nasdaq and Citi are using blockchain technology to automate payment processing
  • JPMorgan Coin - JPMorgan Chase introducing their own cryptocurrency to facilitate inter-bank and cross-border transactions
  • Goldman Sachs is reportedly setting up a cryptocurrency trading desk in New York that will be running by the end of June 2018
  • Spanish bank Santander launched an app called One Pay FX. It uses distributed ledger technology to allow customers to send international money
  • Swiss bank UBS is leading a pilot that aims to automate regulatory requirements for the MiFID II/MiFIR rules
world map of different blockchain initiatives in different countries

Blockchain Adoption In Governmental Bodies

  • Brazil’s Ministry of Planning, Budget, and Management is piloting a blockchain identity application using uPort, a self-sovereign ID platform
  • SP Group, a major company providing electricity and gas in Singapore, has opened a blockchain-powered marketplace for renewable energy
  • The UN’s Climate Change Coalition is researching how distributed ledger technology (DLT) could improve its climate change initiatives
  • Countries in the Middle-East, particularly Saudi Arabia and the United Arab Emirates were reported to be launching an official interbank cryptocurrency. 
  • Authorities in Zagreb, Croatia, are looking to adopt blockchain technology and integrate it into the daily running of the state. Particularly, on safeguarding sensitive documents and the monitoring of business processes of local firms. 
  • A bill was introduced by the Washington State Senate that encourages the development of distributed ledger and blockchain technology.
  • The Italian government had announced the first set of regulation for Blockchain technologies
table showing the characteristics of high-potential use cases

Mainstream Companies Adopting Blockchain

  • Facebook is developing a Cryptocurrency for WhatsApp transfers
  • Apple filed a patent for Blockchain technology to timestamp data
  • Alibaba’s ZhongAn is leveraging Blockchain to process and store patient data in a secure manner for over 100 hospitals across China
  • Amazon Web Services has partnered with Kaleido to offer a full-stack blockchain enterprise platform on the cloud that integrates blockchain services with AWS services
  • Walmart, Kroger, Nestle, and Unilever, partnered with IBM to use Blockchain to improve food safety through enhanced supply chain tracking
  • Samsung Electronics announced “Nexledger” platform for tracking global supply chains
  • Google is developing a distributed ledger to allow third parties to send and verify transactions. They also plan to provide a full-stack blockchain service for developers that companies can run on their own servers
  • Tencent and Huawei are leading a blockchain consortium of over 100 different Chinese companies called Fisco. They launching their own blockchain that focuses on fast transactions while providing “observatory” nodes for government regulators and auditors.

Blockchain Adoption in Other Industries

  • Mining Giant BHP Billiton will use Blockchain to record the movements of wellbore rock and fluid samples, and better secure real-time data
  • Maersk partnered with Blockchain-Startup GuardTime, which worked with Microsoft and EY, to launch a marine insurance Blockchain platform
  • Royal Dutch Shell is working with BP to create an energy commodities platform
  • Toyota Motor Corp is exploring how Blockchain could secure self- driving cars
  • Oracle’s BaaS offerings are allowing businesses to make proof of concepts (POCs) with DLTs
  • Baidu manages intellectual property rights of images on the Blockchain
  • Ant Financial, the parent company of Chinese payment service Alipay, partnered with Standard Chartered, launched a blockchain- based remittance service that enables real-time money transfer between Hong Kong and the Philippines
  • Cisco is creating its own permissioned, enterprise blockchain
  • German insurance giant Allianz confirmed that it’s testing a token for moving money between its global affiliates to mitigate currency conversion costs and other inefficiencies between the units
  • Pfizer and Roche has participated in a Blockchain pilot to track who touched what drug at what time
chart of the hype cycle for emerging technologies by gartner

Blockchain Adoption Is On the Rise

Mainstream media provided a lot of coverage on cryptocurrencies and blockchain last year but it was primarily due to its astronomical rise in value. In the memory of most mainstream enthusiasts, 2018 shall always be known as the year where tons of money was lost. On the contrary, 2018 was full of great news regarding blockchain adoption. We should be excited for what's to come.

"Smart money and large investors know it, we know it, and you should explore it..."

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Looking for an STO Consultant?

Moonwhale Ventures position ourselves to provide STO solutions, helping businesses with our STO Financing service. Based in Delaware, USA, Moonwhale will assist you in One-Stop-Shop solution for your security token offering:

  • Token Economics
  • Token Creation & Issuances
  • Marketing Materials
  • Private Sale Fund Raising
  • Public Sale Fundraising
  • Secondary Market Trading

Please feel free to contact usRead our previous blog post on Blockchain Adoption in Mainstream Businesses or Tokenizing Commercial Real Estate.