More than half of the companies that were added to the Forbes Blockchain 50 list for the first time this year are using tblockchain to solve logistical problems in their industry.
Eleven out of 21 new respondents added to the annual survey are using blockchain and DLT solutions to address supply chain, product tracking, and shipping issues.
According to Forbes, “Hundreds of large companies are now using Bitcoin and basic technologies to streamline operations.”
“However, most of the companies in Blockchain 50 are not speculating on Bitcoin, but wish to use the technology behind the cryptocurrency in innovative ways.”
Some of the largest companies in this category include Boeing, which uses a blockchain-powered air traffic control system for drones; Oracle, which operates a shipping consortium of more than 300 customers; And CONA Services by Coca Cola, which tracks orders, shipments, and invoices between blockchain packing companies.
French supermarket chain Carrefour is a new player and is currently tracking 30 product lines using its food tracking chain. Another is Sappi, which is using blockchain to improve the resilience of global supply chains; Especially when it comes to natural materials and packaging.
The emergence of the global business-driven blockchain logistics market has created fierce competition among its suppliers, and is expected to be valued at $ 765.5 million by 2025.
While previous iterations of blockchain technology may not be completely ready to tackle business problems globally, commercial-oriented blockchain platforms and DLT platforms such as Hyperledger, Azure, and Corda offer significantly higher network bandwidth. This has increased their employment with a number of large companies looking for blockchain-focused solutions to logistics problems.
National authorities have also started using blockchain for logistics. Last month, the US military provided a $ 1.5 million grant to the SIMBA chain, a smart contracting platform to use to improve the efficiency of military supply chains. Also in January, the UK’s National Health Service used the blockchain as a way to monitor stocks of the COVID-19 vaccine.
Other major companies to be added to the list this year include Binance, to support more than 100 blockchains on the exchange, MicroStrategy, to buy more than $ 1 billion in BTC through 2020, and Kakao, South Korea’s largest messaging app. To develop its own cryptocurrency called “klay”. “