Question

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate applications, please select a non-cryptocurrency topic.

Prompt: A summary of the specific application of blockchain you selected. A discussion of the types of companies and/or industries that will benefit from this application. An analysis of whether or not this application of blockchain technology will be successful. Minimum 450 words

Answer 1

There are various applications of Blockchain technology and cross border payments is one of them.

Cross border payments:

Cross- border payments, also called global payments. Global payments sector is error prone, costly and this sector is open for money laundering. Money transferring process is a longer process when it comes to global payments. Blockchain is providing solutions with remittance companies like Abra, Align commerce and bitspark. These companies provide end to end remittance services powered by blockchain. In 2004, Santander was the first bank to incorporate blockchain to a payments app. This app facilitates international payments for the customers 24 hours a day, clearance next day.

Types of industries that are using blockchain technology are as follows:

1) Bank and finance industry:

Companies which are using blockchain technology are

• BBVA
• Intesa Sanpaolo
• Barclays
• HSBC
• VISA

2) Supply chain industry

Companies which are using blockchain technology are

• De Beers
• Unilever
• Walmart
• Anheuser Busch InBev
• Ford

3) Healthcare industry

Companies which are using blockchain technology are

• Change Healthcare
• FDA
• DHL
• Center for Disease Control and Prevention
• Pfizer

4) Insurance industry

Companies which are using blockchain technology are

• AIA group
• MetLife
• Prudential Financial
• AIG
• Aegon

5) Energy industry

Companies which are using blockchain technology are

• Shell
• Siemens
• TenneT
• Abu Dhabi National Oil Company
• Chile's National Energy Commission

6) Trade industry

Companies which are using blockchain technology are

• Mizuho
• ANZ
• Scotiabank
• SEB
• People's Bank of China

7) IoT industry

Companies which are using blockchain technology are

• Maersk
• Commonwealth Bank
• Van Drop
• Smart Electric Power Alliance
• McKesson

8) Travel industry

Companies which are using blockchain technology are

• Singapore Airlines
• UAE's National Airline
• Lufthansa
• Delta Airlines
• British Airways

9) Real Estate industry

Companies which are using blockchain technology are

• Brookfield Asset Management
• Link REIT, Hongkong
• JLL
• Westfield
• Coldwell Banker

10) Government industry

Companies which are using blockchain technology are

• Government of Dubai
• Seoul Metropolitan Government
• Lantmateriet
• Uganda National Drug Authority
• Monetary Authority of Singapore

So, these are some industries and companies which are motivating blockchain technology by using it.

Let's analyse blockchain technology will be successful or not. Following points are:

• Blockchain is an innovative technology.
• This technology has come from relative obscurity to become a popular medium of conversation between industries.
• Blockchain technology is promoted by the mainstream media as a revolutionary technology ensuring efficiency and shaking up the status quo.
• Concepts like fintech virtual tokens, digital assets, cryptocurrencies, smart contracts and initial coin offerings are based on blockchain technology.
• Applications of blockchain technology are developing at a faster pace than most governments can or have been willing to grapple with. Bermuda is the example.
• We all are living our life mostly online as by using online banking, apps, shopping, social media and online services.
• Core functions of governments and economies are mostly executed on the inernet..
• Most of the people have some kind of digital presence and each online activity require sending of information. Blockchain technology is helping in this.
• In future blockchain technology is expected to positively impact the way of payments, transactions and record keeping.
• Blockchain technology is supposed to affect the operations of large organizations, financial institutions and governments.
• Blockchain technology creates a decentralized public record of various transactions which are secure, tamper proof and no one can modify them.
• Peer to peer transactions can be trusted by using blockchain technology.
• Blockchain technology is progressing day by day by creating trust and offering security and ease of use.

So, by discussing above points we can say if used fairly blockchain technology has a bright future.

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