Blockchain Adoption By Leading Tech Companies Drives The Rise Of Crypto
The real-world use cases of blockchain technology have increased substantially over the past few years. From finance to gaming, and supply chain management, blockchain is at the core of innovation-led transformations across industries. Blockchain uses distributed ledger technology (DLT) which helps in securely maintaining crucial records that are impossible to tamper with. As of 2021, the blockchain market size stands at $4.93 billion and is expected to reach $227.99 billion by 2028. But, what is fuelling this unprecedented growth in the blockchain industry? Widespread adoption is the answer. Over 65 big industries have either adopted blockchain or plan to do so in the coming years. Even governments have realized the potential of blockchain technology. The adoption of blockchain by major tech companies globally is a major reason behind the widespread popularity of the industry.
The utility of blockchain beyond finance and banking has been a revelation. Businesses across the globe are utilizing blockchain along with other emerging technologies like IoT and AI to transform their operations. A crucial reason behind the growth of the blockchain industry is the increased adoption of the technology by major tech firms globally.
Top Companies That Have Adopted Blockchain
- IBM: New York-based tech giant IBM is one of the top companies using blockchain technology in their processes. The company has emerged as one of the leading blockchain solutions providers. IBM assists its companies across the globe integrate blockchain into their operations for better efficiency. Grocery chain Kroger and Northern Trust are among the top clients of IBM. The tech firm has intensified its efforts to adopt blockchain in various operations. IBM has also joined hands with major businesses like Walmart, and banks like the Bank of Montreal (BMO), CaixaBank, and the United Bank of Switzerland (UBS)..
- Oracle: Oracle is another big name within the tech industry that is leading the efforts to adopt blockchain for various operations. It is one of the top providers of cloud-based blockchain solutions. The firm also collaborates with various companies within the blockchain space to tap the untapped potential of the technology. Oracle’s cloud-based blockchain solutions have helped several companies minimize risk and accelerate project growth through better communication.
- Microsoft: Microsoft is one of the earliest adopters of blockchain and Bitcoin. The tech giant has been exploring the use cases of blockchain since 2014. It also started accepting Bitcoin payments on its website in the same year. Microsoft has been dedicated to using blockchain as payment gateways and safe storage. The company has more than 40 patents for blockchain-powered solutions. Besides designing in-house blockchain solutions, Microsoft also allows other businesses and developers to use its Stratis in Microsoft Azure to deploy their own blockchain.
- Huawei Technologies: While the association of blockchain with cryptocurrency has left financial institutions divided, tech firms across the globe are very confident about the impact that the technology can have. Chinese telecommunications giant Huawei is exploring the use cases of blockchain technology to counter fraud and unfair practices in the mobile industry. The telecom firm is confident of blockchain’s potential to help mobile companies transform their business models. Going forward, the firm is likely to use blockchain for efficient data integrity verification.
- Intel Corporation: Leading chipmaker Intel is another tech firm leading the blockchain adoption race. Intel’s Sawtooth blockchain platform is proven to create efficient and trustworthy operations for business operations. The company is set to join the Enterprise Ethereum Alliance, R3 Consortium, and the Hyperledger Project to prioritize the use of blockchain. It also offers data protection to other companies through a blockchain-powered un-hackable ledger.
Final Word
The real-world adoption of blockchain is set to grow exponentially over the next few years. Blockchain-powered solutions have helped businesses across the globe bring efficiency into their operations. With companies like IBM, Amazon, and Microsoft leading the race towards blockchain adoption, the impact of the technology is clearly visible. The widespread adoption has also led to a massive number of new investors in the crypto industry. Governments across the world are also partnering with blockchain companies to promote innovation and stake a claim in the race towards digitization.