Blockchain With Enterprises Doing

Many top companies around the globe are exploring and using blockchain technology. Many news stories feature successful blockchain pilots and large-scale research teams. There are also many reports about blockchain investment rounds.

Which of these large corporations is actually developing blockchain solutions?

Blockdata has published a report that analyzes the 100 largest companies by market capitalization. According to the research, 81% of these companies are using blockchain in some way and have begun exploring it as early as 2014.

Other key statistics include:

  • 27% have a fully functioning, blockchain-based service.
  • 38% have invested in 113 blockchain companies, in total funding rounds of $3.5 billion.
  • Hyperledger Fabric and Ethereum are the most used technologies (across 30 different technologies).

We did a quick look at these companies and chose those that have either live blockchain solutions or are nearing launching a production-ready product.

These solutions do not just focus on one industry but can be applied to many others. The most common industries include DLT (infrastructure and blockchain services), payments, security, energy and banking, as well as supply chain.

We also found that there were 83 different uses for the blockchain companies these large institutions invested in. They were most interested in integrating their own blockchain services, including payment solutions, trading and exchanges, infrastructure & protocols, custody, and post-trade solutions.

Here is a list listing some of the top institutions that have recently shown interest in blockchain.

Microsoft Corporation

Microsoft is a pioneer in blockchain technology and is well-known for its Azure Blockchain Service. Microsoft has been involved in a few new initiatives. Microsoft launched their ION Digital ID Network, a Bitcoin network-based service in March 2021.

This layer 2 technology focuses on the use of Bitcoin's blockchain to create digital identities for identity authentication.

Microsoft currently works with Quorum, Ethereum, and Bitcoin.

Alphabet Inc.

Alphabet Inc. is the parent company of Google Cloud and has been involved with blockchain since 2016. Their blockchain services are well-known for being part of the Google Cloud Platform. Here you can deploy Hyperledger Fabric or Ethereum networks and applications.

They also serve as the governing council of Hedera Hashgraph and are now a cloud partner for Theta Network. In August 2021, Google Cloud started providing blockchain insights to the Polygon network (a scaling solution that Ethereum), and this was more recently.

Developers can integrate the network with Google's BigQuery (a powerful Indexer), to perform more on-chain analysis and compare multiple blockchain networks.

They are currently working with Ethereum and Hyperledger Fabric, Theta Blockchain, and a range of other layer-2 or application layer solutions.

The following companies are also involved in the blockchain:

Saudi Aramco:

  • Last year, a pilot was launched for background checks and credentials.
  • Their investment arm Wa'ed invested in IR4LAB, a Saudi Arabian blockchain technology start-up for the detection of fraudulent certificates after the pilot's success.
  • Technologies used: Hyperledger Fabric, GumboNet.

Amazon

  • Amazon Managed Blockchain Services is Amazon's trademark. AMB lets you join public networks and set up private, managed, scalable networks (such as Hyperledger Fabric or Ethereum).
  • This blockchain service has several major uses, including retail (customer loyalty and rewards), supply chain and trade/asset transfer.
  • Technology used: Hyperledger Fabric, Ethereum

Facebook

  • After a series of regulatory implications, Facebook's Diem project (formerly known as Libra), is still being developed.
  • Diem is a blockchain-based permissioned payment system that uses its own blockchain and private stablecoin currencies.
  • Facebook continues to create other solutions, such as the Novi wallet (formerly Calibra), for micro transfers and general payment.
  • Technologies used: Diem.

Tencent Holdings

  • Engaged in blockchain since 2017, the Chinese tech conglomerate has already launched its Tencent Cloud Blockchain-as-a-Service (TBaaS).
  • This service allows you build your own infrastructure as well as blockchain services on the open cloud platform. Customers have the option to either buy a BaaS platform on the public cloud or build their own.
  • Technologies used: FISCO BCOS, Changan Chain, Hyperledger Fabric.

NVIDIA Corporation

  • NVIDIA, a tech giant and investor in the GPU has been involved with blockchain since 2019. In that it offers physical hardware miners, it is somewhat different from other service providers. NVIDIA CMPHX is their dedicated GPU for professional mining.
  • This helps to meet the increasing demand from customers who can now access these chips instead of buying the most recent graphics card chips originally designed for video gaming.
  • The technology used: Ethereum

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With billion-dollar revenue streams and a variety of solutions that use blockchain technology already in place, it's only a matter of time before other companies do the same. 46% of the 100 largest companies already have a dedicated Blockchain team, and this excludes third-party services. We expect this number will rise.

While we are aware that large corporations are still in the pilot phase, it is important to consider those whose blockchain solutions are in development. Blockdata has a strong team and strong funding and expects a lot more developments to be made into full production services in the coming year.