Big Brands Who Hopped On The Blockchain Bandwagon

Jump to page contents

Big Brands Who Hopped On The Blockchain Bandwagon

With the world’s attention to the cryptocurrency industry only set to increase, it is inevitable that major brands and corporations seek to establish and develop their presence so as to remain relevant. In the future, all businesses would need to adapt to Blockchain technology, similarly to how they had to adapt to the Internet. However, today several major brands are already present and active in the industry.

The Benefits of Being on Blockchain

Blockchain technology and cryptocurrency present many new opportunities for businesses and their relationships with customers. The use and creation of smart contracts, lower transaction fees, no intermediaries, and less regulation are just a few of the advantages which are attracting a host of large, well-established brands.

With its Project Libra, Facebook might eventually succeed in making the use of Blockchain technology mainstream, but the social media giant is far from being the first big brand to join the bandwagon. JP Morgan Chase, Twitter, and some of the top US universities have publically stated their interest in technology.

A Closer Look at the Big Brands

IBM

IBM is, without a doubt, one of the most established IT companies in the world. For many years the company has been researching ways to be part of the Blockchain revolution, and it recently announced a new payment network that uses stable coins or other cryptocurrencies. Through this network, users will be able to carry out cross-border payments and foreign exchange instantly, at a much lower cost.

This payment network is known as IBM Blockchain World Wire, and it uses the Stellar protocol to offer payments across 70 countries with 47 different currencies.

Louis Vuitton

Blockchain technology is not only useful just for payments. LVMH, the owner of the well-known fashion brand, Louis Vuitton, has invested in a blockchain designed to prove the authenticity of every high-priced good in its stores. This blockchain, code-named AURA, will be used for both Louis Vuitton and Parfums Christian Dior goods at first, but the company aims to extend the technology for use across its over 60 luxury brands.

Through a decentralized and independent blockchain, the company aims to reassure its clients whilst preventing cheap knockoffs. The technology will also facilitate the company’s logistics challenges, by allowing traceability from manufacturer to client.

BMW

The element of trust which Blockchain technology brings to an increasingly skeptical market is what brought German car marker, BMW, to invest. Clients who choose to purchase a second-hand vehicle from a dealer sometimes distrust the validity of the car’s mileage. With the price of the vehicle often dependent, in part, on the mileage, there is an incentive to try and tamper with the value in order to raise the vehicle’s selling price.

BMW developed a blockchain-based app, called VerifyCar, in order to independently track a vehicle’s mileage. This information is gathered from leased cars, as these are normally sold-off second-hand when their mileage skips a certain limit.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar Guides

Latest Guides

What are Market Orders and How to Use Them?

When it comes to trading in the financial market, whether you’re trading CFDs or buying the actual underlying asset, there are several orders you can use to execute your trade. These execution methods entirely depend on your trading strategy, and they can broadly be categorized as either market orders or pending orders. The primary difference […]

18 January, 2022

A Comprehensive Guide To Reading Candlestick Charts Effectively

Technical traders use various tools to analyze the global financial markets. With the advent of technology and the internet, traders can easily access these valuable trading tools for free. However, the problem could be choosing the right and comprehensive tool among the lot. For instance, novices can get confused with what chart to pick to […]

5 January, 2022

The Role of Fundamental Analysis

Like any other financial asset, trading cryptocurrencies require a well-defined strategy. This strategy will require a never-ending learning process. The three major analyses you’ll need to conduct are fundamental analysis, technical analysis, and a third but relatively unknown one, Sentimental analysis. The sentimental analysis is a measure of people’s sentiment towards an investment class. It’s […]

29 December, 2021

Key Drivers of the Crypto Market

The cryptocurrency wildfire has swept throughout society, and it has reached the extent where every fight against crypto has only stoked this fire. This new craze has not spared any sector of the global economy, with the sector of every nation adopting new strategies to work with digital currencies. In this article, we want to […]

16 December, 2021
Cryptocurrency,Trading

How to Develop a Crypto Trading Plan?

Have you ever been burnt by FOMO (fear of missing out)? Perhaps, you saw a trending token on social media that’s already rallying, and you bought, only to be burnt by a rug pull. If you can relate to this scenario, this article is for you. If you can’t relate, this article will help you […]

1 December, 2021
Cryptocurrency,Exchange Platforms

Top 9 Crypto Exchanges by Volume in 2022

As the crypto market continues to gain increasing mainstream popularity, crypto exchanges play a critical role by ensuring a constant supply of liquidity. There are over 500 crypto exchanges, with many more launching almost every other day. While many factors determine the best crypto exchange, the volume has always been the major determinant. Volume refers […]

11 November, 2021
Altcoins,Crypto Mining,Cryptocurrency

What is Staking in Crypto?

Let’s Define Staking Crypto staking can be likened to depositing your money in a bank. It simply means locking up your assets in exchange for rewards or interest. In other words, staking is when you commit your crypto assets in order to support a blockchain network and confirm transactions. Crypto staking is common with cryptocurrencies […]

4 November, 2021
Blockchain,DeFi

Which is the Fastest Cryptocurrency?

Cryptocurrency is now a global phenomenon that has enjoyed so much attention in virtually every sphere of human existence. From politics to banking, and even space shuttle, big corporations are now accepting digital coins as a form of payment for their products and services. With the number of digital currencies in the crypto space, there […]

25 October, 2021