Over 40% of the top public companies use blockchain technology
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(Kitco News) – The onset of crypto winter has pushed token prices to their lowest levels in two years, scaring off the majority of retail investors, but blockchain technology remains popular among global institutional players who continue to find ways to incorporate the technology into their business operations .
According to a recent report released by blockchain adoption analytics platform Blockdata, 44 of the top 100 public companies by market capitalization have actively used blockchain technology in some form across their business lines in the past 12 months.
The sectors that saw activity in relation to blockchain technology are Tech, Media and Telecom, with 16 companies meeting the criteria. The Consumer & Retail and Basic Materials & Industrials sectors came in second with 9 companies each.
Some of the most recognizable participants include Meta (NASDAQ: META ), Salesforce (NYSE: CRM ), Adobe (NASDAQ: ADBE ), Verizon (NYSE: VZ ), Nvidia (NASDAQ: NVDA ), UPS (NYSE: UPS ), PayPal (NASDAQ: PYPL ), Visa (NYSE: V ), Walmart (NYSE: WMT ), McDonald’s (NYSE: MCD ) and Nike (NYSE: NKE ).
The way blockchain technology is used varied from sector to sector.
In the consumer and retail sectors, blockchain solutions can be used for supply chain transparency, screening for counterfeit products, creating customer loyalty programs, and designing and marketing non-fungible tokens (NFTs).
For the financial sector, blockchain technology can help simplify global trade, increase transparency, simplify currency transactions, streamline payment settlements, standardize private placement processes and enable clients to build customized portfolios.
In healthcare, potential applications include its use to provide supply chain tracking and tracing solutions, clinical trials, and the collection and access of medical data and patient records. “These solutions often reduce healthcare costs and result in better patient outcomes,” Blockdata said.
Tech, media and telecom companies are “exploring tokenization across their supply chains to protect the intellectual property exchanged on their networks.” This includes global players such as Tencent, Oracle, Meta, Facebook, Adobe and Salesforce, which have expanded their nonfungible token (NFT) capabilities and investments to help establish and secure intellectual property rights.
In the energy and utilities sector, blockchain is used to record and facilitate transactions between generators and consumers of energy by offering “new opportunities to legitimize, secure and automatically improve energy transfers between producers and consumers without going through a supplier.”
And in the basic materials and industrial sector, blockchain is being used to help ease the transition towards sustainability.
In the long term, Blockdata suggested that blockchain will eventually work its way into being involved in all marketplaces.
“Companies with an early mover advantage will find it easier to reap the benefits of innovation in this rapidly changing system,” the report said. “In the coming years, companies that do not use blockchain technology are likely to start implementing it to upgrade their solutions and services.”
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