How big firms are using Blockchain technology
November 13, 2019
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Blockchain Blockchain Blockchain
Though it was formed in the 90s, the blockchain was fully conceptualized in 2008 by Satoshi Nakamoto to serve as the public transaction ledger who is still unknown to the outer world.
We see the word Blockchain in the news now and then, be it positive or negative but Blockchain has been on the rise in these recent years.
But many people don’t know what Blockchain is and its importance. Some even skim through it on a daily basis but they might not google it or even though trying to understand may not fully fathom what the word or this concept actually means.
Let us first know,
What is Blockchain?
Blockchain is an open-source platform where databases are shared and viewed among multiple third parties to have access to a digital ledger which cannot be manipulated or altered.
The transactions taking place through blockchain is verified by agreement of the majority of participants in the system as it is a public ledger. The records in Blockchain are linked through cryptocurrencies. The unique thing about Blockchain technology is that once entered it cannot be altered so the cases of hacking are prevented by this technology. The information also cannot ever be erased. It forms a chain as the new information is added linking to the previous information.
There are big banks and firms that have started using Blockchain technology and some who are more researching about it.
The banks previously were skeptical about Blockchain technology but now they are looking to invest millions into Blockchain as it offers major benefits to the firms and banks and its people.
The big banks and firms who are using Blockchain technology are:
Santander is the first bank in the UK to utilize blockchain for developing international payment services. They have named their device as One Pay FX which will enable customers to easily transfer money between the Santander bank accounts in the continents of Europe and South America. Santander has established blockchain application for stockholder polling with JPMorgan Chase, Northern trust, etc.
2. JP Morgan Chase
JP Morgan is ahead when it comes to recognizing the potentiality of blockchain in the future. JP Morgan Chase has its different platform called Quorum which is a unit itself for blockchain. They are constantly testing new technologies to help their businesses to take ahead. The main notion as well of JP Morgan Chase was to notice the truth behind the source for debt among people and the legal trading of finances.
3. Tata consultancy services
Tata consultancy services of Mumbai have collaborated with Microsoft and R3, a blockchain software firm to advocate the adoption across industries. It is also looking out to build 5 Blockchain platforms that include digital identity, track and trace, asset monetization, assets in common and tokenization.
TCS now has also launched a blockchain-based multi-brand customer loyalty platform on R3’s Corda and is looking forward to using this market opportunity to integrate customer loyalty programs offered by various brands.
Even banks in India did not miss the opportunities that lay ahead in blockchain technology. In India, SBI leads to utilizing blockchain. Sbi being the first bank to use KYC and makes it easier to transfer payments or remittances in the form of blockchain. This was followed by Axis, HDFC, ICICI who are implementing blockchain for its KYC and trade finance procedures.
Facebook has also confirmed that it will be opening a new blockchain group and according to sources, Facebook is planning to launch its own payment platform based on blockchain technology…
The word of Blockchain has been spreading throughout the world and now industries such as financial services, the arts, eCommerce and even charities and nonprofits are showing interest in adopting blockchain technology.
The biggest challenge that remains to utilize Blockchain’s higher level is the collaboration of banks necessary to support payments globally. If Blockchain is adopted by firms and banks, it can change the payment system of Banks and investment firms or any big corporations.