Diverse issues of different organizations are tackled in the supply chain; it can be overwhelming for even the most forward-thinking companies to keep up. For example, the platform charges zero commission on profitable and non-profitable trades for a costless bitcoin trading venture visiting Bitcoin Circuit. It is why MNCs partnering up with blockchain technology have emerged as an integral part of a digital transformation or digital globalization process. For the best Crypto trading platform, check the bitcoin 360 ai trading platform.
A partnership that started with a blockchain company looking to solve one logistical issue after another has now transformed into deeper strategic and commercial relationships – fundamental to long-term success in this industry. For example, IBM has teamed up with Maersk to develop a new blockchain platform to reduce the number of ‘late vessel’ cases by 20 percent.
Blockchain technology is a clear disruptor in the supply chain, not just because of its potential to streamline and optimize the process but also because it is ushering in a new digital age for logistics. Startups are also exploring this digital frontier, as evidenced by the launch of new exciting products that apply blockchain technology to disrupt traditional processes in this industry.
As we move forward into 2022 and beyond, we will see how MNCs will continue leveraging blockchain technology to solve logistical problems, eliminate inefficiencies and help us achieve next-level digitalization for the manufacturing databases. Let’s explore MNCs that are partnering up with blockchain technology.
Visa
Visa is trying out the B2B blockchain by making payments faster, cheaper, and more secure for their customers. They also leverage blockchain technology for tracking shipping records and other small business B2B transactions.
Maersk
The container shipping giant has launched a platform to digitize trade using distributed ledger technology. The company claims that the platform will cut billions of dollars from costs related to paperwork such as bills of lading, certificates of origin, and letters of credit that currently take time to process. It will also reduce fraud since all documents will be permanently recorded on the blockchain, which cannot be changed or tampered with once information has been stored.
FedEx
When FedEx teamed up with the US Department of Transport, they started working on a blockchain initiative to streamline tracking information on airport-to-airport packages. They joined forces with five other companies, and the blockchain platform has been completed and is now being tested by the major players in the shipping industry.
FedEx has also announced that it will focus on strengthening its network of small business customers with a new way to use blockchain technology. The company plans to provide this technology for innovators in four key areas initially:
- Supplier networks
- Freight payments
- Ecommerce
- Security and customs compliance
Walmart
Walmart wants to transform its supply chain by taking advantage of blockchain technology. It is evident by the fact that they have filed more than 30 patents related to blockchain. In addition, Walmart’s pilot program with Chinese retailer JD.com which uses blockchain technology to track the movement of pork from farms to store shelves, has been a recent success story for the company. The tracking system ensures that each piece of pork is genuine and is not a counterfeit product.
The company is also working on a blockchain solution for its internal supply chain processes. For example, they have partnered with IBM and Tsinghua University in Beijing to explore how this technology can help them track and trace the movement of fresh produce through their network of suppliers in China, so they can better monitor food safety.
Microsoft
Microsoft has partnered with IBM and IBM to launch a cloud-based blockchain platform for creating smart contracts. The Microsoft Azure Blockchain-as-a-Service platform offers developers an easy way to learn the basics of blockchain and safely build applications on top of these new technologies.
Whilst most people associate blockchain technology with cryptocurrency, the technology has the potential to be used in many other application areas. By experimenting with blockchain technology, MNCs determine how it can benefit their companies. However, there is still a lot that we need to learn about how users in different industries can best deploy this technology for MNCs to make more informed decisions about how to move forward.
Overstock
Overstock uses blockchain technology to make buying and selling more secure and transparent. The company allows its customers to pay in cryptocurrency instead of standard currency. As a result, it allows them to get lower prices on the items they buy and saves them the hassle of exchanging their currency.
It allows Overstock’s clients to purchase items using a debit card linked to cryptocurrency accounts. Overstock also facilitates transactions between two different cryptocurrencies, allowing customers to convert crypto into fiat currencies without incurring foreign exchange fees.
MasterCard
MasterCard has launched a new Blockchain-as-a-Service (BaaS) offering for clients to create their blockchain products for digital identity management and distributed ledger technology. The company is launching this BaaS service with a consortium of central banks called R3CEV.
It will be an extension of the existing MasterCard technology currently used by banks and other financial institutions. The new offering will enable them to move beyond proof-of-concept and into production by enabling banks to securely implement the solutions they need in their networks.
