Tech Giants Are Investing in the Future of Blockchain Technologies

As cryptocurrencies specifically, and crypto assets in general, suffered a downfall in their prices throughout 2018, blockchain and distributed ledger technologies have seen a significant rise in their adoption by the tech industry. For most of their brief lives, cryptocurrencies and their benefits such as crowdfunding and virtual money have overshadowed blockchain technology. However, as cryptocurrencies lost their hype and blockchain technology matured, more and more companies started incorporating it into their operations. Some of the biggest names that have adopted the powers of blockchain technology include Samsung, Amazon, Walmart, Unilever, and IBM.

Just this month, Samsung filed three trademark applications, which revealed their plans for blockchain and cryptocurrency software in their smartphones. The three trademarks include a “Blockchain Core,” a “Blockchain Key Box,” and a “Blockchain Key Store.” The applications indicate that the trademarks will apply to smartphones and software applications for use with mobile devices.

Transparency, unique identification, and security are the three major benefits that blockchain technology brings to the table. These traits were missing from the legacy client/server systems that the internet has been built on. These inherent powers of blockchain technology make it particularly interesting for a lot of specific use cases. For example, the tech giant IBM is helping implement a blockchain in the supply chain operations of companies like Walmart and Unilever.

Walmart is implementing blockchain technology into their operations for food traceability and food safety. They successfully launched a pilot project to track pork in China and mangos in Mexico. Unilever teamed up with IBM to implement the blockchain technologies into their media supply chain operations. IBM is also working with Abu Dhabi National Oil Company (ADNOC), a leading energy and petrochemicals group. This partnership will result in the implementation of a blockchain-based automated system to integrate oil and gas production from the well to the customer at the pump.

When talking about the project and their collaboration with IBM, Abdul Nasser Al Mughairbi, ADNOC Digital Unit Manager said, “Blockchain is a game-changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, strengthen the marketing and trading of our products, and create long-term sustainable value that will ensure that ADNOC delivers on its 2030 smart growth strategy.”

Last year Amazon Web Services (AWS) CEO Andy Jassy said that he wasn’t all that interested in blockchain services. However, it is only 12 months later and the company launched two new blockchain technology related services: Quantum Ledger Database and Amazon Managed Blockchain. This shift in policy and interest by one of the largest web service providers is a clear statement of how far blockchain technology has come in a short amount of time. About the new services, Andy Jassy said, “This service is going to make it much easier for you to use the two most popular blockchain frameworks.” He expects that these new AWS integrations will help improve the quality of service for a new generation of blockchain technology-powered companies.

Blockchain technology is still in its infancy when compared to other more established technologies that have become the industry standard. However, these big companies racing to incorporate blockchain technologies into their systems is proof of the significant role they expect it to play in how businesses operate in the near future. As acceptance of the technology spreads, customers will be dealing with blockchain related technologies in their daily lives whether they realize it or not.

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