Blockchain has evolved into one of the larger disruptors in business. While some companies are proving slower to adopt the technology than others, many have found unique ways to use blockchain to solve a wide range of problems. From developing brand-specific digital currencies to tracking supply chains to streamlining online payments, some of the world’s largest companies are applying for new blockchain patents every day. Far from just utilizing Bitcoin for payments, the following brands have found surprising ways to utilize blockchain technology to the benefit of both the company and the consumer.
Along with nine other companies, the retail giant has partnered with IBM to create a solution to food recalls. Unilever, Dole, Nestle, and more make up The Food Trust Blockchain, designed to trace outbreaks of food-related health problems faster. Their blockchain tracks food products from around the world, documenting data at every step of the process in real time. This technology hopes to respond faster in order to reduce customer risk of foodborne illnesses like salmonella.
Kodak through a brand licensee agreement with RYDE Holding, recently launched KODAKOne, an image rights platform that helps professional photographers take control of their work. By monitoring usage of photos and enforcing copyright, KODAKOne ensures artists are fairly compensated for their work using a unique currency called KODAKCoin. The project was co-founded by Cameron Chell, founder of ICOx Innovations, a company that partners with brands to develop blockchain solutions to their problems.
Royal Bank of Canada (RBC)
The Royal Bank of Canada has been testing a blockchain solution to cross-border banking between the US and Canada. Developed by blockchain consortium Hyperledger, the project hopes to increase the speed of transactions between American and Canadian banks as well as reduce their complexity and cost. The bank also plans to incorporate blockchain to automate the process of calculating credit scores, making it more transparent as well.
KIK, a popular online chat platform, has recently incorporated blockchain by integrating Kin, a currency developed by the app’s creators, into the platform. This allows users to transfer funds to other users without having to pay a fee. In addition to being bought and sold using other non-digital currencies, Kin can be earned by downloading apps, watching ads, and playing games. It can then be redeemed within KIK for stickers, emojis, game helpers, and more.
Burger King Russia
Burger King in Russia now has a blockchain loyalty program called Whoppercoin. For every ruble spent, customers receive Whoppercoin tokens to their digital wallet. The tokens can then be collected and later redeemed for a free Whopper hamburger or traded with other users. Whoppercoin is hosted on the Waves platform, a decentralized blockchain platform that develops custom blockchain tokens for brands.
According to a survey published in PriceWaterhouseCoopers, approximately 84 percent of companies are “actively involved” with blockchain and that number will only grow in the next decade. As corporations keep finding new ways to incorporate the technology, it will be exciting to see how the face of business evolves. (Source: CNBC)