How Tech Giants Employ Blockchain? – Game-Changing Initiatives

Nowadays, in addition to bitcoin exchanges, there are dozens of projects which are operated by some of the most powerful companies in the world and are blockchain-based.

Such names as IBM, Microsoft, Amazon, and Facebook are already employing teams that will research this technology and try to get the most of it.

Some do it better than others and have more success, but what is essential is that the entire world will benefit from these projects one day – at least we hope so!

Therefore, let’s take a look at the tech giants and their products and how they have been doing so far. Read on!

IBM was one of the first companies to start exploring possibilities connected to blockchain and related technologies, and their first contribution to the world was work on Hyperledger Fabric.

It is a permission infrastructure based on the blockchain technology and operated by The Linux Foundation.

However, the company wanted to explore projects on its own and launched one that aims to disrupt the industry of financial services. They joined forces with CLS and are looking forward to perfecting their product called LedgerConnect.

According to this article, IBM currently has 1500+ employees who actively research the possibilities of blockchain and develop various projects based on it.

Just like IBM, Microsoft is a huge company with thousands of employees and dozens of active projects, some of which are also based on blockchain.

In fact, they are right after IBM when it comes to corporate blockchain market share. IBM has a 32% share, while Microsoft sits at 19%.

Nevertheless, they are a serious player of this game and have already filed patents to secure their ideas and projects.

One of their primary projects is called Azure Blockchain Workbench, which is a sort of tool for blockchain developers.

The main aim of this tool is to simplify how developers make blockchain applications. The entire system is quite confusing at the moment, especially for new developers, and Microsoft offers a simpler and more intuitive way to improve.

Another interesting project that Microsoft works on aims to regulate how content creators get content rights and royalties.

The solution is supposed to apply to all areas where it is possible, with the main focus on gaming for starters.

In other words, wherever there are intellectual property and assets, this solution should help with managing rights and royalties. The main company to help them with this project is Ernst & Young.

Also, Microsoft helped with forming so-called ID2020 alliance, which aims to provide identification for approximately 1.1 billion people in this world that don’t have any kind of ID. Naturally, the alliance will focus on blockchain as the main underlying technology.

Facebook recently came up with its Libra project, which aims to create a “global cryptocurrency.” This is their major step forward in the blockchain game as they also want to be a part of this new disruptive movement that Microsoft and IBM are leading already.

Libra aims to become the “new PayPal,” which is a fact that many applauded to but a lot of people frowned upon.

At this point, we can say is that Facebook is working on developing Libra and that all eyes are currently pointed towards Zuckerberg and friends, waiting for them to make the next step.

Perhaps Amazon can take the lead in the blockchain race as it has been one of the most active companies that seem to have given the most concrete results in their research.

Their Amazon Web Service is connected to blockchain in a solution called AWS Blockchain Templates.

Essentially, this will enable businesses to launch Hyperledger Fabric of Ethereum blockchain networks.

In other words, the company offers blockchain as a service at the moment and their award-winning cloud service is supporting it.

Amazon developers and researchers stated that they were aware of the potential of this technology and that they were actively researching hundreds of possibilities for its application.

If you have visited China, you probably know that Baidu is one of the largest search engines in the country – much like Google in the US.

Baidu decided to research possibilities in blockchain and came up with a project called Totem, which is an intellectual property management tool for pictures.

The platform wants image contributors to receive adequate rewards for their work and pave the way for proper image licensing. Hopefully, that would put a stop to copyright infringement of photos on the web.

Another Chinese tech giant is called WeChat, which is an equivalent of Facebook in the western world. They are working on a blockchain-based platform called TrustSQL, which offers blockchain as a service for enterprises.

The company behind WeChat is actually called Tencent, and they are also a member of the Financial Blockchain Shenzhen Consortium, which is a group of companies looking to explore various blockchain-based solutions.

Despite the significant progress that the blockchain technology was subject to in the past couple of years, it is still very young, and companies are still just starting to scratch the surface.

There are already thousands of ways we can use blockchain to improve the world we live in, but a million more ways are to come.

Some of the companies we mentioned here are doing great work and will certainly disrupt every possible sphere of our lives. Ours is to hope that blockchain will be in good hands as technology and that nothing would go wrong with it in the future.

Speaking of the future, it would be interesting to read this story in 10 years and see how much progress these companies made during that time. If you are reading this in 2029 – could you tell us what has changed?