Finance and tech multinationals must stay abreast with regulatory and geopolitical nuances. As a result, DLTs (distributed ledger technologies) are increasing as these companies seek more efficient, transparent ways to create transparency and trust in cross-border supply chain relationships.
In the below-listed portion, we will list three multinationals that are using Ethereum platforms in their global supply chains: If you are into cryptocurrencies, you must know about the Security of Ethereum.
JP Morgan has recently partnered with the distributed ledger platform Ethereum Enterprise Alliance to develop and implement blockchain solutions in its global supply chain management. This revolutionary system will enable JP Morgan to efficiently create transparency and trust between its partners. The finance giant will use Ethereum to build a permanent, immutable and transparent shared ledger that will make the record-keeping process of purchasing goods easier in the company's supply chain management. This innovative technology will help JP Morgan make its global supply chain genuinely global.
Microsoft is using Ethereum to create a streamlined supply chain management process in Microsoft Azure. In addition, the company hopes to store data on an immutable distributed ledger to help it manage regulatory compliance and align itself with international regulations concerning data privacy. Ethereum has become a preferred blockchain platform because of its built-in operational decentralization, which acts as an open, global settlement system for all forms of asset transfers across borders and organizations.
Chronicled uses Ethereum to build a supply chain verification platform for retailers and consumers. The company believes verifying goods' authenticity in supply chains is difficult and time-consuming. Using Ethereum, Chronicled has developed an Open Registry application that uses smart contracts and IoT (Internet of Things) devices to track goods on the blockchain. It will create a permanent record of goods secured by cryptography, tamper-proof and decentralized. Retailers will use the data collected on the blockchain to protect themselves against counterfeiters and fraudsters who would willingly sell counterfeit products at lower prices than genuine goods, all to make a quick profit.
Amazon has recently announced that it will start using the Ethereum blockchain to create a new, decentralized marketplace that will help the company sell unused storage space on its S3 cloud storage service. Amazon's cloud storage is one of the most widely used services in the world. The marketplace will help developers and start-ups rent unused space for applications with a micropayment system.
Amazon has also shown a keen interest in distributed ledger technologies. According to sources, Amazon is planning to use this same decentralized platform to build its virtual currency, which may be used by customers worldwide for online shopping on Amazon's e-commerce website. In addition, the company might also be developing its Ethereum blockchain, which users will use for all transactions on Amazon.com.
One of the main reasons why Amazon might be interested in Ethereum is because the company has already dabbled in similar technologies. For example, Amazon Web Services (AWS) uses a " blockchain-as-a-service " system to create distributed ledger solutions that can help clients build their applications and platforms.
Ubisoft is also considering Ethereum to help store digital assets on its blockchain platform, Uplay. It will make Uplay a more robust and secure platform for developers looking to create games with rich and engaging gameplay. The blockchain will also provide gamers a safe environment to store their digital assets. In addition, Ubisoft is planning to use this same technology for its Digital Goods marketplace. Ubisoft is one of the most widely-used video game companies worldwide, bringing in nearly $1.6 billion annually.
ING is also considering using the Ethereum blockchain for cross-border payment transactions. This new platform will help ING to take advantage of the blockchain's decentralized aspect by enabling quick and low-cost transaction settlements without adding extra costs to the system. ING is one of the central banks in the world and serves over 200 million consumers worldwide through its banking networks.
Some companies use Blockchain technology in their supply chain management processes. However, it is up to each company how they want to implement these technologies into their business model; not all supply chain management platforms have a decentralized aspect since they have been developed in centralized systems over time.
It is expected that significant multinationals like JP Morgan, Microsoft and Amazon continue to explore other use cases of DLT (distributed ledger technology) in their supply chain systems. As DLT usage increases, these companies will be able to build their own private, secure and encrypted decentralized networks. The immense strength of these networks is that they can be used by people with permission to create trust and transparency among suppliers, retailers and consumers. However, this potential is difficult to calculate now and will require a lot more research and development before the technology is fully adopted.