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5 Success Cases Of Blockchain Implemented In Business
Blockchain technology is spreading its roots in several industries to increase transparency, security, and overall compliance with specific standards and codes. The blockchain technology market is expected to reach 1000 trillion US dollars by 2032. Many top brands are using its power to enjoy its benefits.
In this article, we will go through five success stories of blockchain implementation in business that highlight its transformative impact. Let us dive into the details.
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Chiliz Chain
Well, Chiliz Chain has created Fan Tokens which are official crypto assets for 70+ biggest sports teams in the world. Chiliz Chain is the world’s only sport-focused blockchain that is governed by a top-tier validator network. They are helping entrepreneurs and companies in the sports and entertainment industry to bring their Web3 vision to life. Chiliz Chain is also known as Sports Blockchain. It is a Layer 1 EVM-compatible blockchain that is powered by CHiliz $CHZ tokens. They aim to create a decentralized web3 ecosystem to deliver products and services that bridge the gap between fans and brands in the sports industry.
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Marco Polo Network
International trading is a risky domain for exporters and importers. Marco Polo has leveraged the power of blockchain technology to develop a safe platform for importers and exporters to share data. They can use the platform to share the delivery data with the supply chain ERP system while maintaining full transparency. Also, they can create proper contracts for parties that guarantee a safe exchange of goods and money with specified conditions. The platform removes the need for third parties, which increases the overall trust level.
The solution increases the working capital cycle for sellers and buyers. It automates the overall transaction settlement process and digitizes the documents to reduce complexity.
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Trust Your Supplier
The company collaborated with IBM to develop an open-source blockchain platform that allows all businesses to share data with their permissioned partners with high efficiency and safety. There are different third-party validators like EcoVadis for ESG data, Rapid Rating for finance data, and Dun & Bradstreet for business data to verify the business data. Once the data of the company is confirmed, a digital passport is created which is powered by blockchain technology to share it. It increases the overall risk management and compliance. On top of this, it reduces the onboarding time of the suppliers by 70%.
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Walmart
Walmart has partnered with IBM to create a blockchain-based platform with which they have increased the overall transparency level of their supply chain. The solution allows the company to trace the origin of food products from farm to shelf within seconds. The blockchain system records each step of the journey of the product in a decentralized ledger to make sure that all the data is kept safe and tamper-proof. This allows Walmart to respond to contamination incidents swiftly to minimize waste and improve customer trust by providing clear product information. The solution reduces the product recall time from days to seconds for Walmart.
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Unilever
Unilever is another top brand that utilizes blockchain to increase sustainability efforts within its supply chain. The company uses blockchain to track raw materials from their origin to final production.
The solution makes sure that suppliers adhere to ethical practices like fair wages, environmentally responsible farming, etc. Blockchain technology helps Unilever to achieve its sustainability goals by improving accountability and transparency. All the suppliers of the brand have to upload data to a blockchain ledger that further allows the auditors to verify compliance in real time.
The Bottom Line
These five success stories of top brands show how blockchain technology is transforming different aspects of businesses across various industries. The rising entrepreneurs and businesses can use its perks to grow further and future-proof their brands.