I have introduced some industries that are compatible with blockchain with two examples in my blog.
In the United States and China, research and development on blockchain are progressing, and some are already established as use cases. Considering that, it is expected that the word blockchain will be commonly used and will be part of our daily life.
This time, I will look at the ranking of the «World's Top 2000 Publicly Issued Companies» announced by the economic newspaper Forbes. I will explain why later.
This ranking is named «Global 2000», and this year marks the 16th year. Including listed companies in 60 countries in the world, these companies together, recorded a total annual profit of $39.1 trillion (about 4300 trillion yen) and an average monthly profit of $3.2 trillion (about 350 trillion yen). All indicators show excellent results.
The top 5 companies are the following :
1st: Industrial and Commercial Bank of China (ICBC)
2nd: China Construction Bank (CCB)
3rd: JP Morgan Chase Bank
4th : Berkshire Hathaway Bank
5th : Agricultural Bank of China
If you look at this ranking, America and China fall in the top two in the world of finance.
The reason why I wanted to show you the ranking was because each of the top companies has already embraced blockchain technology.
Let's look at the detail.
The first-ranked bank, ICBC, uses blockchain technology for the National Intellectual Property Office of China. Since this can reduce the trouble and time loss of issuing certificates unique to banks, they are currently applying for a patent.
The second place CCB launched blockchain insurance products in Hong Kong, in collaboration with IBM in 2017. Both CCB and partner insurance companies can now provide more efficient services.
Third-place JPMorgan Chase Bank, headquartered in New York, is the largest bank in the United States.
They have established a research and development department for distributed ledger technology within the bank and are developing a platform. The platform makes it possible to process transactions with high speed and high processing power.
The subsidiary of the fourth-place Berkshire Hathaway Bank is actively involved in blockchain technology and one of their projects is the BNSF railway.
The company has announced its first participation as a major American railway company in “the Blockchain In Transport Alliance,” with over 200 companies participating.
The 5th place Agricultural Bank of China has introduced blockchain technology for the loan system for small to medium-sized farmers. It is sometimes difficult for small to medium-sized farmers to secure bank loans due to a lack of credit history.
With this system, credit records from the database of Agricultural Bank of China can be extracted to provide services.
As you can see above, the top five companies in the world are incorporating blockchain technology and are having a major impact on the global economy.
Increasingly, companies may have to take action towards adopting the technology so that they will not be left behind.