And although regulatory or macroeconomic issues sometimes cause setbacks, the blockchain and cryptocurrency industries are growing in terms of adoption and use cases among large global institutions.
In accordance with a report released on October 6 by the enterprise blockchain adoption analytics platform Blockdata, 44 of the world’s top public companies by market capitalization are actively using blockchain in some way.
Companies in tech, media, and telecom set the pace
The majority of these businesses (36%) are in the technology, media, and telecom sector. For example, Meta (NASDAQ: META), Salesforce (NYSE: CRM), Adobe (NASDAQ: ADBE), Verizon (NYSE: VZ), and Nvidia (NASDAQ: NVDA) are all part of this group.
Users are accompanied by the retail and consumer (20%) and basic materials and industrials (20%) sectors, which include companies like UPS (NYSE: UPS), PayPal (NASDAQ: PYPL), Visa (NYSE: V), Walmart (NYSE: WMT), McDonald’s (NYSE: MCD), and Nike (NYSE: NKE).
Many of these active institutional customers of blockchain and crypto technology are in the United States (63%), while 12% are based in mainland China and the Hong Kong Special Administrative Region.
Institutional usage cases for blockchain
financial institutions and banks aren’t the only ones using blockchain. Other companies are using it to create customer loyalty programs, make the supply chain more transparent, and make and sell tokens that can’t be exchanged for cash,According to the report.
for example, Meta, is working on NFT support for Instagram. Salesforce has launched a closed pilot program for a service that lets users manage NFTs for marketing and branding, and Verizon has built a blockchain platform based on Guardtime to serve large international organizations.
Also, PayPal users can buy, hold, and sell cryptocurrency, as well as transfer cryptocurrency from PayPal to wallets outside of PayPal. Walmart is using blockchain to cut down on disputes and manual work in payables and receivables. Visa has finally made a set of cards for Latin American countries that can use cryptography.
Several have applied for tradmarks related to NFT and the metaverse with the U.S. Patent and trademark Office( USPTO ). This is in addition to the much more than 6,000 NFT and blockchain-related trademarks that have been filed in the U.S. since January 1, 2023.
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