Companies Exploring Crypto Payments

While Bitcoin’s popularity helped establish Blockchain’s use in banking, entrepreneurs have come to feel the technology can alter a slew of other sectors. Finally, the applications for a transparent, verifiable record of transaction data are almost limitless and all the more so since Blockchains function on a decentralized platform that does not need central oversight, making them immune to fraud.

With the advent of the metaverse, Blockchain technology will gain more importance, as cryptocurrencies and non-fungible tokens (NFTs) allow transactions and value storage in virtual reality.

JP Morgan

JPMorgan Chase has joined the Blockchain sector with the launch of the JPM Coin, which is intended to enable real-time cross-border payments between its corporate clients. Other institutions, such as Goldman Sachs and Citigroup, have also conducted Blockchain experiments. In February 2020, the incumbents completed an equity exchange based on Axoni’s Axcore Blockchain.

TØ.com

For years, businesses have sought to simplify the process of buying, selling, and trading stocks, and now, new Blockchain-focused firms are aiming to automate and safeguard the process more effectively than any previous solution.

TØ.com., a subsidiary of Overstock, aims to use Blockchain technology to facilitate online stock transactions. The tZERO technology incorporates cryptographically secure distributed ledgers into traditional trading procedures, reducing settlement times and costs while increasing transparency and audibility. 

The Movie Industry

Through its $1.4 million campaign on Weifund, BRAID became the first significant feature film funded through a token “crowdfund” on the Ethereum Blockchain. If you wanted to get part of this, you would first need to visit a reliable crypto gateway such as Altalix. While the film was eventually created, even premiering to a mainly favourable reaction at the Tribeca Film Festival, it is unknown if funders earned their money back or whether the experience was the primary objective rather than earnings.

Visa-DocuSign

Visa and transaction management company DocuSign teamed in 2015 to leverage Blockchain to expedite automobile leasing, changing it into a “click, sign, and drive” procedure. Prospective consumers choose the vehicle they want to lease using the Visa-DocuSign tool, and the transaction is recorded on the Blockchain’s public ledger. The consumer then signs a leasing agreement and an insurance policy from the driver’s seat, and the information is added to the Blockchain.

Trucking/Delivery Companies

The Blockchain in Transportation Alliance (BiTA) was founded to establish industry standards and educate its members. It is the world’s biggest commercial Blockchain alliance, with approximately 500 members working to build the frameworks that will transform the trucking and transportation sectors.

Blockchain technology can significantly enhance transaction processing, cargo tracking, fleet management, safeguard assets, and boost fleet efficiency. It may help detect food contamination by following a vehicle carrying materials and recording whether or not proper storage conditions were maintained during any delays. Additionally, it may assist in route optimization by matching truckers and the products to be delivered with available vehicles in a particular location.