Most retail investors have fled the market as a result of the crypto winter, which has caused token prices to fall to their lowest levels in two years. However, blockchain technology is still favoured by major international institutional players who are still looking for ways to apply it to their business operations.
44 of the top 100 public firms by market capitalization have actively used blockchain technology in some form across their business lines over the past 12 months, according to a recent analysis from corporate blockchain adoption analytics platform Blockdata.
With 16 organisations achieving the requirements, the technology, media, and telecommunications industries experienced the most activity in regard to blockchain technology. With 9 businesses each, the Consumer & Retail and Basic Materials & Industrials sectors came in second.
Meta (NASDAQ: META), Salesforce (NYSE: CRM), Adobe (NASDAQ: ADBE), Verizon (NYSE: VZ), Nvidia (NASDAQ: NVDA), UPS (NYSE: UPS), PayPal (NASDAQ: PYPL), Visa (NYSE: V), Walmart (NYSE: WMT), McDonald’s (NYSE: MCD), and Nike are some of the most well-known participants (NYSE: NKE).
Different industries have used blockchain technology in different ways.
Blockchain solutions can be applied in the consumer and retail industry for supply chain transparency, spotting fake goods, developing customer loyalty programmes, and producing and marketing non-fungible currencies (NFTs).
Blockchain technology can improve transparency, facilitate foreign exchange operations, speed up payment settlements, standardise private placement procedures, and let investors create their own portfolios in the financial sector.
Potential uses in the healthcare industry include finding ways to track and trace supply chains, conduct clinical studies, collect medical data, and access patient records. According to Blockdata, “These solutions frequently cut healthcare expenditures and produce improved patient outcomes.”