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Top 5 UK Companies Using Blockchain In 2020

                                               UK Companies Innovating In Blockchain

 

The Co-operative and Provenance

In 2017, Co-operative began their blockchain platform in partnership with Provenance. They used blockchain similarly to DHL through tracking the transportation and sustainability of their fish products, from business to consumer. Commonly, customers were finding that the location of where the produce of meat, fish and poultry came from was often incorrect due to the intricacies of logistics within the food industry. 

How is blockchain technology used?

Now, with Provenance blockchain technology implemented within the Co-operative all goods sold at the supermarkets can be tracked and traced in real time through every part of the supply chain. This not only enables the correct information to be stored, but also improves sustainability as data can be gathered to measure the environmental and social impact of each delivery. 

Now in 2020, the Co-operative utilises this blockchain technology on all its farm and factory produce, creating a ‘digital history’ which is accessible from both the employees and the customers. 

DHL and Accenture

In 2018, DHL (logistics company) partnered with Accenture (IT services) launching a blockchain based software to track the supply chain of pharmaceuticals across six regions. 

Supply chains are extremely complex with various third-party intermediaries and sub-contractors. Especially in the pharmaceutical industry, tracking products is very important as the risk of getting it wrong are substantial. For example, each year 1 million lives are lost due to black market medications meaning suggesting how important moderating the supply chain of pharmaceuticals is. 

How is blockchain technology used?

The capability of blockchain is far higher than any centralised technology. Blockchain can handle more than 7 billion unique ‘hashes’ and over 1500 transactions a second. In addition, blockchain technology operates at relatively low average costs and the security is far higher. Blockchain encrypts data meaning the information is not changeable upon transaction allowing the tracking of pharmaceuticals to have less risk due to increased visibility.  

Overall, using blockchain, a fixed and secure ledger and applying it to supply chains, improves safety standards and improves costs from business to consumer significantly. Blockchain restructures business processes to have far less complexity whilst reducing long term costs. 

RBS and Barclays

In 2019, RBS (Royal Bank of Scotland and Barclays) announced the implementation of new blockchain technology. The aim of this technology was to reduce the time it took for a property transaction.  The property market includes a considerable amount of third parties exchanging contracts, information, and emails to its customers. This caused the average time to purchase a house to be roughly four months. 

How is blockchain technology used?

In this case, blockchain technology would eliminate the duplication of information as well as the costly reconciliation processes. In addition, blockchain will remove the requirement of a middleman. On the trial of the technology, it took less than an hour for a property transaction to complete, estimating “savings of around $160 billion a year” – IPN (Instant Property Network).

 

                                         Solely Blockchain Focussed Companies

 

Blockchain

Founded in 2011, [The company] Blockchain is a digital wallet platform operating with cryptocurrency like Bitcoin and Ethereum as well as Fiat currency like $USD. Blockchain use blockchain technology to enable 140 countries to have access to the application and has now authorised over $200 billion transactions of crypto with over 50 million wallets registered in June 2020. 

How is blockchain technology used?

Blockchain technology is used to allow its customers to exchange and transact with any currency available on the site. The technology allows for all transactions, and exchanges to be immutable, changeable and fully visible. This means all transactions are fully secure and Blockchain provides one of the safest ways to access cryptocurrencies.

Blockverify

Established in 2014, Blockverify created an anti-counterfeit solution through blockchain technology. Blockverify identifies counterfeits in several industries and provides companies the ability to verify its products on the blockchain. Blockverify aims to disrupt the counterfeiting industry as sales of counterfeit and pirated goods totals roughly $1.7 trillion a year.

How is blockchain technology used?

At Blockverify, the blockchain technology provides verification of product originality and can track goods which are diverted from their original location. Furthermore, Blockverify can trace and track fraudulent transactions in the database and can locate details of any stolen goods. Similarly, to DHL and Accenture, initially Blockverify was focussed on the pharmaceutical industry, but now has expanded to electronics and other luxury goods. 

Conclusion

In conclusion, the UK is becoming a highly prominent place for innovation within Blockchain. Blockchain technology helps provide new innovative ways to combat counterfeited goods but also maintain and lower the risk/complexity of key supply chains such as the pharmaceutical industry or property market. Overall, blockchain technology is lowering the cost and the risk whilst increasing the security of transactions within the UK. Thus, the future of blockchain in the UK is growing and additional pioneering methods of applying the technology is definite to be introduced in the coming years. 

 

What is Blockchain?

New to blockchain? Need to learn the basics? Read here: https://fyggex.com/2020/07/30/blockchain-basics/

 

 

Image: Neri-Vill

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