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Domas Povilauskas

Top 3 Industries with the Highest Blockchain Adoption Rates

April 11, 2023
Blockchain

Recent research from Blockdata, has revealed that many high-profile companies see huge potential in blockchain technology — and have already begun implementing it into their business operations. In fact, 44 out of the top 100 public companies (by market cap) are currently using blockchain technology in some capacity. In this article, we'll take a close look at the top 3 industries that are utilizing blockchain today and explore how they're incorporating it into their businesses.

Telecom, Tech, and Media (36%)

The telecom, tech, and media industry clocks in at number one for blockchain adoption, including companies like Verizon, Meta, Adobe, and many other heavy hitters. These companies make up 36% of the top companies currently utilizing blockchain. One of the biggest uses for blockchain in this industry is for securing transactions. Blockchains can provide a secure and tamper-proof ledger of transactions that can be verified by other businesses and individual consumers alike, preventing both errors and fraud.

Blockchain technology is also being widely adopted for supply chain management. Companies can use it to track the movement of equipment and devices from start to finish, reducing the risk of theft, improving inventory management, and increasing supply chain transparency. Additionally, blockchain is being used to verify user identities, authenticate devices, and monitor network resources.

The blockchain is already aiding in the utilization of companies’ existing resources, too. For example, the Syntropy Relay Network, powered by the Distributed Autonomous Routing Protocol (DARP), enables companies to repurpose their extra network resources and turn them into income. We then connect users with that bandwidth, and DARP’s smart routing capabilities ensure that they’ll have optimized connections with lower latency and packet loss.

Syntropy was able to help PCCW Global do exactly that. As one of the largest Internet service providers (ISPs) in the world, with a network spanning over 400 cities with over 600,000 kilometers of fiber cable, it was inevitable that the firm would end up with some bandwidth that wasn’t being used. However, through our partnership, PCCW Global now has the ability to repurpose that leftover bandwidth, contributing to our growing decentralized network while enabling PCCW Global to capitalize on its unused resources.

Blockchain technology is poised to revolutionize the telecom industry (and is already doing so!) by improving security, efficiency, and user safety.

Consumer and Retail (20%)

In second place is the consumer and retail industry, comprising 20% of the top 100 companies that are using blockchain. The roster is star-studded, including names such as Nike, Walmart, Starbucks, and (of course) Tesla.

Similar to the telecommunications industry, but perhaps even more so, consumer and retail industry companies are making great use of blockchain tech to improve their supply chain operations. It is already assisting with inventory management, supply chain transparency, and providing consistent, secure, tamper-proof tracking of shipped goods.

A fascinating usage of blockchain that’s unique to this industry is rewards programs, from Starbucks’ massively popular NFT loyalty program to Venmo’s monthly crypto cashback rewards system. These companies are using blockchain to track rewards points and make sure that they’re redeemed correctly, with the goal of improving customer experience and increasing customer loyalty.

Walmart Canada is another example of real-life blockchain application in the retail industry, specifically within their supply chain system. Partnering with DLT Labs, Walmart Canada created a permissioned blockchain network, DL Freight, in order to orchestrate and track the movement of over 500,000 shipments per year. Incredibly, the implementation of blockchain into its shipment systems brought its percentage of invoice data disputes down from 70% to just 1%.

Basic Materials and Industrials (20%)

Giants like PayPal, Honeywell, and Visa are using blockchain in very real ways, too. These firms are part of the final sector in our list: the basic materials and industrials industry, also making up 20% of the top 100 blockchain-implementing companies.

Along with using blockchain to develop inventory systems and track shipments, payment companies can utilize blockchains to streamline transactions and invoicing processes between companies and users. They can even automate payments and process them without the need for intermediaries — while ensuring security and integrity.

Honeywell has designed a blockchain-based system that addresses the aerospace industry's complex data storage processes through its blockchain subsidiary, GoDirect Trade. The new aircraft record generation process will enable customers to search for aerospace parts and service data.

Mastercard holds as many as 30 different blockchain-related patents, and it announced plans last year to assist banks in offering crypto trading services. Currently, it offers a “Crypto Card Program,” which has helped Binance, Gemini, and other crypto exchanges launch their own crypto payment cards.

Clearly, blockchain is a natural fit for the basic materials and industrials industry (especially the payments industry subsection) — and these are only the beginning stages of development for most of these companies.

The remaining industries utilizing blockchain technology include the financial industry taking 11% with companies such as J.P. Morgan and China Construction Bank and finally, the energy and utilities industry with 9%, and 2% in healthcare.

Blockchain Is Here to Stay

If the data tells us anything, it’s that blockchain technology has found a home at even the highest levels of major industries today. Companies are taking the opportunity to connect their users with cryptocurrency, revamp their supply chains, streamline and secure their payment processes, and much more.

Syntropy is bringing about drastic innovation to the telecom industry – through partnerships with tech giants such as PCCW Global and Entain — by connecting our users not just to our service, but to one another and the world at large through optimized internet connections.

About Syntropy

Syntropy powers modular, interoperable data infrastructure across all major chains. At its core lies the Data Layer, a protocol serving as the customizable execution layer between all blockchains, allowing developers to build composable, use-case-specific, interoperable applications that can execute on any data from any chain.

To learn more about Syntropy, visit the Syntropy website, Twitter, Telegram, Discord or blog.

Media Inquiries

Emilis Klybas

Marketing Manager

emilis@syntropynet.com