The finance industry was the first industry that blockchain impacted, disrupting age-old inefficient processes. This week, the industry continued to adopt blockchain, with several initiatives across the globe including in derivatives and issuance of fixed securities. Blockchain also spread its wings to other sectors, including WordPress plugins, beef tracking, bond issuance and more.
This week, the Bitcoin ecosystem celebrated the first anniversary of Bitcoin’s Independence Day. In its first year alone, Bitcoin SV (BSV) already has a thriving ecosystem of applications that allow users to earn and use Bitcoin.
It was a week of adoption, with some of the world’s biggest companies launching blockchain projects. The world’s second-largest food and beverage company Nestle partnered with French retailer Carrefour to track infant formula using blockchain. The two will rely on IBM’s Food Trust blockchain platform.
In Canada, yet another retailer launched a blockchain project, targeting freight tracking and payments management. Walmart Canada will rely on blockchain technology to improve freight and payment processing, giving its users the ability to trace deliveries and verify transactions.
Still on tracing, American logistics company UPS this week delivered a beef shipment from the U.S. to Japan, tracing it all the way using blockchain technology. UPS partnered with HerdX, an agritech firm, with the support of the U.S. embassy in Japan. The recipients in Japan were able to access the details about the steak’s journey all the way to their table by scanning QR codes.
Banks also continue to adopt the blockchain technology. JPMorgan is now using blockchain to speed up cash and collateral transfers in its derivatives market. The bank partnered with Baton Systems on the project and aims to facilitate real-time movement of transfers to multiple clearinghouses.