Allianz, AT&T, BP, Comcast, JP Morgan, MetLife, T-Mobile, Visa and Walmart all embrace blockchain
Blockchain technology has caused a global ripple reaction within large conglomerates in various vertical industries from banking, insurance and healthcare to energy, retail and telecommunications.
To chronicle the rise of so called “enterprise” blockchain, Forbes has created its first annual Blockchain 50 list of big companies that are putting the technology to work in meaningful ways. While blockchain’s first application, cryptocurrency, is struggling to achieve mainstream adoption, these companies are committing manpower and capital to build the future on top of shared databases.
Not surprisingly, financial firms – from Allianz to Visa and JPMorgan Chase – dominate the list. But Blockchain 50 companies run the gamut of industries, including energy firm BP, retailer Walmart and media company Comcast.
In insurance, for example, MetLife’s mobile app Vitana bundles insurance with a test for gestational diabetes that uses a blockchain to record data and verify and pay claims. Similarly, Germany’s Allianz, working with EY, tested moving certain captive insurance claims processes—often involving many emails, attachments and phone calls across multiple times zones—to a private blockchain. The time required to process a claim fell from weeks to hours.
In the telecom space specifically, AT&T and T-Mobile are both working with the technology in various capacities, while Guardtime, a global leader in enterprise blockchain and DMI a global mobile solutions and digital transformation leader, are broadening their existing strategic alliance to bring artificial intelligence products and services to the U.S. healthcare and life sciences sectors.
The enhanced partnership comes after Guardtime and DMI recently joined forces to win a seat on a first-of-its-kind, $49M AI contract for the Department of Health and Human Services (HHS). Leveraging Guardtime’s KSI Blockchain capabilities and DMI’s federal domain experience, both companies are supporting a five-year, Intelligent Automation/Artificial Intelligence (IAAI) indefinite delivery/indefinite quantity (IDIQ) contract to enable HHS’ Program Support Center (PSC) to rapidly obtain AI solutions.