@ChrissCrypto 30 November 2019 edited more from that month

Top 10 big companies that utilize blockchain technology and why

**In 2008, when Satoshi Nakamoto created Bitcoin, he also created the "Bitcoin Protocol", the old name of the "Blockchain".** **In 2008 during the great global banking crisis**, he was laughing at finance, his utopia was ***"he wished to create a large monetary network beyond all borders, transparent and self-managed by Internet users".*** But he didn't know that **10 years later, the Blockchain would also serve the banks**    For a few years now, the **Blockchain has become the new Financial Technology**  Basically the **Blockchain was only used in the field of cryptocurrencies, this decentralized network, is duplicated on thousands of servers around the world**, **each user of the network has a complete copy of the Blockchain** (a node) updated regularly, and automatically, of **the transaction ledger, all these are time stamped, chronologically ordered, and traceable**, which allows ***to have extreme security on transactions***, once a block is validated, ***it cannot be modified***, and is therefore inserted into the Blockchain.    The Blockchain can be summarized into 3 types of applications   **Asset transfers**, Allows fast and cost-effective transactions to be carried out, thus reducing the costs of asset transfers, both national and international. **The register**, Allows the registration of a digital fingerprint of a document in the Blockchain. And thus timestamp all types of documents and data sent to the network, which facilitates their traceability  **'Smart contracts'**, a computer program that allows the automation of one or more transactions according to predefined conditions on the initial contract, thus reducing the number of intermediaries during the process   **Faced with the constant growth of online attacks, data hacking, etc.... It has become evident for a large majority of companies to set up their own private Blockchain**, thus ensuring the **security of certain information by decentralizing them**, such as their contracts, customer data (rights protection), and the traceability of all their transactions, which remains their major challenge According to a 2018 study by the **audit and consulting firm PwC**, financial services and insurance are the market leader in the Blockchain market. https://www.pwc.com/blockchainsurvey **Financial Services & Insurance**: 46%. **Industrial Production & Manufacturing**: 12%. **Energy and utilities**: 12%. **Medical/Health**: 11%. **Government**: 8%. **Retail & Consumer**: 4%. **Entertainment and Media**: 1%.

***Source*** **:** **LaTribune** https://static.latribune.fr/1014118/blockchain-leaders-pwc.jpg   The applications of the Blockchain can be interpreted as follows:  **Banks & Insurance**: Automation of contracts (Smart Contracts) and their traceability, example: in case of non-compliance with certain closures, if you have subscribed to an insurance that will refund your flight ticket in case of a delay of more than 2 hours, the refund process is automatic, it is no longer necessary to take the necessary steps **Service commitment or employment contract**: As soon as the contract is digitally signed and authenticated, it is time-stamped and placed in the Blockchain, in the event of a dispute over remuneration or payment for services, and one of the two parties has falsified the document, simply look for the document in the Blockchain, to resolve the dispute **Agri-food**: Allows 100% reliable traceability of a food, the production of a beverage, or the steps and composition of a prepared dish **Medicine & Health**: Allows hospitals and clinics to store and exchange medical records directly with patients and staff, whereas until now information sharing and data security has always been very complicated **Music**: Allow recorded articles and protect their works by encoding them in a dedicated Blockchain, and eventually, allow them to have a much more equitable remuneration directly from the public   The applications can be endless!   **Here is the top 10 companies to use the Blockchain:** (*Source* **Forbes June 2018**) https://www.forbes.fr/technologie/blockchain-les-10-plus-grandes-entreprises-du-monde-explorent-ses-possibilites/?cn-reloaded=1&cn-reloaded=1 **Industrial and Commercial Bank of China (BICC)**: Verification of digital certificates, without supervision of a Central Authority... **China Construction Bank (CCB)**: Streamlining the way banks and insurance companies jointly sell some of their products **JPMorgan** - Secret Blockchain Development - **Berkshire Hathaway**: Ensure the traceability of diamonds and goods delivered on the railways **Agricultual bank of China limited**: Providing secure loans to e-commerce actors. **Bank of America** **Wells Fargo** **Apple**: Date and time stamping of data  **Bank of China**: Just like 'Bank of America & Wells Fargo' Blockchains projects to streamline various sets of financial flows.  **China Ping An Insurance**: -Development Blockchain secretly held - We can see that in this top 10, there is an Intruder, **Apple**, the other 9 remain financial and insurance organizations    Last point of this article, the cost of ***creating a private Blockchain: Well, it doesn't cost as much as you might think, you just have to count the power consumption of the storage servers and their maintenance*** Thank you all for reading this article  It took me a lot of hours of research to find the pertinent information Thank you for your support See you soon  Christophe WILHELM    ***Source cover pics :*** **Blockchain Technology** https://www.michaelpage.fr/sites/michaelpage.fr/files/styles/large/public/blockchain-quel-impact-sur-le-secteur-bancaire-440x284.jpg?itok=5DrC6hPx Resources https://www.forbes.fr/technologie/ https://www.pwc.com/blockchainsurvey