7 companies using Ethereum for payments

With massive amounts of information exchanged between agencies, organizations, and individuals, errors are expensive from both a revenue and recovery perspective. However, if you want to start bitcoin trading in only three steps, visit here to know how to convert ethereum into cash, also you will get the best liquidity, and the platform is immune to volatility risk. 

Ethereum is one of these new technologies as it allows for frictionless transactions among counterparties in a decentralized, trustless environment. Furthermore, it’s built upon a “proof of stake”, which removes the need for resource-heavy mining rigs or expensive electricity for securing transactions on this platform. With lucrative implications in the finance industry, governments and crowdfunding platforms are looking into Ethereum as a viable alternative to centralized payment processing, which is costly and inefficient.

 A semi-private organization, The PBoC runs the country’s central bank and is one of the largest financial institutions in the world. Many relationships with private banks recently announced their venture with ethereum technology. 

Undeniably, the use of digital currency is utterly illegal in china. Still, since ethereum is correspondingly a dedicated blockchain model, the bank is taking super good advantages from the technology. However, it is not the mere company taking advantage of the ethereum technology. Listed are some companies that use the ethereum blockchain. This list includes 7 companies which have successfully integrated Ethereum technology into their various financial services.

1. Barclays:

 Established in 1690 and headquartered in London, this is one of the largest banks in the world, with upwards of 200,000 employees. It’s a trading bank as well as a depository institution and offers many consumer banking services. They’ve partnered with R3 CEV, a startup that runs off of Ethereum technology to build blockchain tech for financial services firms. Their partnership has helped develop this technology for great financial scalability in the future.

2. Shopify:

Shopify has integrated Ethereum with their RESTful API, which allows buyers and sellers to transact on the ethereum blockchain without worrying about the blockchain being vulnerable or the cryptocurrencies being subject to hacking attacks. Shopify has correspondingly started to tokenize assets on the ethereum blockchain to add a layer of incentives to the business. 

3. Microsoft:

Microsoft is a technology company with over $100 billion in revenue and 100,000 employees worldwide. They’re also contributing heavily towards Ethereum research and development because of their extensive scope as an IT company and their deep understanding of software engineering and development and its possible uses. In addition, since they’re a Microsoft subsidiary, they can work on multiple tech projects at once without being limited by Microsoft regulations. 

4. ConsenSys:

Established in 2015, ConsenSys is a startup that offers consulting and advice on blockchain architecture and development. The company works with Ethereum to help build solutions for various industries, including finance, real estate, music, consumer goods, and many others. They’ve partnered with the likes of Facebook, Microsoft, Bancor, Tenex, and more to develop various solutions for the ethereum ecosystem.

5. Emirates:

It’s one of the most profitable airlines and has over 120,000 employees worldwide, with $20 billion in annual revenue. They’ve worked with IBM to develop a blockchain-based enterprise solution around air travel using blockchain technology for travel booking, ticket issuances, baggage tracking, boarding passes, and other travel-related information.

6. J.P. Morgan:

J.P. Morgan is a global financial conglomerate with operations in over 60 countries and $100 billion in revenue annually. They’ve built a payment system on the Ethereum blockchain called “Interbank Information Network” (IIN), which allows banks to make transfers in real-time and with a meagre fee.

Financial institutions have been investing heavily in blockchain technology because of its usefulness in the finance industry. Ripple is an example of a blockchain startup that’s been garnering massive amounts of investment from financial firms interested in using their platform to perform cross-border transactions more quickly and efficiently using digital assets.  

7. Amazon:

Amazon is a Fortune 100 company with $136 billion annual revenue and more than 5 million employees worldwide. They’re also one of the top technology companies in the world and have been focusing heavily on technologies like ethereum and blockchain technology. According to their research, transaction verification is the number one use case for blockchain technology. As a result, they’ve released an API for developers to build solutions using this technology, including supply chain management solutions and offering digital currency payments and identity authentication. 

Closure:

Financial startups founded on the ethereum blockchain are starting to innovate the way we view cryptocurrency in a very positive way. Ethereum has a market cap of over $300 billion, and the price of ether has been up over 4,000% since January 2017. This drastic growth in value has sparked interest from many companies in fields such as finance, technology and insurance to invest in the growing space of decentralized applications by using Ethereum as their foundation for smart contracts and transactions.

Last Updated on December 15th, 2023