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Big Brands Are Getting on the Blockchain

 4 min read / 

At this point, it should come as no surprise to anyone that International Business Machines Corporation (IBM) is actively embracing blockchain technology for enterprise. Undoubtedly, all have heard of their work in supply chain management, partnering with multinational clients to ensure that diamonds and jewels come conflict-free to consumers, and their latest token release on the Stellar blockchain. However, IBM is not the only one embracing the new blockchain explosion and there are some other companies deserving of recognition as well. Certainly, IBM has been bringing more attention to the industry and doing great things to forward blockchain technology, there is no doubt about that, but what about others?

LG’s ‘Monachain’

As another big name in the tech industry, LG (specifically LG’s info tech arm “CNS”) is entering the blockchain game with the release of “Monachain.” Like IBM, the tech giant is working to bring blockchain solutions not just for individuals, but for enterprise too. The idea of the project, which was developed with Wenn Digital, is to enable blockchain-based logistics for a variety of enterprise solutions in the fields of finance, manufacturing, and communication.

Though Monachain has not received nearly as much attention as IBM (even with a name that means “Queen of Blockchain”), it could still potentially be another interesting development in the blockchain boom that could prove to be crucial later on. In particular, Monachain deserves attention because of its inclusion of offering a “community currency option.”

This community currency option is especially interesting because unlike some of the other large-scale blockchain projects, it is relevant for governing bodies. The proposed aspect of the Monachain is to help governments issue digital currency payments of their own. Combine that with the identity verification portion of the platform, and there are instantly some exciting outcomes imaginable.

Governments may be LG’s ultimate enterprise client if they can make a strong case and prove the efficacy of the product. Not only would that mean a more efficient system for the customer, but that could mean an even larger step for widespread implementation. What better way to foster adoption that a government adopting the technology and issuing their own currency with it?

KODAKOne

Remember back to when crypto mania was really getting a little out of hand with certain companies? Perhaps the single best example of the ridiculousness was when Long Island Iced Tea Corp. changed their name to “Long Blockchain Corp” (LBBC). The company’s share price spiked in value by over 280% at one point during the craze. (Share prices have since returned to a more normal price at $0.51, down from a 52-wk high of $9.49—and NASDAQ has since delisted the company).

Long Blockchain Corp. seems to be an obvious example of a company looking to cash in on the blockchain attention, but Kodak was another company often lumped into the same group (because of their strong stock price rally as well). However, the camera maker has a strong use-case and is one of the few consumer brands out there where the implementation of blockchain makes perfect sense.

It should be noted that the platform, known as KODAKOne, is not as much enterprise-focused as it is for individuals working as photographers and creatives in the freelance space. However, the platform is designed to make interaction, usage rights, and payment easier between enterprise clients and individual creatives too.

Even if both LG and Kodak are not receiving as much attention currently as IBM, they are still working on bringing real-world blockchain solutions to the industry. Certainly, there is no assurance that either one of the projects will necessarily be the next explosion of the booming blockchain craze, but both companies are bringing legitimate products and solutions to the table; for that, both should be acknowledged.

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