Edited by Michael del Castillo, Janet Novack and Matt Schifrin
Reported by Nina Bambysheva, Lauren Debter, Michael del Castillo, Steven Ehrlich, Eliza Haverstock, Chris Helman, Katie Jennings, Jeff Kauflin, Jon Ponciano and Hank Tucker
No longer dismissed as a haven for criminals and drug sellers, Bitcoin and blockchain have gone mainstream. Bitcoin’s 2020 surge grabbed the eye of C-suite executives worldwide; not solely are corporations using the expertise underlying Bitcoin to carry out duties corresponding to reconciling invoices and verifying product provenance, however dozens at the moment are holding Bitcoin as a treasury asset. Our third annual Blockchain 50 options corporations that lead in using distributed ledger expertise and have income or a valuation of at the very least $1 billion. Twenty-one newcomers—together with the world’s largest financial institution, the Industrial and Business Financial institution of China, and 4 others from Asia—make their debut. They take the spots of such U.S. corporations as Fb, Google, Amazon and Ripple, all of whom are nonetheless energetic in blockchain however saved decrease profiles within the house over the previous 12 months.
A.P. Moller-Maersk
Copenhagen, Denmark
The Danish delivery and logistics big’s blockchain, TradeLens, is digitizing provide chain info. Since its August 2018 launch, it has onboarded roughly 50% of container ships all over the world. In 2020, it processed 1 billion shipments, 30 million containers and 14 million paperwork, greater than double the earlier 12 months. Maersk has additionally partnered with Microsoft to course of marine insurance coverage utilizing blockchain tech.
Blockchain platforms: TradeLens, Hyperledger Cloth, IBM Blockchain
Key chief: Michael White, CEO GTD Resolution, an entirely owned subsidiary of Maersk devoted to the event of the TradeLens platform
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Ant Group
Hangzhou, China
Alibaba spin-off Ant has greater than 50 blockchain purposes in growth by itself blockchain platform, AntChain. One notable instance is OpenChain, which launched in 2020 to allow small and medium-sized enterprises to faucet its blockchain applied sciences and good contracts as a strategy to decrease prices. So way over 6,000 customers have written 100,000 good contracts, facilitating 400 million transactions.
Blockchain platforms: AntChain, Hyperledger Cloth, Quorum
Key chief: Geoff Jiang, VP of Ant Group, president of clever expertise enterprise group
Baidu
Beijing, China
China’s search big and its fintech enterprise Du Xiaoman Monetary have launched morea than 20 blockchain options. Considered one of them, Libra Chain, is serving because the infrastructure for China’s three web courts dealing with copyright and e-commerce disputes by digital litigation. So far, greater than 35 million items of digital proof have been filed on the Beijing Web Court docket.
Blockchain platforms: Baidu Xuperchain, Hyperledger Cloth
Key chief: Wei Xiao, common supervisor of the blockchain techniques division
BHP
Melbourne, Australia
The mining big is utilizing blockchain to digitize a number of operations, together with monitoring ESG (environmental, social and company governance) attributes and verifying suppliers’ identities. BHP accomplished its first iron ore blockchain commerce with China Baowu Metal in June 2020.
Blockchain platforms: MineHub, Hyperledger Cloth
Key leaders: Michiel Hovers, group gross sales, and advertising and marketing officer; Sundeep Singh, group procurement officer
Binance
Cayman Islands
The world’s largest cryptocurrency trade lists 184 tokenized belongings and helps virtually 100 blockchains. Whole buying and selling quantity reached $2 trillion final 12 months. In July, Binance rolled out a Visa debit card that mechanically converts customers’ crypto belongings to native forex and might be accepted at 70 million retailers worldwide.
Blockchain platforms: Bitcoin, Binance Chain and dozens of others
Key chief: CZ (Changpeng Zhao), CEO; Yi He, co-founder and CMO
Boeing
Chicago, Illinois
Its HorizonX enterprise arm has contributed funds to the event of SkyGrid, a blockchain-enabled air site visitors management system to trace and talk with drones. Already authorised by the FAA to supply drone pilots with low-altitude authorization and accessible as a free iPad app, Skygrid creates a everlasting document of information—essential for package deal supply, industrial inspections and particularly (sometime) autonomous flying taxis.
Blockchain platforms: Go Direct, Hyperledger Cloth
Key chief: Amir Husain, CEO of SkyGrid
Cargill
Wayzata, Minnesota
The ag big first dipped into blockchain in 2017 when it used Intel’s Hyperledger Sawtooth to trace turkeys by its pre-Thanksgiving provide chain. Final 12 months it grew to become considered one of six companions (with the likes of ADM and Louis Dreyfus) within the Covantis platform—which makes use of the Ethereum-based Quorum blockchain to create an immutable document of each step within the means of transferring grain and oilseed cargoes all over the world.
Blockchain platforms: Quorum, Hyperledger Grid, Ethereum
Key chief: Petya Sechanova, CEO of Covantis
Carrefour
Massy, France
The French grocery store chain is monitoring greater than 30 product traces on the blockchain, together with farm-raised eggs, Norwegian salmon and Rocamadour cheese. These merchandise are tagged with a QR code that clients can scan to seek out out extra about the place their meals comes from. Carrefour says the function has boosted gross sales and goals to develop it to 100 product traces by the top of subsequent 12 months.
Blockchain platforms: IBM Blockchain, Hyperledger Cloth
Key chief: Emmanuel Delerm, world head of blockchain, merchandising and B2B provide chain platforms
China Building Financial institution
Beijing, China
The huge financial institution has constructed BC Commerce 2.0, the place 75 monetary establishments can shortly determine dangerous debtors, in addition to compete to supply decrease charges to extra fascinating ones. To this point, the platform has facilitated $134 billion value of loans for five,800 customers, together with producers and buying and selling corporations. Importantly, the platform cuts out Swift, the interbank messaging platform that was a required intermediary earlier than blockchain.
Blockchain platforms: BC Commerce 2.0, Hyperledger Cloth, Hyperchain
Key chief: Tan Hao, is the vice chairman of CCB monetary expertise
CME Group
Chicago, Illinois
The derivatives trade started providing Bitcoin futures contracts in December 2017. This January, it added choices on Bitcoin futures and in February is including Ether futures. To this point, 6,000 particular person accounts are buying and selling Bitcoin derivatives on the trade.
Blockchain platforms: Bitcoin, Ethereum
Key chief: Tim McCourt, world head and managing director, fairness and various funding merchandise
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Coinbase
San Francisco, California
America’s largest cryptocurrency trade has greater than 43 million particular person accounts in 100-plus international locations. It additionally has $20 billion in crypto below custody, up from $6 billion in April 2020. Coinbase is the primary principal issuer of debit playing cards that enable clients to spend their cryptocurrency anyplace Visa is accepted and to withdraw money from any ATM. The Coinbase Card grew to become accessible to clients from 29 European international locations final 12 months and is now being rolled out to U.S. residents.
Blockchain platforms: Bitcoin, Ethereum and dozens of others
Key chief: Brian Armstrong, CEO and co-founder
CONA Providers
Atlanta, Georgia
Owned by the 12 largest North American Coca-Cola bottlers, CONA (which stands for Coke One North America) is transferring orders and shipments between bottlers to the blockchain and can finally embody exterior suppliers of uncooked supplies, aluminum cans and extra.
Blockchain platforms: Baseline, Ethereum, Hyperledger Cloth
Key chief: Andrei Semenov, director of innovation
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Credit score Suisse
Zürich, Switzerland
The Swiss banking big is utilizing the Paxos Settlement Service to settle U.S. listed inventory trades with broker-dealer Nomura’s Instinet. The blockchain expertise permits contributors to settle trades straight with one another, with out the normal middleman, enabling same-day settle-ment versus the 2 days it sometimes takes.
Blockchain platforms: Enterprise Ethereum, Paxos Settlement Service
Key chief: Emmanuel Aidoo, head of digital asset markets
Daimler
Stuttgart, Germany
The maker of luxurious Mercedes-Benz autos is utilizing blockchain to streamline every thing from manufacturing to a current fundraising.
Blockchain platforms: Hyperledger Indy, Hyperledger Cloth, Corda, Ocean Protocol, Ethereum, MoveX
Key chief: Jonas von Malottki, CEO of Daimler Protics GmbH
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Depository Belief & Clearing Company (DTCC)
New York, New York
The clearing behemoth behind $2.2 quadrillion in trades yearly is reimagining its providers. After transferring $11 trillion of credit score derivatives to a blockchain, it introduced Mission Ion to trace money equities traded on public markets, and Mission Whitney, which might do the identical for pre-IPO shares buying and selling on each the first and secondary markets.
Blockchain platforms: Axcore, Hyperledger Cloth, Corda, DAML, Ethereum
Key leaders: Rob Palatnick, world head of expertise analysis and innovation, chair of Hyperledger’s governing board; Jennifer Peve, world head of enterprise innovation
Digital Forex Group
New York, New York
Probably the most prolific investor in crypto-currency startups, with a portfolio of 170 corporations, additionally owns two of the biggest crypto establishments—buying and selling platform Genesis, with 1,000 institutional shoppers, together with funds big Sq., and Grayscale, which manages $27 billion in belongings in 10 trusts, all traded over-the-counter.
Blockchain platforms: Bitcoin, Ethereum, XRP, Zcash and others
Key chief: Barry Silbert, CEO and founder
Equinor
Stavanger, Norway
The oil big has put 10 oil and wind energy initiatives on the blockchain, together with its new megafield within the North Sea.
Blockchain platforms: Information Gumbo, Vakt
Key chief: Anders Opedal, CEO
Constancy
Boston, Massachusetts
The mutual-fund behemoth has been serving to institutional buyers retailer and commerce Bitcoin since early 2019. At this time, Constancy Digital Property has 100 shoppers, together with Kingdom Belief, which permits people to carry Bitcoin of their retirement accounts. Constancy has additionally filed paperwork for a Bitcoin Index Fund however is tight-lipped on particulars.
Blockchain platform: Bitcoin
Key chief: Tom Jessop, president of Constancy Digital Property
Honeywell
Charlotte, North Carolina
The economic conglomerate has transferred greater than 2 million aviation high quality paperwork to a blockchain ledger, making them absolutely accessible to its buyer base. It additionally operates blockchain-based market GoDirect Commerce, which lists $4 billion in used aviation elements and has attracted greater than 10,000 customers.
Blockchain platforms: Hyperledger Cloth, GoDirect Commerce
Key chief: Lisa Butters, common supervisor of GoDirect Commerce
HSBC
London, England
The British financial institution is utilizing blockchain to extend the effectivity of foreign-exchange flows amongst its world branches. Since 2018, 1.9 million trades with a nominal worth of $1.7 trillion have been settled on its ledger.
Blockchain platforms: Quorum, Corda, Ethereum, Hyperledger Cloth, OneConnect
Key leaders: Vinay Mendonca, world head of product and proposition administration, world commerce and receivables finance; Mark Williamson, world head of FX In every single place
IBM Company
Armonk, New York
Among the many first enterprises to take a position severely in blockchain, IBM’s new Digital Well being Move utility lets organizations confirm a person’s Covid-19 check and temperature outcomes; clients corresponding to stadium operators can select their very own standards, together with whether or not an individual was vaccinated.
Blockchain platforms: IBM Blockchain, Hyperledger Cloth
Key chief: Alistair Rennie, common supervisor, IBM Blockchain
ICBC
Beijing, China
The world’s largest financial institution now has 30 blockchain purposes that permit clients hint every thing from their health-care protection to how their philanthropic donations are spent.
Blockchain platforms: ICBC Chain, Ethereum, Hyperledger Cloth, Tendermint
Key chief: Guangqing Gong, chief of analysis and growth staff in modern expertise
ING Group
Amsterdam, The Netherlands
Among the many earliest banks to embrace blockchain expertise, it now leads a bunch of different monetary establishments working to assist authenticate crypto belongings so that they adjust to world anti–cash laundering requirements.
Blockchain platforms: Corda, Quorum, Ethereum, Hyperledger Cloth, Hyperledger Indy
Key chief: Mariana Gomez de la Villa, program director distributed ledger expertise
JPMorgan Chase
New York, NEW YORK
Has signed up 425 banks, together with Deutsche Financial institution and Mexico’s Banorte, to make use of its Liink blockchain community to hurry up interbank transactions. The expertise will finally assist banks challenge fewer paper checks and transfer extra transactions on-line.
Blockchain platforms: Quorum, Ethereum
Key chief: Umar Farooq, CEO of Onyx
Kakao
Jeju-si, South Korea
South Korea’s dominant messaging app, KakaoTalk, with 52 million customers, has a Floor X blockchain unit that has developed its personal public blockchain with its personal cryptocurrency, klay. To this point 370,000 verified KakaoTalk customers have opened digital wallets; 10% of them use the pockets on daily basis.
Blockchain platform: Klaytn
Key chief: Jason Han, CEO of Floor X
LVMH
Paris, France
The posh-goods conglomerate is utilizing blockchain to trace merchandise and combat counterfeiting of manufacturers corresponding to Louis Vuitton and Bulgari. Almost 10 million luxurious merchandise have been registered on the platform, created with Prada and Richemont’s Cartier.
Blockchain platforms: AURA, Quorum, Ethereum
Key chief: Franck Le Moal, chief info officer
Microsoft
Redmond, Washington
Considered one of its blockchain purposes, developed with EY, manages content material rights and royalties. Recreation publishers Xbox and Ubisoft had been the primary to make use of the brand new system, which makes royalty funds mechanically, in comparison with a conventional processing time that may stretch to 45 days or extra.
Blockchain platforms: Quorum, Ethereum
Key chief: Jagannathan Venkatesan, principal group software program engineering supervisor
Microstrategy
Tysons Nook, Virginia
Mature business-analytics software program firm jump-started the pattern of storing Bitcoin in company treasuries to offset inflation by shopping for greater than $1 billion value of the cryptocurrency in 2020. Morgan Stanley just lately purchased an almost 11% stake within the firm. (See principal story.)
Blockchain platform: Bitcoin
Key chief: Michael Saylor, CEO
Nationwide Basketball Affiliation
New York, New York
The NBA’s High Shot market helps the league money in on the sports-memorabilia growth. Utilizing its associate Dapper Labs’ blockchain, the NBA is promoting packs of “moments,” just like buying and selling playing cards however in digital type. Greater than 400,000 moments have been bought to this point, together with one that includes a LeBron James block that traded for $100,000.
Blockchain platform: Circulation
Key leaders: Adrienne O’Keeffe, affiliate vice chairman for world partnerships
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Nornickel
Moscow, Russia
The world’s largest high-grade nickel and palladium producer is testing an industrial asset tokenization platform by Connecticut-based startup Atomyze, which it partially owns.
Blockchain platform: Hyperledger Cloth
Key chief: Jeanine Hightower-Sellito, CEO of Atomyze
Northern Belief
Chicago, Illinois
In December 2020 it invested, together with Commonplace Chartered, in cryptocurrency startup Zodia Custody. (See principal story.)
Blockchain platforms: Bitcoin, Ethereum, Hyperledger Cloth, Hyperledger Sawtooth, DAML
Key chief: Pete Cherecwich, president of company & institutional providers
Novartis
Basel, Switzerland
The drugmaker is a number one member of PharmaLedger, a blockchain consortium within the EU that’s concentrating on incorrect or outdated info on prescription inserts—a prime cause for remembers. Together with Merck and the Polytechnic College of Madrid, Novartis constructed an app that scans drug packages and makes real-time requests to producers for up-to-date info, to be accessed by sufferers through scan codes. PharmaLedger can be utilizing the expertise to fight counterfeit and black-market medicines.
Blockchain platforms: Ethereum, Sovrin, Hyperledger Cloth, Corda, DAML, Quorum
Key chief: Liz Theophille, chief expertise transformation officer
Oracle
Austin, Texas
The database big launched its proprietary blockchain in 2018. Its most mature venture is International Transport Enterprise Community (GSBN), a maritime delivery consortium that now has 300 clients, together with container-shipping giants and port operators.
Blockchain platforms: Oracle Blockchain Platform, Hyperledger Cloth
Key chief: Frank Xiong, group vice chairman, blockchain product growth
PayPal
San Jose, California
The payments-processing pioneer is gunning for a number one place in a future through which digital belongings and central financial institution currencies abound. (See principal story.)
Blockchain platforms: Bitcoin, Ethereum, Bitcoin Money, Litecoin
Key chief: Dan Schulman, CEO
Ping An
Shenzhen, China
The insurance coverage and financial-services big has greater than 30 blockchain purposes, together with a provide chain venture going by the Port of Tianjin and a financing platform in Guangdong Province, each working by its fintech subsidiary OneConnect.
Blockchain platform: FiMAX
Key chief: Frank Lu, common supervisor, DLT analysis & options
Samsung Group
Seoul, South Korea
The conglomerate’s IT arm, Samsung SDS, has constructed quite a few blockchain initiatives for native governments, hospitals and air-ports. That features a one-stop medical claims processing service permitting sufferers to submit claims at a hospital reception heart, a kiosk or through a cell phone.
Blockchain platforms: Nexledger
Key chief: Jeanie Hong, head of blockchain heart
Sappi
Johannesburg, South Africa
The South African pulp producer has partnered with Indian eco-friendly cloth maker Birla Cellulose on GreenTrack, a blockchain that tracks cloth merchandise from sustainable forests to pulp to manufacturing vegetation. Greater than 250 provide chain companions, together with Walmart and Marks & Spencer, now use GreenTrack to confirm the sustainability of the attire they promote.
Blockchain platforms: GreenTrack, Hyperledger Cloth
Key chief: Krelyne Andrew, common supervisor sustainability, dissolving wooden pulp
Saudi Aramco
Dhahran, Saudi Arabia
In 2019, Aramco invested $6 million into Information Gumbo, which has constructed a blockchain platform that goals to combine 1000’s of sensors at oilfields and refineries, the higher to confirm asset efficiency and reconcile good contracts with Aramco’s distributors. Final 12 months, Saudi Aramco Power Ventures invested $5 million in Vakt, a blockchain platform for buying and selling cargoes of oil and petroleum merchandise.
Blockchain platforms: Ethereum, Hyperledger
Key chief: Yousef A. Ulyan, IT vice-president
Signature Financial institution
New York, New York
The $64 billion (belongings) New York financial institution is growing a specialty in serving institutional crypto clients, offering quick and easy methods for them to deposit cash of their crypto buying and selling accounts by its Ethereum-based platform, often called Signet. In 2020, deposits from crypto clients elevated from $2 billion to greater than $10 billion.
Blockchain platforms: Signet, Ethereum
Key chief: Frank Santora, chief funds officer
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Sq.
San Francisco, California
Two years in the past, Sq. began letting customers of Money App, its peer-to-peer cash switch and digital banking service, purchase Bitcoin. The app has grown to 30 million energetic customers. Sq. generated $1.6 billion in income and $32 million in gross revenue from Bitcoin within the quarter ended September 30. In October, Sq. stated it had invested $50 million, or 1% of its personal whole belongings, in Bitcoin. (See principal story.)
Blockchain platform: Bitcoin
Key chief: Steve Lee, Sq. Crypto venture supervisor
State Farm
Bloomington, Illinois
For insurers resolving claims, the method of subrogation—that’s, figuring out which coverage and insurer is in the end liable for paying which declare—can take months. State Farm and insurer USAA used to mail one another a median of greater than 200 checks a day. However since they started utilizing the Subrogation Internet Settlement blockchain final 12 months, the variety of checks exchanged has been diminished by 80%.
Blockchain platforms: Quorum, Ethereum
Key chief: Mike Fields, innovation govt, RED Labs; Robert Yi, senior vice chairman, P&C Claims
Stone Ridge
New York, New York
By way of subsidiary New York Digital Funding Group, Stone Ridge has turn into one of many largest institutional buyers in Bitcoin. In October it stated it had made the cryptocurrency its main treasury asset, and in December disclosed to Forbes that it had bought 20,000 Bitcoins, now valued at greater than $700 million. Total, the agency now has custody of $4 billion in digital belongings.
Blockchain platforms: Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Money
Key chief: Robert Gutmann, Stone Ridge co-founder, NYDIG CEO
Swisscom
Bern, Switzerland
The telecom big has 11 blockchain purposes in varied levels, together with crypto stock-issuance startup Daura and crypto custody agency Custodigit, a three way partnership with digital asset financial institution Sygnum. Final November, the agency joined a $30 million funding in Fireblocks, which helps establishments create, retailer and commerce digital belongings.
Blockchain platforms: Hyperledger Cloth, Hyperledger Ares, Hyperledger Indy, Corda
Key chief: Roger Wüthrich-Hasenböhler, chief digital officer
Tech Mahindra
Pune, India
The expertise arm of Indian conglomerate Mahindra Group has developed a number of blockchain applied sciences. In July 2019, it launched a blockchain-based app that’s now serving to 500 million cell phone clients handle their preferences to keep away from spam calls. (See principal story.)
Blockchain platform: Hyperledger Cloth
Key chief: Rajesh Dhuddu, follow chief of blockchain and cybersecurity
Telefonica
Madrid, Spain
The Spanish telecom makes use of blockchain to trace 4 million home-equipment gadgets. It has additionally invested in Zamna, a blockchain-enabled knowledge platform that helps airways confirm passengers’ identities previous to arriving at an airport, and it has teamed up with IBM to make use of blockchain to handle worldwide calls.
Blockchain platforms: TrustOS, Hyperledger Cloth
Key chief: José Luis Núñez, world head for blockchain
Tencent
Shenzhen, China
The tech big constructed the blockchain that’s utilized by Shenzhen’s tax authority to challenge some 10 million invoices. As well as, it based WeBank, whose blockchain platform FISCO BCOS (Be Credible, Open & Safe) is utilized by greater than 2,000 enterprises and consists of WeIdentity, which has helped course of greater than 17 million border crossings between Macao and mainland China. One other Tencent blockchain app, WeSign, shortens arbitration processing time and is utilized in Chinese language courtrooms to document items of proof.
Blockchain platform: FISCO BCOS
Key chief: Howe Zheng, vice chairman, Tencent Monetary Expertise
Vanguard
Valley Forge, Pennsylvania
In June the index-fund king introduced an initiative to deal with the customarily messy means of maintaining data for asset-backed securities—as loans get repackaged and bought from one get together to a different, essential credit score info could be misplaced. Vanguard piloted a brand new product—with Citi, State Avenue and BNY Mellon additionally taking part—to retailer that mortgage info on a shared, unalterable ledger.
Blockchain platform: Symbiont Meeting
Key chief: Warren Pennington, a principal in Vanguard’s funding administration group
Visa
Foster Metropolis, California
Visa’s golden goose is its huge community of entry factors—some 70 million service provider places. Now that central banks are beginning to mint digital currencies, Visa is doing in depth R&D so digital cash can circulate safely (out of fraudsters’ attain) over its rails. It has utilized for 159 blockchain-related patents for makes use of corresponding to making transactions safer and utilizing biometrics to confirm somebody’s id. In December, it introduced an integration with the cryptocurrency “steady coin” USDC, or U.S. greenback coin, to hurry up worldwide business-to-business funds.
Blockchain Platforms: Bitcoin, Ethereum
Key chief: Cuy Sheffield, head of crypto
VMware
Palo Alto, California
Identified for growing the expertise behind Fb’s cryptocurrency Diem (beforehand Libra), VMware launched its personal enterprise-focused blockchain platform in November. Broadridge Monetary Options is already utilizing it to allow automation and digitization of repurchase agreements. The Australian Inventory Change introduced on VMware in 2019 to work on a post-trade platform to switch its quarter-century-old system.
Blockchain platform: VMWare Blockchain
Key chief: Brendon Howe, vice chairman and common supervisor, blockchain
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Walmart
Bentonville, Arkansas
Its Meals Traceability Initiative, which helps Walmart detect contamination and different meals issues of safety, now tracks almost 500 objects like recent leafy greens, espresso, seafood and meat. Final 12 months, it assisted the FDA with six investigations into meals security and was capable of present detailed info on the unique supply of potential contamination inside an hour. This 12 months, Walmart will conduct a pilot with U.S. Customs and Border Safety to trace imported meals.
Blockchain platform: Hyperledger Cloth
Key chief: Tejas Bhatt, senior director, world meals security innovation; Archana Sristy, senior director, blockchain platforms, Walmart International Tech
