Blockchain will be one of the defining technologies over the next 10 years. As the depth of its uses become more apparent, an increasing number of companies are claiming intellectual property rights for applications of the technology in numerous industries. Petroteq Energy Inc.’s (TSX.V: PQE) (OTCQX: PQEFF) (PQEFF Profile) blockchain-powered supply chain management platform will be utilized for its patented oil extraction process, while Bank of America Corp. (NYSE: BAC) looks to leverage blockchain to provide faster, securer financial services. Consulting giant Accenture (NYSE: ACN) is also in on the act, as is Mastercard, Inc. (NYSE: MA), which aims to improve payment procedures through recently patented technology. International Business Machines Corp. (NYSE: IBM) is looking across the blockchain possibilities, applying it to both payment systems and supply chains, with a focus on petroleum and chemicals.
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