Enterprises around the world are keen on working with upcoming projects or are planning to implement their own distributed — this has got many investors wondering as to why these big businesses are interested in the hype surrounding only after a decade since ’s inception.
To the surprise of many Tech companies like Amazon, Microsoft, IBM & Financial institutions such as JPMorgan, Fidelity Investments & Sequoia Capital have expressed interested in this new nascent technology by essentially investing in upcoming startups, funds or establishing their own distributed network.
Blockchain Enterprise Use-cases
‘’The possibilities for use of are as limitless as the internet’’ — this gives large enterprises especially tech companies more reasons to explore the potential use cases that this disruptive technology has to offer. Big companies are now experimenting with technology which would have been unimaginable just several years ago when were classified as being an unregulated asset and received little to no attention from the mass media
Both 2017–2018 were eventful years for the overall Cryptospace, as governments around the world began to not only take notice but also crackdown on , quick to classify & regulate this new digital asset by providing the necessary Framework needed.
The recent focus on and oversight in 2018 will pave the way for more mainstream in 2019 — Enterprises & Institutions are now presented with the opportunity to adopt this technology ever since they’ve been giving the green light to begin experimenting in certain jurisdictions of the world.
will do for the transaction of value what the internet did for information, a belief according to digital currencies advocates who are predicting and betting on institutional money finding its way in the Crypto space. By utilizing distributed ledgers, enterprises benefit from better efficiency, enhanced privacy, reduced intermediaries and improved audibility.
Here are a few examples where technology is used to specifically cater to large businesses and institutions:
Example #1 — HyperLedger is a consortium with over 300 Members that consists of small to large enterprises that have decided to collaborate by sharing research & developing technology. Though, Hyperledger itself is not an actually or project but rather a collaborative effort to form a hub that promotes open industrial development.
Example #2 — An upcoming project known as Aergo, is a 4th generation that plans to bridge public & private chains together, essentially allowing enterprises who are interested to incorporate distributed technology into their businesses. While a majority of Enterprises prefer to work with private initiatives, Aergo plans to provide a hosting service that let’s big companies take advantage of both private, public or hybrid chains. The rise of hybrid is the result of increased demand for both decentralized & centralized distributed ledger solutions
Example #3 — The Enterprise Alliance (EEA) was formed with intention of allowing enterprises to develop and build applications using the . Regardless of the fact that is a decentralized project, the consortium was formed & consists of over 300 members who have similar interests in building applications on top of ’s .
Due to the fact that big businesses have to deal with risk management, they simply can’t adopt new technology before ensuring there is little to no risk in doing so. Using an old process that works is still better than testing out new ones that may or not work as there is less risk to consider then by having to adopt a new process.
Without regulations, both institutions & enterprises would be too reluctant to even consider investing in an unregulated asset or experiment with new technology as the risk often outweighs the reward for businesses that generate millions if not billions in revenues — Not just Businesses but look at what some of these Banks are up to these days, proving that even financial institutions such as private, public and even Central bank have caught the Crypto fever:
Citi Bank — Citi Coin
Kuwait Central Bank — Payments
Fidor — Strategic partnerships with Kraken Exchange
Retail investors aren’t the only ones that are supporting the development of technology but large corporations are now getting involved and have begun investing in this industry. Ever since governments around the world are providing more legal clarity surrounding the whole ordeal.
has gone from the esoteric underpinning of to a hyped-up technology that enterprises in every sector believe to have the potential to disrupt certain aspects of a business. Time will tell as we have yet to discover practical implications of enterprise-ready solutions
Published at Sat, 05 Jan 2019 19:09:45 +0000
