Enterprise blockchain began gaining traction in 2017 shortly after Bitcoin hit a record high of nearly $ 20,000. Since then, blockchain for businesses has primarily been defined by private blockchain networks that companies use for things like supply chain management.
The company’s blockchain space has changed little since 2017. For example, in 2020 there will be a number of blockchain use cases for companies that use public rather than private networks. The COVID-19 pandemic has also prompted many companies, large and small, to use blockchain to validate or revive tourism. Finally, this year, some blockchain companies have begun to show interest in decentralized financing and are taking steps to develop this new sector.
Below are the 12 companies and solutions that have made progress in the company’s blockchain area this year.
Ernst and Young
The Big Four Ernst & Young has played an active role in the fundraising. The company was one of the first to explore the cryptocurrency area in 2016 when the company conducted a survey to better understand the potential of digital assets. Since then, EY has been a leader in blockchain adoption in state-owned companies.
For example, EY continues to contribute to the development of the underlying protocol that uses the public Ethereum backbone as a tamper-proof machine for writing business data. In May 2019, EY introduced the Nightfall token for private transactions on the Ethereum blockchain.
In the future, EY plans to make it easier for developers to use Nightfall proof and zero knowledge. Paul Brody, head of blockchain at EY, previously told Cointelegraph that developers will eventually go from building decentralized applications to building zero-knowledge applications, or ZApps, with blockchain solutions from EY.
Open source blockchain business platform Big Blue is powered by Hyperledger Fabric, a key technology that has helped drive the growth of the IBM Blockchain platform. For example, the IBM Food Trust network is currently used by major food manufacturers such as Nestlé, Dole and the olive oil giant CHO.
The Food Trust Network dates back to 2016 – one of the earliest examples of enterprise blockchain, when Walmart used the IBM blockchain to decide which foods to recall. Another major project supported by IBM Blockchain is the Maersk TradeLens platform, which helps transport giants digitize supply chains.
In addition, Digital Health Pass utilizes the IBM Blockchain platform to provide verifiable health information that has become so important due to the COVID-19 pandemic. IBM Blockchain’s partnership with US software company Red Hat is also known for its open source development and cloud strategy, which is heavily dependent on blockchain technology.
Hedera Hashgraph, a decentralized public network, was developed in 2016 with the goal of giving developers the ability to create secure applications with almost maximum accuracy in real time. Since then, the Hedera network has grown and is owned and operated by an impressive list of companies, including Google, IBM and Boeing.
Hedera recently demonstrated an important blockchain use case with the release of the SAFE HealthCheck app, which is implemented for remote testing for COVID-19. The app is currently in use at Arizona State University, and provides more than 70,000 students and staff remote testing and digital health checks. Hedera Consensus Service, the company’s blockchain solution, is also used on other important occasions, including as an alert system for air strikes in Syria.
The South Korean blockchain company IconLoop was founded in 2016 to support real blockchain applications in banking, healthcare and the public sector. The Seoul-based company has raised more than $ 15 million in financing. IconLoop recently announced that Jeju Island, a tourist hotspot in South Korea, will use a decentralized identity blockchain to enable secure COVID-19 contact tracking.
It is also worth noting that the Financial Services Commission recently approved IconLoop’s decentralized sandbox authentication service for innovative financial systems and services. In October, Cointelegraph reported that IconLoop received $ 8 million in a Series A funding round to be used to launch a blockchain-based digital identity authentication service called my-ID.
World Economic Forum
The Global Blockchain Council of the World Economic Forum was created to promote blockchain technology for the benefit of the global community.