Enterprise blockchain may usher in a breakthrough

nRunaway commentary: Blockchain and cryptocurrency past promises did not happen as expected, and the addition of regulatory issues is also complicating the issue. But the other side of the investment market is the steady development of blockchain technology. Software availability for mainstream projects in the blockchain sector, interoperability by large companies, participation by banks and traditional businesses, emphasis on cryptocurrency, and the emergence of industry-best start-ups have all contributed to the growth of the blockchain ecosystem Touch progress. I believe this breakthrough in the field will not take too long.n
nTranslation: Annie_Xun
The end result is that last year’s slogan, “Making the blockchain a reality,” is only wishful thinking.n
Instead of increasing their efficiency as expected, businesses are experiencing declining volumes; the world is not in an era of ultimate transparency and reliability, and companies that store sensitive data face regulatory scrutiny.n
However, there are still reasons to believe that some good forecasts may come true this year.n
The reason for such optimism is that even if the blockchain in 2017 is not really used by enterprises, it has technically achieved touchable progress. Now that the software has been developed, those who are closely involved in the development say the actual tests are coming soon.n
The R3 Distributed Book Consortium also has several applications in its final stages before release, said Alliance Managing Director Charley Cooper. “All of these experiments and concepts prove not to be in a vacuum or for fun.”n
n”The purpose of doing this is to identify what can be used to improve efficiency of the technology, what is not, while finding what we think is meaningful business opportunities.”n
nAll in all, making blockchain a reality is no longer abstract and is already on the verge of becoming a dominant business.n
n
1, the software is readyn
To understand how the abstract cryptocurrency utopia breaks through business interests, you have to look again at a series of success stories we know.n
Recently, some financial institutions and enterprises (R3, Hyperledger, Enterprise Ethereum Alliance) have made milestone breakthroughs in software.n
Such as computer hardware giant Intel last week released Sawtooth 1.0 in the Hyperledger code base. To give developers confidence, the latest version of the blockchain software solution that collaborates with more than 50 coders at dozens of companies integrates Hyperlager Fabric with IBM code and Corda from R3.n
Based on these solutions, a profitable open-source platform version is also available.n
Last year IBM released IBM Blockchain, an enterprise software release; this quarter R3 will also be upgrading its Corda platform for enterprise applications, titled Enterprise Corda.n
The commercial version of these open source software will support a series of sector-specific blockchain applications. Last year Wal-Mart, Nestle and Kroger launched a food tracking network with IBM Blockchain and may explore new solutions this year.n
Similarly, R3 Corda Enterprise has also been small-scale use, Finastra and HQLAx are already on-line related applications. 2018 can be used.n
There’s also JP Morgan’s Quorum, the most open solution to the Enterprise Ethereum Alliance, which released version 2.0 last November and deserves attention, given the team behind the software.n
n
2, interoperability is advancingn
Software is ready and there will be new changes in the thinking of blockchain; that is to say, companies that are concerned about misdirected investments in technology or who are concerned about missing out on future business opportunities must connect the various blockchains and this is possible.n
Earlier, for example, in August last year Monax introduced Sawtooth, a super-book ledger, to support smart contract features on the platform and in a few months Deloitte’s Nuco also assembled a group of companies to address interoperability.n
The new version of Interledger, originally created by Rebo to promote interoperability, has been used in the Superbook Alliance, a move that will certainly speed up similar blockchain consolidation.n
To understand its significance in the context, in June last year, Interledger successfully conducted a multi-account cross-chain test.n
Chris Ferris, chairman of the Hyperledger Steering Committee and CTO of IBM Open Technologies, said interoperability will play a key role in 2018:n
n”Whether Fabric and Sawtooth and Burrow, or Fabric and Sawtooth and Indy work together, the cooperation between different technologies will be what we will see.”n
nn
3, Rebo and Swift will change the rules of the gamen
Another factor that may increase business interest is the predictable impact of the blockchain.n
In fact, one of the major trends this year will involve Swift, an interbank communications platform that has long been considered the ultimate intermediary.n
Last year, the banking network and other financial institutions owned by the platform’s member institutions disclosed that they have successfully completed the proof of concept in order to reshape the company’s current accounts of stored funds around the world. In January, several central securities escrow agencies signed agreements to upgrade these centers Agencies use the method of blockchain.n
However, although this is Swift’s own innovation, it does mean something if we take into account the Ribo waves that were created in 2012 and will subvert Swift.n
Although for years Boehner is a crappy Silicon Valley company, its unique and controversial public and private chain offerings have made it a giant. According to the XRP current price of 0.84 US dollars, Rebo held 6.1 billion XRP total value of 51 billion US dollars, but in order to limit the company to use funds, most still frozen in smart contracts.n
Rotepo executives are likely to spare no effort in using the funds available for the project as they have already realized that they are willing to spend their money on distributed ledger solutions that save on customer costs and even meet to prove everything.n
Will Swift challenge Swift’s position in interbank communications? Will it continue to emphasize its strength in providing liquidity? Or two banners at the same time? Everything is unknown.n
Time can tell everything, including how Swift will handle it, but companies will also be concerned if competition between the two continues to appeal to the international press.n
n
4, proof of concept will be upgradedn
Although clustered companies are concentrated in the blockchain development center that most expect, a small number of traditional and startup companies are likely to continue dividing their territory.n
UBS will continue to play a leading role in the banking union by advancing its plan to create a private version of Ethereum’s blockchain to keep pace with Mifid II, a new European regulation. The bank also played a leading role in Multipurpose Settlements (USC), which explored the potential benefits of blockchain technology to the central bank.n
In addition to financial applications, some of the world’s largest companies have created blockchain startups to commercialize the project.n
Last year, Maersk, the global shipping giant, created the blockchain supply chain project and, in doing so, co-founded IBM, a company that has not yet been publicly named, with the hope of offering simplified services to other shipping companies. Similarly, e-giants Foxconn and point-to-point lending platform point network to create a joint venture blockchain supply chain financing startups.n
In addition, Deloitte, traditionally known as the “Big Four Accounting Firm,” has also begun to help customers transform their direction in the blockchain into a technology consulting firm. Importantly, in the face of the blockchain era, it has begun to shift the traditional understanding of accounting.n
Mercedes-Benz was the case for traditional companies that developed blockchain independently, and last year the company issued $ 100 million in bonds on the Ethereum proprietary chain. This year, Daimler confirmed that it will continue its work on a series of blockchain projects, including not yet specifically targeted.n
Daimler spokesman Hendrik Sackmann said that “our blockchain work continues.”n
n
5, encryption currency to joinn
Another impending change is that businesses are increasingly willing to discuss and even openly explore cryptocurrencies.n
Among them are the well-known IBM, which last year announced its partnership with Stellar, a cryptocurrency startup, now exploring cross-border blockchain payments and last week’s test project “Fabric Coin,” which illustrates how blockchain works.n
Maybe Multichain, the startup that is most similar to the one that explores the blockchain through coalitions, increased its alliance collaborations last year and shortly after the company released version 1.0 of its enterprise software.n
Unlike business alliances, while Multichain does not require the use of cryptocurrencies, it is easy to integrate with the Bitcoin blockchain.n
ConsenSys’s main focus is another cryptocurrency, which plays a leading role. ConsenSys startups are both independent and partnering with both privately owned Ethereum blockchain and licensed Ethereum blockchain, including, of course, Ethereum’s native currency, Ether.n
There are also start-ups that are hidden in the growing blockchain startup community and may also bring about similar transformational projects.n
One of the most famous is Tradewinds, which was founded by the IEX exchange, best known for being Michael Lewis’s Flash Boys. The company may appear in a big news story of the future and may merge with two of R3’s start-ups: Post Oak Labs, a blockchain financial technology consulting firm, and DrumG, a maker of products for customers using Corda.n
Omniex, a blockchain operating system backed by venture capital, is another important force in the field, said Hu Liang, founder of the blockchain operating system. Historically, what these blockchain start-ups have in common is their extraordinary positioning.n
Like most commercial consumer-led financial innovations, the blockchain has taken a tortuous path that allows businesses to catch up later.n
Liang, who used to work for state-owned bank and asset management giant, said:n
n”Encrypted monetary assets are historically the only asset classes promoted by retail communities that have clearly aroused the interest of institutional investors due to rising prices.”n

Leave a Reply

Your email address will not be published. Required fields are marked *