2019 is the year for enterprise blockchain. The technology that was previously shunned by several corporations is now being considered by the very companies that rejected it.
Initially, blockchain was hardly considered by any top company. Instead, many downright avoided the technology, especially during its infancy.
However, projects that were in their pilot phase when companies were running away from the technology finally came to fruition. Now, corporations are investing millions into blockchain projects based on the results seen in the industry so far.
From Goldman Sachs to IBM, the distributed ledger technology is getting its deserved attention.
Considering the gains blockchain has made in 2019, it may become a staple technology globally in the coming years.
This article looks at the top enterprise blockchains that have been released so far and the impact they will have on their respective industries.
Blockchain Network Management
Various companies are involved in the management of blockchain networks.
With the profits they make annually, it comes as no surprise that Amazon, IBM, and other huge corporations are investing in blockchain technology. These companies create blockchain platforms to help other companies adopt blockchain technology.
The Amazon Managed Blockchain is a fully managed service that allows its users to create and manage scalable blockchain solutions using the Hyperledger fabric. Amazon also plans to partner with Ethereum in its blockchain endeavor.
Amazon realized that there was a burgeoning market for easily accessible blockchain solutions and as a result have made concerted moves to provide relevant blockchain services to companies. Many businesses were starting to realize the usefulness of blockchain, especially in immutability, however, they admittedly found it difficult to develop their individual blockchain networks.
Creating a blockchain network from scratch is tedious and requires many resources. Since Amazon already had some of the necessary infrastructures in place, they found it easier to host and manage blockchain networks.
Amazon Managed Blockchain does the heavy lifting while companies only click on the type of services they require for their network.
Users have a variety of options to choose from on these platforms. Users can select the type of services they want, depending on the budget they have. The payment plans are flexible, depending on the type of blockchain network one wants to run.
The significant advantage of such platforms is that it works across multiple industries. Any company in any industry can apply blockchain technology via these platforms.
Despite its convenience, companies may not get the exact products they want or need. The service is a general solution to the blockchain adoption challenge meaning that it is limited in the specialization.
The Blockchain company, Aelf, has developed a platform that is continually closing in on delivering specialized services for its users. The platform manages different blockchain solutions for companies while offering unique configurations that make the platforms highly specific to identified problems.
Their blockchain platform incorporates multiple elements essential to any enterprise-ready blockchain solution. They have developed it to utilize parallel processing with a single-application side chain model, ensuring high performance in excess of 15,000 TPS, and no interference from other applications. Their modular design allows for simple deployment with a high degree of customizability. In fact, a base level of the blockchain can be set up and deployed in under 10 minutes. Another element setting aelf apart is the interoperability component allowing blockchains to interact and communicate with other blockchains both on and off the network. This service is enhanced by its recent partnering with Chainlink.
Luxury Conglomerate LMVH
The conglomerate behind brands such as Louis Vuitton and Hublot invested in blockchain technology this year.
According to a report by Coindesk, the luxury brand conglomerate was planning to launch a blockchain platform around May or June. The platform designed by the company was created to combat counterfeit luxury goods, which are a perennial pain for most luxury goods companies.
With the LVHM blockchain, users will be able to prove the authenticity of the products they purchase.
LVHM hired an entire blockchain team to work on their platform. They also saw it fit to work with industry specialists ConsenSys and Microsoft Azure, to ensure that their product is up to industry standards.
The success of their product could be a revelation to the luxury goods industry, which loses millions of dollars annually to counterfeit goods. The platform would also help brand loyalists purchase only the products they are willing to pay for and not the counterfeits.
LVHM named its project AURA.
This project has potential; however, there are some in the market who would not mind the counterfeits, especially when cheaper. Despite this glaring fact, it shouldn’t be overlooked that AURA may solve a perennial problem in this industry.
IBM Food Trust
This new blockchain venture by IBM will see the food industry have complete control of the flow of their products.
Usually, when any food mishaps occur, it takes some time before the origin of the problem is discovered. With IBM Food Trust, finding the source of the problem will become more comfortable and faster.
Food industry participants become network participants in the Food Trust blockchain network. The network creates a traceable audit log through the network participants. Movement of food from one participant to the other is carefully recorded; thus, the source of the problem, such as contamination, can be identified promptly.
Carrefour, Walmart, Nestle, Dole Food, Tyson Foods, Kroger, and Unilever are the participating outlets in the project. If successful, the project could incorporate more industry participants, therefore, covering a huge chunk of the food supply market.
Samsung is known globally for its dominance in the smartphone market. Now, the company is looking to blockchain for more products and services.
During the release of its 2019 flagship, Samsung showed its advancement in blockchain technology and cryptocurrency. Their S line for 2019, the S10, featured a crypto wallet and Blockchain Keystore online application.
Samsung is currently developing a blockchain-based mobile ID system, which it believes will be essential in the decentralized future. Furthermore, 2019 saw Samsung release a developer-friendly blockchain SDK.
Easy access to blockchain through smartphones will help improve its adoption by the more significant majority.
With the current blockchain trend, Samsung is likely to develop more blockchain products soon.
Blockchain Continues To Head In The Right Direction
Blockchain for enterprises is moving on the right path.
More global corporations are taking part in adopting the technology that was once looked down upon by significant participants in the worldwide economy.
Now, blockchain is being developed for industries ranging from the food sector to the global shipping industry.
As development increases, blockchain is likely to cement itself in the technological future.
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Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.