Enterprise Blockchain

Enterprise Blockchain Adoption-2019

Post the crypto hype cycle of 2017, blockchain technology aggressively established itself as a core enabling technology in 2018. The MarketsandMarkets report “Blockchain Market – Global Forecast to 2023” fortifies the fact that blockchain adoption by enterprises is snowballing.

Furthermore, the report unveils the staggering growth to be witnessed by the global blockchain market in next 4 years. The numbers are impressive enough as the $1.2 billion blockchain industry in 2018 is expected to exhibit CAGR of 80.2% pushing the industry to a market value of $23.3 billion by 2023. The increasing popularity of blockchain among enterprises is the prime driver of the unprecedented growth the world is about to witness. With a focus on reducing operational costs, streamlining retail and supply chain management, enterprise giants are treading the space of disruptive technology at a skyrocketing pace.

The upcoming projects are not limited to crypto wallets, crypto exchanges, and atomic swaps but are the industry use-cases. It took blockchain 10 long years to establish a solid ground amidst all the friction it received.

A multitude of blockchain projects backed by or ideated by enterprise giants aims to harness the potential of technology by the precise implementation of Distributed Ledger Technology. Application areas like are the focus for major players.

Signifying higher potential that the technology was developed for, its applications are proliferating different industry verticals. The major industries finance, identity management, energy distribution, gaming, cybersecurity, supply chain, and e-commerce are expecting the technology to work as a growth catalyst.

The Distributed Ledger Technology will proclaim the year 2019 where the inefficient legacy system will be replaced by DLT’s. After wrapping up 2018, Deloitte came up with a blockchain survey according to which 95% of the major enterprises are investing in blockchain technology. Although the dust around enterprise vs public blockchain is yet to settle, Q1 of 2019 stood witness to some major market players move their pilot blockchain projects to production. A whir has already been created.

Let us take a look at what has happened in the enterprise space.

A
Alibaba Group 

After being listed among the leading pack of approved organizations to conduct business with blockchain Tech, Alibaba is all set for some big strides in the Blockchain-as-a-service space. On 2nd April 2019, China‘s Cyberspace Administration released its first list of 197 regulated blockchain firms in China and Alibaba is one among them.

In the last 5-6 months, Alibaba Group has been impressively active in the implementation of blockchain to gain operational excellence. Its online marketplace Tmall Global is already testing blockchain to promise high-end traceability to the luxury products by tracing unique QR codes on the blockchain.

American Express 

American Express and its multiple consortiums have been piloting multiple blockchain products. In 2018, the financial giant introduced blockchain into its existing membership program with the implementation of Hyperledger platform with Boxed as the partner. The technology initiative targeted to create a conflict-free, automated membership program.

American Express and its multiple consortiums have been piloting multiple blockchain products. In 2018, the financial giant introduced blockchain into its existing membership program with the implementation of Hyperledger platform with Boxed as the partner. The technology initiative targeted to create a conflict-free, automated membership program.

B
Banco Santander 

Early 2019 brought together Banco Santander, Europe’s Largest Bank and tech giant IBM in a five-year technology agreement worth $700 million. The consortium targets to enhance the financial services offered by the bank by the implementation of blockchain, IoT and AI in the core operations.

The disruptive technology initiative will focus on reducing the annual IT spend and creating a flexible IT support system for evolving growth. Post last year’s initiative of creation of in-house blockchain research team to alter securities trading, Santander remains committed to leveraging the technology.

BHP Billiton 

World metal and oil mining giant BHP successfully tested its conjoint blockchain pilot project to deliver biofuel. The project was a joint effort of BHP and Japanese shipping company NYK. The biofuel from GoodFuels was delivered to Frontier Sky- the BHP-chartered and NYK-owned bulk carrier. The carbon dioxide (CO2) efficiency was verified over a blockchain fuels assurance platform to support the global de-carbonization.

BHP Billiton has been running multiple pilot projects to track and record the mining process data since quite sometime now. In the past blockchain was used to track the movement of wellbore rock and fluid samples. The blockchain helped secure real-time movement data generated during production. The adoption of blockchain for BHP Billiton targets to increase internal efficiency internally while securing the mining data.

C
CISCO 

Networking giant Cisco Systems moves into blockchain space has been more pronounced now. The IT Tech opened its Co-Innovate Center in Singapore on Feb 25th, 2019 to help stimulate the development of evolving technologies like cybersecurity, blockchain, and IoT.

Cisco also filed a patent for confidential group communication using blockchain technology in March 2018 with USPTO (the United States Patent and Trademark Office). The intent is to solve the common problems of centralized messenger tools so that unauthorized tampering of messages is avoided.

Cisco has been actively working to develop blockchain products since July 2017 when it joined the world’s largest open-source blockchain initiative, Enterprise Ethereum Alliance (EEA).

D
Daimler 

Daimler’s existing supply chain involves 400,000 suppliers making it one of the most complex supply chains. The legacy procurement system was suffering from inefficiencies and speed-retardation. By replacing it with ICM platform the visibility of the supply chain was enhanced by ethical and sustainability challenges still persisted.

In a joint project with Icertis Blockchain framework in Q2 of 2019, Daimler’s supply chain reassured the manufacturers that the parts, services, and supplies are ethically sourced. With the use of blockchain, it has now become easy to maintain compliance. Apart from the above, the blockchain platform promises subcontracts a layer of privacy. Around 6,000 of the buyer have already reported shortening of contract cycling time.

Daimler is also utilizing the blockchain to comply with data privacy regulations, information security aspects, the Foreign Corrupt Practices Act (FCPA) and more.

F
FedEx 

Not only did FedEx recently favor the standardized of a blockchain solution for the shipping industry, but also it joined hands with DHL Express and UPS and is part of Blockchain in Transport Alliance (BiTA) now.

FedEx has been handling cargos worth billions of dollars’ and became the first shipping organization to implement blockchain technology in its supply chain management. The FedEx leadership is quite optimistic about the technology. Right now the blockchain platform is being used to track high-value cargo but very soon all the FedEx shipments will be tracked on the blockchain.

G
Goldman Sachs 

Since its strong contenders treaded into blockchain territory, Goldman Sachs has been dropping hints of bringing around a futuristic banking system. It is speculated that its 2016 acquisition Marcus is joining hands with Apple to over a “fee-less” credit card will make use of blockchain technology.

The February 20, 2019, videos “The Retail Renaissance” and “The Future of the Bank”, does mention the use of a cryptocurrency account creating ripples around the crypto land sphere.

In the past, Goldman Sachs along with Morgan Stanley actively participated CLSNET project. The projects utilize the DLT framework to process the foreign exchange. CLSNet received its tech support from IBM and runs on Hyperledger Fabric blockchain. Owned by 6 banks over the globe, CLSnet became the first of its kind blockchain enabled global Foreign Exchange market enterprise that extends its support to 120 currencies. The platform is capable of processing requests like a spot trade, non-deliverable forwards, same-day trades and trade forwards.

H
Huawei Technologies 

Huawei announced its new blockchain-based cloud service in 2019 Cloud Summit. The service is expected to offer the service users decentralization, traceability, and decentralization advantage. Sharing its 2019 blockchain strategy, the company disclosed its focus is to bring digitization to financial setups, government bodies, energy organization, by building tailored multi-party distributed ledgers to optimize the existing processes and enhancing the efficiency.

Huawei targets to bring in full cloudization to the blockchain with BCS cloud services in the coming years. According to a previous press release, Huawei had also shown its interest in the development of blockchain solutions for mobile carriers where data integrity is a challenge currently.

I
IBM 

IBM was among the very first enterprises to onboard the blockchain bandwagon. The platforms offered by IBM have matured significantly. Its recent initiative has been to implement a cross-border payment system with near instant settlement times. The IBM Blockchain World Wire platform offers its services to almost 72 countries in 47 currencies, 1081 currency pairs with 44 banking endpoints.

The exchange happens in real-time which is massive progress over the existing legacy systems. The beauty of IBM World Wire system lies in the availability of API’s that help converts crypto-to-fiat with minimum disruption while eliminating exorbitant transfer fees and time.

J
JPMorgan 

The investment banking giant JPMorgan transacts $6 trillion every day across the globe. With its blockchain initiative, the bank expects to establish a speedier wire transfer and offer users the first US bank-backed crypto coin- JPM Coin.

In April 2019, JPMorgan Chase announced its plan to expand its blockchain project to establish better settlement features. JPMorgan established Interbank Information Network (IIN), a blockchain-based initiative in partnership with ANZ Bank and Royal Bank of Canada. The rapidly developing IIN is working to address the issues at the point of settlement. With a built-in feature, the blockchain platform will now allow real-time verification of any transaction whether it has been sent to a valid account. The legacy system rejects the payments days after it was sent to an incorrect account number or sort code.

Using Quorum as the base, the project will support this settlement feature for both domestic and international payments by Q3 of 2019.

M
Mastercard 

Mastercard topped the blockchain patent filing league in 2017 and the trend continued for 2018 also. The payment giant holds over 30 Blockchain patents for building blockchain based payment gateways.

In the last 5-6 months, Alibaba Group has been impressively active in the implementation of blockchain to gain operational excellence. Its online marketplace Tmall Global is already testing blockchain to promise high-end traceability to the luxury products by tracing unique QR codes on the blockchain.

Apart from the patents, the company has been really aggressive in joining hands with blockchain protagonists to fortify the use of technology. In early 2019, Mastercard, Accenture, AWS, Everledger, and Mercy Crops came together to build a blockchain based supply chain where the end-user and the producer can interact and incentivize them on a peer-to-peer basis.

Microsoft 

Microsoft is not new to the blockchain sphere. Embracing the technology since last 5 years now, Microsoft has established a strong ground in the blockchain territory.

2019, opened up a new dimension of blockchain technology growth for Microsoft. In April 2019, Microsoft launched its fully managed blockchain services. Azure Blockchain Services, supports the formation, management, and governance of consortium blockchain networks.

In May 2019, Microsoft announced the launch of the first decentralized infrastructure with its open source project Ion. The project is expected to introduce DID (Decentralized identity solutions) to the existing Microsoft products which communicate with external service providers.

N
Nestle 

With the increasing market pressure by consumers, the Swiss transnational company Nestle adopted blockchain to provide increased traceability of food products. Nestle leaders recognized Blockchain as one of the prime technologies that could help them respond to this demand.

The company joined IBM Food Trust as a founding member in its blockchain initiative. It targets to securely trace food end-to-end, reduce food waste, digitize the movement records, and enhance the food supply chain visibility.

On 15th April 2019, Nestlé and Carrefour announced the buyers of Mousline purée in France will have access to the relevant blockchain data. The data accessible would be the production date, storage times, warehouse locations, quality control parameters, farmer details and how the puree was manufactured.

O
Overstock 

Overstock has been underpinning the technology since long. Right from accepting Bitcoins as payments to becoming a blockchain company. Overstock announced in December 2018 that the company will be selling off its retail business by early 2019 and will retain only Medici Ventures and tZero.

Medici Ventures acts as a subsidiary of Overstock that focuses on blockchain technology. Till now it has come up with a public digital ledger of transactions and is also working on the development of native tZero security tokens that can be utilized for e-commerce and trading.

Oracle 

Oracle, the tech giant is aggressively accelerating the adoption of blockchain among the enterprises. The Oracle Blockchain Platform has fortified the role of blockchain as a core technology for enterprises. The development team introduced new features to the platform that offer multiple developers and data integration tools to shorten the customized blockchain development lifecycle.

In Feb 2019, Oracle made the latest release of version 19.1.3 of Oracle Blockchain Platform. Clients like Circulor, SERES, HealthSync, CDEL, Arab Jordon Investment Bank, CargoSmart and more are utilizing Oracle’s platform to build or integrate the production-ready blockchain solutions.

P
PwC 

PricewaterhouseCoopers(PWC) recently tested blockchain technology to validate job candidate credentials to vet a candidate’s job history. The pilot project was launched in partnership with the Institute of Chartered Accountants of Scotland (ICAS). PwC’s Smart Credential program utilizes the blockchain to assign, secure and share the digital certificates of the employees.

In December 2018, PwC announced joining hands with Bitfury Group to run a blockchain accelerator program in Russia. PwC has already used Exonum, Bitfury’s framework for some of its courses and seminars.

R
Reliance 

The Indian Oil refinery along with Oil majors Chevron and Total to join Vakt, the blockchain-based platform. Company targets to use the platform to digitize and centralize the humongous paperwork involved in each deal.

The company had also acquired 5.56 percent ($5 million) equity stake in Vakt’s Holdings in late 2018. Apart from this, Reliance Industries executed a financial trade via HSBC using blockchain to export some goods to an American client. The use of blockchain drastically slashed the document processing time.

S
Samsung 

On 24th April 2019 Samsung SDS, the IT subsidiary Samsung Group released the latest version of Nexledger Universal, its enterprise blockchain platform. While the platform is available on Microsoft’s Azure marketplace, it makes it easy for the developers to develop applications required for authentication, payment settlement, and proof of originality.

In Feb 2019 Samsung revealed bitcoin, ethereum, enjin and cosmee as its blockchain partners for its crypto wallet in Galaxy S10. Apart from these developments, Samsung is considering developing its own blockchain with its native tokens.

T
Telegram 

The networking platform that gained a lot of traction in blockchain space recently. On April 11th, 2019, the messaging App Telegram launched the private beta testing Telegram Open Network(TON).

A Russian development team and some global developers have access to the test version of TON. The test version has demonstrated that the TON blockchain is capable of extremely high transaction speed.

TON Virtual Machine, TON Network protocols, and TON block are the vital components of the TON blockchain that make it a remittance fee payment network.

American Express 

American Express and its multiple consortiums have been piloting multiple blockchain products. In 2018, the financial giant introduced blockchain into its existing membership program with the implementation of Hyperledger platform with Boxed as the partner. The technology initiative targeted to create a conflict-free, automated membership program.

American Express and its multiple consortiums have been piloting multiple blockchain products. In 2018, the financial giant introduced blockchain into its existing membership program with the implementation of Hyperledger platform with Boxed as the partner. The technology initiative targeted to create a conflict-free, automated membership program.

U
United Parcel Service 

UPS and its deal with e-commerce Company Inxeption has been the talk of logistics sphere in March 2019. The both have joined hands to develop a B2B sales platform that would support blockchain as a core technology. According to UPS, the blockchain platform, Inxeption Zippy, will work as an online catalog.

Blockchain technology of Zippy will help to schedule and monitoring shipments, as well as keeping a track of transactions, purchase orders and financing record. UPS targets to entice more B2B merchants into e-commerce by offering them a more refined and fast platform.

V
Volkswagen 

Volkswagen Group announced in April 2019 that the company will be using blockchain technology to maintain an immutable track of its mineral supply chains. The company has been edging towards responsibly sourcing the minerals like cobalt to avoid wastage and stealing.

The existing process of compliance is quite laborious and requires Volkswagen to rely on third parties. The blockchain technology aims to help the company meet the laid outsourcing standards by the Organization for Economic Cooperation and Development (OECD).

W
Walmart 

Walmart realized it quite soon that blockchain was the right technology to create a sustainable blockchain.

The company ran a pilot project for building a food traceability system on Hyperledger Fabric. IBM and Walmart came together to test the supply chain of mangoes in the US and pork in China. The results were phenomenal, the provenance of mangoes took 2.2 seconds instead of the usual 7-day process. Powered by Hyperledger Fabric, the Walmart blockchain can trace products from 5 different suppliers now.

X
Xerox 

Xerox was awarded a patent for its blockchain-driven auditing system for electronic files in late 2018. According to the patent a blockchain-based system would be used to secure the recording of the revisions that are done to an electronic document.

The technology involves a series of blockchain nodes that will work to approve or reject the revision made to the document. Whenever a particular node fails to match the edited content, alerts will be generated.

Xerox believes that the patented technology can prove to be beneficial document intensive sectors like finance, healthcare, and taxation.

Y
Yelp 

After yielding $1.4 million investments in blockchain in 2018, Yelp has come up with a filter on its website that helps users find merchants that accept cryptocurrency. As the Yelp user base is around 69 million. Even this small step will underpin the market usage of cryptocurrencies.

Z
Zensar 

Zensar was recently mentioned by Gartner in Gartner Market Guide for Blockchain Consulting and Proof-of-Concept Development Services for being one of the Representative Vendors of Blockchain Technology.

In 2017, the company announced the launch of its Blockchain Enablement Framework that would help circumvent the challenges financial transactions face today. Zensar’s framework focuses on offering enhanced efficiency as well as transparency to benefit the enterprises.

Get in touch with MARKNetwork Inc.

Please choose “Yes” from this select field*:
Please choose “Yes” from this select field*:
Yes

ADDRESS:

MARKNetwork Inc.

16192 Coastal Hwy

Lewes, DE 19958

United States of America

PHONE NUMBER:

+49-152-5958-1123

*MARKNetwork Inc. will use the information you provide on this form to get in touch with you. By choosing “Yes” from the select field, you agree that we may process your information in accordance with our Privacy Policy. You can change your mind at any time by contacting us at prv @ mark-network.com

© MARKNetwork Inc. 2018-2019

By continuing to use the site, you agree to the use of cookies. Further Information...

The cookie settings on this website are set to "Allow cookies" to provide the best browsing experience. If you use this website without changing the cookie settings or clicking "Accept", you agree. Further Information: PRIVACY POLICY

Close