Most tech companies are investing in new and upcoming technology, and though blockchain cannot be classified as particularly new, it has been disrupting industries only since 2017. In this article, we are going to highlight five groups that are mainstreaming blockchain.
According to a survey by identity management firm Okta, 6 in every 10 digital companies is investing in blockchain technology. This survey was conducted on a total of 1050 companies with a minimum of $1B in revenue. Jason Bloomberg, a Forbes contributor says, “essential business models that may actually deliver real business value” is the real innovation that blockchain technology can deliver. While top companies like IBM and Deloitte have been working on blockchain solutions for the past few years, there are many more.
The Chinese e-commerce leader Alibaba filed over 90 blockchain related patents and they are one of the biggest players in the blockchain space currently. They have patented their BaaS platform for financial institutions, ET brain – an AI platform and 11-Qubit – a Quantum Computing Platform. Alibaba is among the top 2 players, the second being IBM in this space. Other interested companies are Fujitsu and Mastercard.
Mastercard is exploring blockchain technology to improve payments and retrieve payment related credentials through a publicly accessible blockchain. According to Mastercard, “The transaction may be conducted via the display of a machine-readable code to the point-of-sale device, which may further prevent skimming as the reading of such a code can be more easily controlled via control of the underlying display — the display can be easily shielded and is often obscured when in a pocket or purse.” Mastercard has applied for over 35 patents over the course of the past one year.
IBM introduced blockchain as a service solutions on Hyperledger Fabric version 1.0 in 2017. It’s a public cloud service that customers can use to build blockchain applications and networks. It is a plug and play implementation built using blockchain tech.
PayPal made its first investment in a blockchain technology startup that helps financial institutions and other companies manage sensitive data using shared ledgers. The startup has gained hands on experience with Europe’s GDPR and the second payments directive. By allowing compliant and efficient sharing of personal data, Cambridge can reduce the massive duplication of KYC and that is a use-case that interests Paypal. Paypal holds millions of dollars on platforms like Swift Financial and Venmo.
Across the world, firms that are members of Deloitte are collaborating to build blockchain solutions and develop world class services for clients. Deloitte’s global blockchain and cyber security experts have been assessing the potential of blockchain technology for sometime since 2017.
Many more tech companies are expected to start building blockchain solutions before the industry gets more strictly regulated and populated. 2019 is the year of higher adoption, investment influx, and ROI in blockchain technology. While tech companies are solving bigger problems, startups in the blockchain space are offering solutions that appeal to the masses.
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