Innovative projects utilizing blockchain is something we’ve already covered in-depth, as well as the great possibilities that blockchain has opened for many existing companies from various industries. The use of smart contracts, improving supply chain management, quality assurance, voting processes, improving trust in transactions, accounting- the uses for blockchain seem endless. Now it seems, blockchain and its potential is starting to seep into the mainstream.
As it stands now, only smaller companies and startups have a firm grip on the use of the blockchain as a prominent part of their workflow. Many big companies have been doing research and testing the waters, but are not quite there with full implementation. The biggest problem that enterprise companies seem to have when it comes to blockchain is privacy. It’s just not enough for big companies to have pseudonymous blockchain as they have huge numbers of customers and customer data. If somehow an address used for private business from a company is made public, then all of that address transaction history will be publicly available forever. This creates a big problem for companies that have privacy regulations like GDPR and the California Privacy Act hanging right above their heads.
However the future isn’t all doom and gloom and despite certain concerns, some companies are attempting to build the necessary bridges between blockchain and their existing enterprise infrastructure. For investors interested in the blockchain technology who believe in its potential, this provides an interesting opportunity. Here are a few companies who are looking into blockchain implementation:
Hyperledger Fabric is the name of the standard used by IBM that looks to provide a solution to the problems enterprises may have when it comes to confidential transactions. Hyperledger is hosted by The Linux Foundation and at the moment has the cooperation of hundreds of companies.
A statement from the company issued says:
“Data confidentiality mechanisms ensure that individuals or organizations are prevented from accessing data that they are not authorized to access, such as classified information of other organizations’ transactions. Anonymity requires that participants of transactions are concealed.”
IBM is actually one of the biggest companies out there that is an active proponent of blockchain use. They have created IBM Blockchain to implement blockchain use and are “transforming blockchain’s promise into bottom-line business results.”
Together with the startup Kaleido, Amazon and its Web Services (AWS) have joined forces to offer businesses the power of distributed ledgers with the introduction of Hyperledger and Ethereum templates.
AWS statement goes as follows:
“Introducing Kaleido to AWS customers is going to help customers move faster and not worry about managing blockchain themselves. Kaleido offers a full-stack SaaS for creating, operating and scaling enterprise blockchain solutions.”
This company has been doing an awesome job of working on a solution that will enable different blockchains to communicate with each other. Their main goal is to use smart contracts to make a transaction of data and assets between chains a simple process. The so-called “parachains” will play a big role in Polkadot’s product. They will be used for gathering and processing information and then sending it off to a relay chain. In the end, the data will be passed along to “bridges” that will connect to a base-blockchain like Ethereum.
This blockchain-based storage network has been developing two very interesting solutions that would hopefully suit the big enterprise companies. The first one is Provable Data Possession (PDP) and the other one is Proofs of Retrievability (POR). The idea behind this is to create an immutable and secure solution for storing, accounting for and exchanging large volumes of data between multiple parties. Access control will be implemented via multi-authority attribute-based encryption (MA-ABE).
With each passing day, more companies continue to invest in and adopt blockchain. The next couple of years will be very exciting for the blockchain world and we look forward to seeing any changes that come with blockchain integration. To begin trading and to follow more blockchain-related developments, sign up for ATAIX today.