Last year, 95 percent of businesses across various industries invested in blockchain tech projects. These pilot projects will finally move from the test stage to the end users in 2019. At the end of last year, Goldman Sachs, a former blockchain vocal sceptic, launched a crypto-investing product for their customers. In addition to investing and financing, major blockchain projects were released in several other industries including cybersecurity, healthcare, and agriculture.
Blockchain solutions are offered by Amazon, IBM and most recently by Oracle. R3–an international consortium of blockchain, planning to unveil its platform, Enterprise Corda, later this year. Unlike the open-source blockchain software, business solutions come with improved scaling mechanisms, security, privacy, and additional changes to the protocol that make them more attractive to the private sector. Cypherium, a startup offering enterprise-ready blockchain solutions has improved upon the existing Ethereum consensus mechanism to maximize decentralization and scalability, without sacrificing one for the other. This allows higher transaction speed and smart contract execution time to be achieved in turn.
Enterprise-grade DLT’s particular attraction is that it also allows unprecedented opportunities for collaboration not only within large organizations but also across companies. Several of the world’s largest food suppliers, including Nestle, Unilever, Walmart, Kroger and others, work with IBM to build a global blockchain food tracking system. Here, collaboration is a crucial factor in achieving full visibility of the origins of potentially hazardous goods and tracing the source of contamination quickly.Enterprise-grade solutions set unified standards for such collaboration, allowing for faster adoption and better interoperability among enterprises, ultimately benefiting all in the industry.