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Global Blockchain Platforms Software Market Research Report: Industry Analysis, Share, Revenue, And Future Trends
The report published by Market Research Store on the global Blockchain Platforms Software market has evaluated and researched the impact of the current COVID-19 pandemic on the industry. This report also covers the potential opportunity and challenges, drivers, and risks that will help the market expand over the forecast period. Furthermore, the market scenarios including market revenue, share, size, supply & demand analysis, and consumer preference help predict the impact of the pandemic on the Blockchain Platforms Software industry. The research report on the global Blockchain Platforms Software market provides a detailed analysis of the market hindrances and drivers that have a huge impact on the overall market growth.
Leading Manufacturers Analysis in Blockchain Platforms Software Market: SAP Amazon Ethereum IBM Microsoft Ripple R3 Corda Hyperledger Intel
The impact of the latest trends and future prospects define the trajectories of the global Blockchain Platforms Software market. The research report also covers the in-depth study of the achievements made by the key players in the Blockchain Platforms Software industry. Some of the key players mentioned in the report include SAP Amazon Ethereum IBM Microsoft Ripple R3 Corda Hyperledger Intel. Additionally, the lucrative trends in the market are also notified. Basically, the report aims to offer a holistic, unbiased, and comprehensive outlook of the market. For obtaining a better understanding of the Blockchain Platforms Software market, the market is segmented based on application, end-users, product type, geography, and competitive players.
Moreover, the report accurately represents the market growth through graphs, bar diagrams, tables, and other figurative representations. The breakdown structure of the market delivered in the report provides an objective view of the global Blockchain Platforms Software market. The intricate and exhaustive details are anticipated to help make sound investments. Additionally, the regional development status offers a better understanding of the changing political scenario. Also, the impact of the political and socio-economic status of the regions on the market dynamics is also reported. The major regions including North America, Netherlands, Europe, China, Japan, Southeast Asia, India, United States are the hub for the Blockchain Platforms Software industry.
Market segmentation, by product types: Private Public Consortium
Market segmentation, by applications: E-Commerce Finance Medicine Real Estate
For collating this report, the research analysts have used primary and secondary research methodologies coupled with expert authentication. In conclusion, the development statuses, financial outlooks, key players, expansion trends, and strategic initiatives provide an overview of the Blockchain Platforms Software market.
Here is a well-versed platform that offers precisely crafted market reports. With the integration of the expert team’s efficiency and reliable data sources, we produce some finest reports of infinite industries and companies. We make reports that cover critical business parameters such as production rate, manufacturing trends, supply chain management, and expansion of distribution network.
Our aim is to deliver a detailed picture of the market trends and forecasts for precise business executions.
Yesterday enterprise blockchain alliance Hyperledger announced eight new members, including the SIX Digital Exchange (SDX) and Visa. The news came just in advance of the member summit, which launches virtually today.
The addition of Visa is not a big surprise. Its B2B Connect payments solution leverages Hyperleger Fabric and it has previously done work on trusted execution environments (TEE), an area that overlaps with the Hyperledger Avalon project. The company has extensive interests in blockchain, apart from supporting debit cards for cryptocurrency platforms. It was an initial participant in Facebook’s Libra though it eventually withdrew. And it is a backer of Anchorage, the digital asset custody solution.
New member SIX Digital Exchange (SDX) may be slightly less obvious given its core settlement solution leverages R3’s Corda. However, R3 is also a Hyperlegder member. Here’s SDX’s take:
“We feel that it is key that we bring our insights to the table to help drive the formation of a global financial market ecosystem that drives new products, services and business models,” said Tim Grant the Head of Business at SIX Digital Exchange.
Other notable additions include SIMBA Chain, which started life working on U.S. defense contracts. It now has several offerings, including a Smart Contract as a Service solution targeted at developers who don’t want to get their hands too dirty with the blockchain itself. It integrates with numerous blockchain platforms, including Hyperledger Fabric, Ethereum, Quorum, RSK and Stellar.
New member Chainstack provides blockchain as a service, including supporting Hyperledger Fabric.
Solution provider and new member Emurgo is associated with the Cardano public blockchain where another associate, IOHK, joined three months ago. The other three additions are Korea’s Creativehill, DeepDive Technology and Valid Network.
JCMR recently introduced Global Blockchain Platforms Software Market study with focused approach on market size & volumes by Application, Industry particular process, product type, players, and production & Consumption analysis considering major factors, cost Structure and regulatory factors. At present, the market is developing its presence and some of the key players from the complete study are IBM Intel Microsoft Ethereum Ripple Quorum Hyperledger R3 Corda EOS OpenChain Stellar SAP Amazon Mastercard
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions
Our report will be revised to address COVID-19 effects on the Global Blockchain Platforms Software Market.
On The Basis Of Applications/ end users: E-Commerce Finance Medicine Real Estate and Others
On The Basis Of Regions: North America, Europe, China, Japan, Rest of the World
This study also contains company profiling, product picture and specifications, sales, market share and contact information of various international, regional, and local vendors of Global Blockchain Platforms Software Market, some of them are IBM Intel Microsoft Ethereum Ripple Quorum Hyperledger R3 Corda EOS OpenChain Stellar SAP Amazon Mastercard . The market competition is constantly growing higher with the rise in technological innovation and M&A activities in the industry. Moreover, many local and regional vendors are offering specific application products for varied end-users. The new vendor entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.
following are the major factors which is provided in our study-
– A complete background analysis, which includes an assessment of the Global Blockchain Platforms Software Market.
– Important changes in Blockchain Platforms Software market dynamics
– Blockchain Platforms Software Market segmentation up to the second & third level regional bifurcation
– Historical, current, and projected size of the Blockchain Platforms Software market with respect to both value (Revenue) and volume (Production & Consumption)
– Reporting and evaluation of recent Blockchain Platforms Software industry developments
– Blockchain Platforms Software Market shares and strategies of key players
– Emerging niche segments and regional markets
– An objective assessment of the trajectory of the Blockchain Platforms Software market
– Recommendations to companies for strengthening their foothold in the Blockchain Platforms Software market
Additionally the export and import policies that can make an immediate impact on the Global Blockchain Platforms Software Market. This study contains a EXIM* related chapter on the Global Blockchain Platforms Software Market and all its associated companies with their profiles, which gives valuable data pertaining to their outlook in terms of finances, product portfolios, investment plans, and marketing and business strategies.
There are following 15 Chapters to display the Global Blockchain Platforms Software Market.
Table of Contents
1 Market Overview
1.1 Global Blockchain Platforms Software Introduction
1.2 Market Analysis by Private Public Consortium
1.3 Market Analysis by E-Commerce Finance Medicine Real Estate and Others
1.4 Market Analysis by North America, Europe, China, Japan, Rest of the World
1.5 Market Dynamics
1.5.1 Market Opportunities
1.5.2 Market Risk
1.5.3 Market Driving Force
2 Manufacturers Profiles
2.1.1 Business Overview
2.1.2 Global Blockchain Platforms Software Market Type and Applications
2.1.3 Blockchain Platforms Software Sales, Price, Revenue, Gross Margin and Market Share and SWOT analysis (2019-2020)
3 Global Blockchain Platforms Software Market Competition, by Manufacturer
4 Global Blockchain Platforms Software Market Analysis by Regions including their countries
5 North America, Europe, China, Japan, Rest of the World
6 Product Type- Private Public Consortium
7 Application Type- E-Commerce Finance Medicine Real Estate and Others
8 Key players- IBM Intel Microsoft Ethereum Ripple Quorum Hyperledger R3 Corda EOS OpenChain Stellar SAP Amazon Mastercard
10 Global Blockchain Platforms Software Market Segment by Private Public Consortium
11 Global Blockchain Platforms Software Market Segment by Application
12 Global Blockchain Platforms Software Market COVID-19 Impacted Forecast (2020-2028)
13 Sales Channel, Distributors, Traders and Dealers
14 Research Findings and Conclusion
Complete report on Global Blockchain Platforms Software Market report spread across 200+ pages, list of tables & figures, profiling 10+ companies. Select license version and Buy this updated Research Report Directly @ jcmarketresearch.com/checkout/71239
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Open-source blockchain protocol DAML smart contracts are now available on R3’s Corda after system integrators DataArt and IntellectEU teamed up to deliver native integrations that allow developers to run DAML applications on Corda Open Source and Corda Enterprise.
DAML on Corda joins the power and simplicity of DAML for smart contracts and multi-party workflows with the flexibility and broad adoption of the built-for-business and popular Hyperledger Corda DLT platform.
Distributed ledger technology platforms like Corda offer a powerful way to deploy distributed, multi-party applications across all kinds of business domains but the types of unique applications that run on these platforms present some unique challenges for developers.
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DAML is a language that operates at a higher level of abstraction with built-in concepts of parties, rights, and obligations. DAML programmers write statements concerned only with the distributed workflow, leaving the execution details to the DAML interpreter, and the verified distribution of correct state changes to the underlying DLT. Applications consequently can be written much faster, with fewer errors, than using general-purpose languages. Using DAML hides the complexities of programming for distributed systems. This ensures that DLT projects become more feasible, more likely to succeed, cheaper to implement, more reliable, and more extensible.
IntellectEU today announced the commercial availability of DAML on Corda, together with full customer support and services for running DAML applications on Corda Open Source and R3’s Corda Enterprise.
Corda is an open source blockchain platform designed for businesses. DAML is a state-of-the-art framework for building connected applications that span data silos and trust boundaries, changing how businesses collaborate across industries. With this partnership, IntellectEU becomes the first systems integrator to support this multi-platform language on Corda. At present, developers can only use Kotlin, a general purpose programming language, to write and run applications on this platform.
“DAML is the easiest and most robust way to develop distributed applications for businesses that we have seen,” said Thomas Bohner, Vice President, IntellectEU. “This new offering brings the power, flexibility, and time to market advantages of DAML to the widely-adopted Corda platform, allowing our clients to deploy fully-supported solutions to production on both Corda Enterprise and Corda Open Source. Clients can move their DAML applications between platforms without recoding, eliminating vendor lock-in and de-risking complex programs.”
Digital Asset partners with technology infrastructure providers to integrate DAML smart contracts with their blockchain, database and cloud technologies. Digital Asset’s partners, including IntellectEU, provide commercial integration with modern infrastructures to enable ambitious teams to build fundamentally new products. In addition to Corda, DAML is integrated with VMware Blockchain, Hyperledger Fabric, also commercially supported by IntellectEU, Hyperledger Sawtooth, PostgreSQL, and Amazon’s QLDB and its cloud-native Aurora database.
“We have enjoyed a long relationship with IntellectEU and are impressed with their commitment to and knowledge of DAML,” said Kelly Mathieson, Chief Client Experience Officer at Digital Asset. “Currently, every DLT platform has a smart contract language. DAML ensures developers only focus on business logic without worrying about the underlying ledger’s technology. It also allows enterprises to defer their ledger choice until the application has met the necessary business requirements, creating a better fit of the technology to the use case. We look forward to working with IntellectEU as we grow the DAML community on Corda.”
DAML on Corda is available today for development and testing, production use in Q3, and enterprise features for mission critical deployments expected by the end of 2020.
IntellectEU is an international technology company focused on digital finance and emerging technologies. Since 2006, IntellectEU has been focused on financial messaging and integration, being a SWIFT service partner. Building on their experience in financial services and technology, IntellectEU launched a DLT and blockchain practice in 2014. IntellectEU became a founding member of the Linux Foundation’s Hyperledger in 2016 and today, the company works with all leading blockchain providers (R3 Corda, DAML, Hyperledger, VMWare, IBM) and serves customers in the banking, insurance, capital markets, and telecommunication industries. Visit https://intellecteu.com/ for more information.
Since major enterprises started taking blockchain seriously and looking at the technology’s potential in their chosen arena, so have a number of popular enterprise-grade blockchain solutions have come to the fore.
Some of these solutions are sold to companies as an all in one solution, slightly deviating from some of the core decentralized and open-sourced pillars of the technology, but the more popular ones are open-sourced and constantly being developed.
The likes of Hyperledger Fabric, as well as Sawtooth and Besu, R3 Corda, and Quorum are all open source solutions that have been tracked for developer activity by Blockchain service firm Chainstack.
The information from Chainstack shows how Corda, from its inception in Q4 2016, has been a firm favourite in attracting developers to work on the project. But, as of Q3 of last year, Hyperledger Fabric overtook the R3 chain for the first time.
Fabric vs Corda
These two blockchain solutions are prominent in some of the world’s biggest enterprises who have decided to delve into the blockchain space. Looking at the Forbes 50 list of top enterprises using blockchain technology one can see 22 out of the 50 companies chose to use Fabric.
For Corda, 14 of the top 50 companies used that blockchain with there being a number of overlaps where the likes of Allianz SE, ING, Intel, Microsoft and others made use of both those chains.
With regards to the developer action, it makes for interesting reading as Corda was miles ahead when it burst onto the scene, but Fabric has seen a recent spike thanks to its move to GitHub in November 2019.
From the data, it is shown that there are 17,561 unique developers working on Fabric, while 5,678 are developing Corda. Additionally, Corda developers made more than double the code contributions at 30,382 to Fabric’s 12,439.
The analysis also showed that Fabric consistently has the lowest average amount of pushes per developer. For Corda, they boasted a group of dedicated contributors that push new code full-time.
The report also shows that Corda, Fabric and Quorum — an Ethereum fork for businesses — account for 86 percent of the total number of unique developers that pushed code in the space.
Good for business
This back-end developer action may go over the heads of many business decision-makers, but it is an important metric to examine. What it shows is that as the demand for new blockchain solutions develops and become more intricate, there are people out there working to make the technology more agile and dynamic.
It allows for non-blockchain orientated firm to contract out the development of their platform, rather than make their own in house. This mitigates a lot of risk and allows the companies to be further along in the process than if they were to start from scratch.
A new report analyzing the developer community of enterprise blockchain protocols was released, last week, by Singapore based Chainstack, a managed blockchain services company.
Entitled “Enterprise Blockchain Protocols Evolution Index 2020”, the report sheds light on the current state of protocol engineering in the field of open-source enterprise blockchain, in terms of the size of the communities and the prolificness of their community.
A notable finding of report, available here, concerns the extent of the growth of the developer community over the past three years. According to the study, between Q3 2016 and Q4 2019 the number of engineers in the space has increased 12 fold to 28,000.
While this represents a relatively small community by general open-source standards, the growth does indicate that enterprise blockchain appears to be a growing and vibrant software sector.
Chainstack chose to focus on six key protocols of major enterprise platforms comprising Hyperledger Fabric, Quorum, Sawtooth, Besu, Corda, And Multichain as these made up the majority of developers in the open-source enterprise blockchain protocol community.
The report provides an interesting insight not just into the relative size of the developer communities across the six protocols, but also into aspects such as the demographics of the developers involved in them. It also charts a story of how some of the larger, corporate backed protocols have fared well in the market while others have suffered a slow decline.
Development Community Not A Proxy For Adoption
While the Chainstack report provides some useful and insightful metrics concerning the overall development in the protocol development space, it does require careful reading to avoid jumping to conclusions concerning actual adoption or platform maturity.
The report stops short of providing data that could indicate whether the platforms themselves are being adopted and used, instead focusing on the size and activity of the engineering community involved in developing the underlying protocol. While it isn’t too far a stretch of logic to assume that a project with a large community of developers will have greater adoption, it’s not possible to draw a direct conclusion from the data.
Another potential hazard in interpreting Chainstack’s data is jumping to the conclusion that a project with more developers and activity necessarily implies that the technology is more mature than others; in some cases platforms are mature and are in maintenance mode, requiring fewer developers, whereas others may be further behind, and undergoing major modernization, therefore requiring more developers. To help readers filter out the day-to-day activity from major release related efforts, Chainstack has provided a calendar of major release dates for each platform in the appendix. This provides those that wish to dive a level deeper into the data with the ability to correlate activity and major changes to the protocol.
Nevertheless, despite the limitations, the study provides some interesting insights into the level of activity associated with each project which is a useful proxy for general protocol health and viability.
Key Highlights Of The Report
Some key highlights of the report include:
The Developer Community Grows At A Rapid Clip: The unique number of developers contributing to enterprise blockchain deployment has increased 12fold from Q3 2016 to Q4 2019.
Corda And Hyperledger Fabric Maintain Dominance: These protocols continue to dominate the enterprise blockchain space accounting for 86% of the total number of unique developers that pushed code, and are the most consistently active over time.
Hyperledger Fabric’s Community Is Larger But R3 Corda’s Is More Active: While Hyperledger Fabric has three times the number of contributors as R3 Corda (17,561 vs 5,678), the R3 Corda community had two and a half times more code pushes (12,439 vs 30,382).
Quorum Springs Back To Life: Quorum development has appeared to have jumped back to life after a dormant 2018, with a doubling of the number of developers involved in the project last year.
Multichain and Hyperledger Sawtooth Are In The Doldrums: The report highlights two losers of the study – MultiChain and Hyperledger Sawtooth have not seen much growth over the years, with Sawtooth activity declining 83% in 2019.
New Enterprise Contender Besu Makes The Top Six: Hyperledger Besu, a contribution from Consensys (previously named Pantheon), has made it into the top six, albeit with the lowest number of developers contributing at 639.
Thoughts From Chainstack
Speaking to Forbes.com, Laurent Dedenis, CEO and co-founder of Chainstack shared some of his insights about the study.
“One thing to note, is that not all protocols were born equally”, says Dedenis, referring to how the initial size and activity of the development community tends to set the tone going forward for the protocol – those with larger communities tend to maintain their leads whereas others tend to struggle.
Besu, Dedenis noted, was in a unique position within the group insofar as while it is new from the perspective of being a new Hyperledger project, it has started out with a strong community of developers given that the project was first created and incubated within the Consensys organization.
Dedenis also highlighted that those protocols with large commercial backers, such as R3’s Corda and Hyperledger fabric tended to be the ones with the largest and most active developer community.
One aspect of the findings that, for Dedenis, was surprising was how different the makeup of contributors types were across the various projects. For this analysis developers were segmented into casual users, frequent and power-users (most likely full-time for the company backing the protocol), then the distribution of these contributors were compared against each project.
One interesting conclusion is that Hyperledger Fabric had the majority of its developer base made up of those who contributed rarely, through casual engagements. This either suggests that the project has a large community of contributors not employed by IBM but who contribute rarely, or has a smaller captive team of IBM engineers involved in the core build of the solution.
Whereas, the data for R3 suggests a far larger number of power-users for R3 Corda, either suggesting a smaller community developer following as a proportion of the whole population or a far greater sized in-house dedicated team of engineers.
Bringing Welcome Transparency To Enterprise Blockchain
The emergence of empirical data sets that provide transparency on the evolution of the enterprise blockchain sector is a welcome development as it will help organizations make informed choices as they seek to adopt the technology.
That said, it is a developing space and Chainstack is the first to admit that there are other data sets that the industry desperately needs. For example, a view on the actual adoption by clients, whether that usage is small teams or large corporates, as well as a view on how many applications are being built on top of the protocols.
Another area where data remains sparse today is total cost of ownership of enterprise blockchain solutions. Particularly comparing the cost of open-source protocols against closed-sourced ones. Closed-source proponents are quick to claim that the actual full total cost of ownership of open-source is actually much higher than those that are proprietary.
But for now, without the hard figures and statistics, that remains debatable.
In the last quarter of 2019, Hyperledger’s Fabric open source blockchain software saw more developer activity than R3’s Corda platform.
Blockchain service firm Chainstack recently published a report about developer activity on six major enterprise blockchains, showing that Fabric has overtaken Corda in regard to dev activity on its repository. A chart included in the report shows that Fabric developer activity exceeded Corda’s in Q4 2019.
Total GitHub activity per-protocol. Source: Chainstack
Fabric’s growth after the switch to GitHub
The surge in Fabric developer activity closely followed the project’s transition from the code management tool Gerrit to the more popular GitHub in November 2019. Chainstack states that all the other enterprise blockchain projects included in the chart used GitHub from their inception.
Reported data shows that there are 17,561 unique developers working on Fabric, while 5,678 are developing Corda. At the same time, Corda developers made more than two times as many code contributions at 30,382 to Fabric’s 12,439.
Chainstack also observed that Fabric consistently has the lowest average amount of pushes per developer. Corda, on the other hand, has a group of dedicated contributors that push new code full-time.
The report also shows that Corda, Fabric and Quorum — an Ethereum fork for businesses — account for 86% of the total number of unique developers that pushed code in the space. Furthermore, Quorum has seen a twofold increase in the average number of contributors from mid-2018 and all through 2019. Overall, the report concludes:
“Based on the six protocols analyzed for this report, we can see that the number of developers contributing to the largest portion of the enterprise blockchain market has multiplied by 12 in the past three years, demonstrating a strong commercial interest. It is also clear to see that activity […] in this part of the enterprise blockchain landscape has reached a degree of stability.”
Total developer activity over time for all considered enterprise blockchain projects. Source: Chainstack
As major firms start to apply blockchain technology to various aspects of their business models, interest in enterprise blockchain platforms is increasing as it allows non-blockchain oriented firms to contract out the development of their platform, rather than make their own “in house.”
Recently, Spanish telecommunications giant Telefonica has reportedly partnered with the local Association of Science and Technology Parks to grant access to its Hyperledger-based blockchain to about 8,000 firms in Spain.
In mid-December 2019, multinational IT services giant Tata Consultancy Services launched a kit to speed-up the development of blockchain apps. The tool supports Hyperledger, Ripple, Corda and Ethereum protocols.
The year 2019 saw the launch of several private blockchain roll outs in the enterprise space, both in India and across the globe. Here, one of the most important developments was the launch of Hyperledger Fabric 1.4 in January 2019, which was its first long term support release. This was an important milestone in the adoption of enterprise blockchain as maintainers of Fabric network will now provide continuous bug fixes for each following versions. Also, programming model improvements in the Node.js SDK and Node.js chaincode makes the development of decentralized applications more intuitive, allowing developers to focus on application logic.
Hyperledger Led Private Blockchain Adoption In Open Source
Hyperledger has been the most prominent open source enterprise blockchain network launched in December 2015 by the Linux Foundation, and receiving contributions from IBM, Intel and SAP Ariba, to support the collaborative development of blockchain-based distributed ledgers. In 2019, apart from its Fabric blockchain product which has been used by hundreds of companies across the globe, Hyperledger Sawtooth also saw adoption from companies like Salesforce, Lamborghini, Target, Cargill.
Apart from using Hyperledger for specific enterprise use cases like supply chain management and distributed applications, other companies tweaked the open source software for serving their own customers. For example, In November 2019, Accenture announced that it developed and tested a solution called Blockchain Integration Framework which allows two or more blockchain enabled ecosystems to integrate and achieve interoperability as an end goal. A tutorial demonstrated sending an asset file between two enterprise blockchain networks, namely a generic deployment of Hyperledger Fabric and JP Morgan’s Quorum network using Accenture’s own blockchain interoperability solution, which Accenture has opensourced for all developers. Given there is a large interest among enterprises, India’s tech companies like
MindTree, Tech Mahindra joined Hyperledger Foundation to leverage its blockchain capabilities in 2019.
IBM Also Proved Leadership With Innovative Blockchain Products For 2019
As far as enterprise vendors in the blockchain space are concerned, IBM clearly won the race on the global level with innovative launches. In 2019, we saw IBM introducing Trust Your Supplier Network along with blockchain consultancy firm Chainyard. Along with IBM, Fortune 500 companies including Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are founding participants in the Trust Your Supplier (TYS) network.
Another IBM’s blockchain project called Food Trust added big players in the food sector including Walmart, Nestle, Tyson Foods, French supermarket chain Carrefour, Dole Foods, Unilever, and US grocery giants Kroger and Albertsons. Both of these blockchain networks run on the IBM Blockchain Platform which is built to run on-premises and in multi-cloud environments. With the platform, organisations can create, test and debug smart contracts, and also connect to Hyperledger Fabric. IBM also in 2019 also launched a new supply chain service caled Sterling Supply Chain Suite based on its blockchain platform and open-source software from recently-acquired Red Hat that allows developers and third-party apps to integrate legacy corporate data systems onto a distributed ledger.
Another large scale private deployment of blockchain technology in 2019 was when the OOC Oil & Gas Blockchain Consortium announced it completed a trial for blockchain-based authorization for expenditure (AFE) balloting after it acquired tech from Canadian firm GuildOne. The alliance consists of several major oil companies including Chevron, ExxonMobil and Shell. Automaker BMW and logistics provider DHL worked on a blockchain proof of concept (PoC) for the former’s Asia Pacific supply chain operations to provide better visibility for parts shipped from Malaysia. In these two cases, it became clear that apart from open source technologies like Hyperledger or blockchain technologies from large vendors such as IBM, there are niche tech companies and consortiums working to develop in-house distributed ledgers for supply chains and trust/identity management.
What’s Happening In India For Private Blockchain Ecosystem?
In India, the enterprise adoption of blockchain is on the rise with multiple proof of concepts happening in both public and private enterprises. In fact, blockchain developer is India’s fastest growing emerging job role, as per a Linkedin report. To highlight the rising trend of private blockchain solutions, we saw in 2019 that major Indian IT solution providers like TCS, Infosys and Wipro launched their blockchain-focused products for businesses. Software major Infosys launched blockchain-powered distributed applications for government services, insurers and supply chain management verticals. The applications are planned for business systems to guarantee speedy deployment, and interoperability crosswise over divergent frameworks of significant value chain partners and cases including analytics and IoT (Internet of Things), Infosys said.
Services and consulting firm Tata Consultancy Services (TCS) introduced an innovative a “low code” development kit for organizations interested in developing and deploying blockchain technology quickly. The Quartz DevKit is a web-based development platform coupled with plug-and-play components that can be reused to help speed up the process. The company claims that these features enable shaving off as much as 40% of the total time required to develop and deploy the solutions. R Vivekananda, Global Head of Quartz at TCS, stated that they had received very positive feedback from pilot customers to their kit.
Unlike Infosys and TCS, Wipro made strides in enterprise payments space in partnership with blockchain firm R3, where the duo together developed a prototype in 2019 to execute digital currency payments for interbank financial settlements for a consortium consisting of the Bank of Thailand and 8 commercial banks in Thailand. Built as a component of the first phase of Project Inthanon, the solution will deliver de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) in Thailand. The solution highlights that central banks across the globe are taking interest in hiring software companies to deploy blockchain solutions for payment and finance-related activities. It is to be noted that R3 developed a similar enterprise payments solution in 2019 with other companies too, including SAP and Accenture.
2019 saw multiple POCs coming into action for helping create enterprise blockchain networks for different purposes. The trend was clear- blockchain technologies created a trusted environment for data transmissions between virtual networks or devices while increasing efficiency of such exchanges. According to research, 75% of IoT technology implementers in America have already adopted distributed ledger or are working on adopting it by the end of 2020 out of more than 500 U.S. companies. Yet, Gartner’s Hype Cycle (above) for Blockchain Business also shows that most blockchain technologies are still 5-10 years away from transformational impact.
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