Enterprise blockchain began to gain traction in 2017 shortly after Bitcoin reached its permanent highs of around $ 20,000. Since then, blockchain has been largely defined by the private blockchain networks that companies use for things like supply chain management.
Since 2017, the company’s blockchain space has changed a lot. For example, in 2020, a number of blockchain business use cases have emerged that use public networks rather than private networks. The COVID-19 pandemic has also prompted many companies, large and small, to use blockchain to ensure health evidence or revive tourism. Finally, this year, some of the blockchain companies are starting to show interest in decentralized finance and are taking steps to manage this new sector.
Here are a total of 12 companies and solutions that have advanced the blockchain industry this year.
Ernst And Young
The Big Four Ernst & Young has played an active role in conditioning companies. The company was one of the first to research the cryptocurrency space in 2016 when the company conducted a survey to better understand the potential of digital assets. Since then, EY has been a pioneer in choosing public sector activities.
For example, EY continues to contribute to the development of the core protocol that uses the Ethereum public network as a non-tamperable case machine for writing business data. In May 2019, EY opened its Nightfall token for private transactions on the Ethereum blockchain.
In the future, EY plans to make it easier for developers to use the dark and zero knowledge guides. Paul Brody, Blockchain Director at EY, previously told Cointelegraph that developers will eventually move from building decentralized applications to building zero-knowledge applications, or “ZApps” with blockchain solutions from EY.
The open-source blockchain business platform Big Blues is powered by Hyperledger Fabric, and is a key technology that helped drive the development of the IBM Blockchain platform. For example, the IBM Food Trust network is currently used by major food manufacturers such as Nestlé, Dole and the giant olive oil CHO.
The Food Trust Network dates back to 2016 – one of the earliest examples of an enterprise blockchain, as Walmart used the IBM blockchain to determine which foodstuffs should be scrapped. Another major project driven by IBM Blockchain is the Maersk TradeLens platform, which helps shippers digitize supply chains.
In addition, the Digital Health Pass platform uses the IBM Blockchain system to provide verifiable health information that has become so important due to the COVID-19 pandemic. IBM Blockchain partnership with US software company Red Hat is also notable for its open source development and cloud strategy that relies heavily on blockchain technology.
Hedera Hashgraph, a decentralized public network, was developed in 2016 with the goal of enabling developers to create secure applications in near real time. Since then, the Hedera network has grown and is now owned and operated by an impressive roster of companies including Google, IBM, and Boeing.
Hedera recently showed a significant blockchain use case with the release of the SAFE HealthCheck app, which is used for external testing for COVID-19. The app is currently in use at Arizona State University, where more than 70,000 students and employees undergo external tests and digital health checks. Hedera Consensus service, the company’s blockchain solution, is also used for other important purposes, including as a warning system for air strikes in Syria.
South Korean blockchain company IconLoop was founded in 2016 to implement real-world blockchain applications in banking, healthcare, and the public sector. The Seoul-based company has raised more than $ 15 million in financing. IconLoop recently announced that Jeju Island, a tourist destination in South Korea, will use its decentralized identity chain to enable secure COVID-19 contact tracing.
Notably, the Financial Services Commission recently approved IconLoop’s decentralized identity verification service in the ‘Innovative Financial Services and Regulations sandbox’. In October of this year, Cointelegraph reported that IconLoop received $ 8 million in a Series A funding round that will be used to launch a blockchain-based digital identity authentication service called my-ID.