A snapshot of Blockchain technology trends in Enterprises in year 2019
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Last year was another year that went in the bucket of blockchain and not crypto. Cryptocurrency, which is a very potential technology, seen much slower growth than the technology which encompasses it. Many other potential use cases of blockchain have surfaced though in the similar time.
Blockchain was widely accepted as a tool not just in India but globally. It was also noticeable that even the winter in crypto didn’t take a toll on the array of developer tool released in the ecosystem.
We shall look at an overarching view of blockchain in enterprises from Indian, Global and developer tool’s perspective.
India:
In India we saw many use cases emerge of the blockchain technology. Let’s start with the most latest one which made some global news since it broke.
1. NPCI – VAJRA
NPCI – National Payment Corporation of India – an independent body under RBI have came up with an amazing platform for accounting the payments electronically leveraging blockchain which shall reduce the reconciliation time and will provide blazing fast settlement.
2. IIM-Ahmedabad
India’s premier B-school IIM-Ahmedabad came up with a tender in which they were calling out for the companies/startups which can develop the use case in P2P (Peer-to-Peer) energy trading on blockchain. This was an amazing step in terms of providing hope to the indian ecosystem that the blockchain is being thought and discussed to be implemented in such an exemplary manner.
3. Uttar Pradesh went ahead with the P2P energy trading
An Australian company called Power Ledger seems to be in an agreement with Uttar pradesh government to have the p2p energy trading pilot done somewhere in March 2020.
Thought It shall be interesting to see how this will be pulled off. As India, as a country, have put a grey light on usage of crypto in any use case.
4. Binance took over Indian exchange WazirX
Chinese mammoth in terms of volume of BTC being handled on its platform have recently acquired an Indian exchange called WazirX. This was a very welcoming move for Indian companies and projects.
This was a great deal in terms of the volume of users which can participate in the more open financial system using cryptocurrency.
5. Matic and Marlin
These two projects from India have garnered global attention. Matic is a Layer two solution for scaling the Ethereum blockchain and is an implementation of plasma whitepaper. This project is making waves across the world and a lot of other Indian projects are jumping on the same due to its sheer faster processing and finality of the transaction.
Marlin – scalability at the network layer – is another amazing project which talks about layer 0 scaling of the blockchain. Its touted as high availability and reliability network.
Ethereum is sandwiched in between these two blockchain solutions. Pun intended!
Global
The global landscape is much more exciting about blockchain’s implementation. And major countries have clear their stances around it and its use cases.
1. CHINA
Let’s check them out as well.
Chinese government made a solid entry in the blockchain domain by clearing their position about it and released a whitepaper in which they clearly mentioned that they are bullish on this technology
Immediately after that the news, in the following days, we saw a lot of amazing articles in the Chinese newspapers where the author was explaining how important this technology is and how Bitcoin works.
Chinese govt had a love and hate relationship with the mining of the crypto in the past.
2. Dubai
Dubai is, and will be, blockchain heaven. Dubai SDO ( Smart Dubai Office) have came up with very detailed analysis of the blockchain policies.
Dubai have already cleared their stance that they want to be the first country in the world to run its entire operation on blockchain by 2020.
They are progressing as one of the top countries to ace the game of blockchain.
3. Germany
Germany have recently passed a law for the banks to hold crypto currency for its users. This is a very warm step in the direction of the mass adoption of cryptocurrency in their country. Many countries have open cleared the regulations around it.
4. USA
SEC from USA have also came up with the clear demarcation of crypto commodity, crypto-security and crypto currency.
The Commodity Futures Trading Commission (CTFC), the Securities and Exchange Commission (SEC), and the Financial Crimes Enforcement Network (FinCEN) are the respective agencies for each of them.
5. FB Libra ups and down
Facebook’s launch of Libra became the talk of the town – in whole world. It raises eyebrows of mainstream banks and SEC. As it seemed to be attempting to create a separate value transfer system which was circumventing the existing law of the land.
Though in the testimony Mark Zuckerberg tried to explain the US govt that how its panned out but failed. The Libra association also few key players backing out from it.
Tools
Several tools have also see the sunlight in the year 2019.
1. Ethereum long awaited ISTANBUL Update for developer
The most awaited update for the Etheruem 2.0 was finally launched on the main ethereum blockchain for the masses to be used. Since Etheruem is slowly is going on POS (Proof-of-Stake) consensus algorithm with many state of the art algorithm e.g. Sharding, beacon chain, Casper FFG and etc.
2. Hyperledger 2.0 launched
Hyperledger is one of the most famous projects within the enterprise domain. It has, over the time, garnered enough attention that developer either prefer to use this platform or few other platforms like Ethereum, R3 corda etc.
This was one of the major release which came after a long time from hyperledger community.
3. R3 released version 4 of their platform
R3 Team also released their most awaited version 4 for the developers. R3 team have also played a key role in making blockchain available to be used by enterprises.
4. E&Y – Project Nightfall
E&Y have successfully launched their project – Project Nightfall. This project uses the ZKP – Zero Knowledge Proof – for the privacy of the transaction. This is one of the unique offering from E&Y. and this again falls in the enterprise domain to be used by the industry.
So, in 2019, we see an amazing leap of faith from many players in the industry. Not just India, many other countries are taking cognizance of the blockchain as a technology which has the potential to reduce cost and pass it on to the end consumer.
“Blockchain is more about collaboration, rather than competition.” -Unknown
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This post was authored by Vikas Singh. If you want to get featured on our website please reach us at advertising@alltechevent.com
Author Details:
Vikas Singh
Founder & CEO- BLOQUE LABS
