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Large Enterprises Are Betting On Blockchain In 2019

5,760 views|Aug 13, 2019,7:15 am

Large Enterprises Are Betting On Blockchain In 2019

I write about enterprise blockchain and DLT protocols.

2019 is the year when the blockchain ecosystem and the crypto industry as a whole had to get sober. After a wild 2017 and a bear 2018, the blockchain space is back on an upwards trajectory with new developments. There are no more Initial Coin Offerings (ICOs) to distract the crypto ecosystem and the building mentality is back on. This post-ICO and post-useless-PR-partnerships age urges the blockchain community to be less focused on the current price of bitcoin and more focused on producing meaningful services and advancements. Big projects from established enterprises like Facebook Libra are taking all the media space now and this is net positive for the enterprise blockchain space as well.

The first half of this year was full of blockchain developments led by large enterprises in almost all important sectors, including insurance, financial services, supply chain, healthcare and trade finance.

There is a huge benefit in joining a specialized industry-focused blockchain consortium because you sit at the same table with your main competitors but at the same time you work toward the same goal. You are not alone in figuring out the benefits, implementations and roll-out of distributed ledger technologies. There is also a financial benefit when commonly building applications as sometimes the membership fee is lower than the cost of hiring and training blockchain developers. Some of the big names in leading blockchain consortia networks that have made significant progress so far in 2019 are:

B3i, a blockchain consortium focused on the insurance industry, recently launched its first live product on R3’s Corda platform. Their members include big insurance and reinsurers companies like Allianz, Munich Re, Swiss Re, Tokio Marine, XL Catlin and Zurich. Energy Web Foundation...
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