If 2017 was the year of the ICO and 2018 the year of crypto-regulations, the next twelve months look set to be all about enterprise adoption of blockchain solutions. According to Ledger CEO Eric Larchevêque, many large organizations are patiently waiting at the gates of cryptocurrency with open arms.
“Many companies have been playing with tens of millions,” he says, “but they need to have a stable regulatory framework [since] they are working within a controlled environment… I think that 2019 will be the year of institutional investment into cryptocurrencies.”
In fact, many large businesses are already busy buying up patents and experimenting with blockchains of their own. And while there are plenty of blockchains that businesses could potentially find useful, let’s take a look at the top four.
Quorum claims to be an enterprise-focused version of Ethereum, (if such a thing is really possible) that was developed by JPMorgan back in 2015.
It is designed to resolve Ethereum’s issues of slow transaction speeds so as to allow companies to process multiple private transactions at once. It’s also a permissioned blockchain, which means that it’s only available for use to those who have been explicitly granted access–unlike public blockchains like Bitcoin and Ethereum which are open to everyone.
Quorum uses a voter-based consensus system along with several different algorithms to allow it to process hundreds of transactions per second, thus making it a potentially viable and secure solution for medium-sized businesses right now.
Interestingly, this blockchain is also designed to evolve alongside Ethereum, which could be good or bad. It can implement Ethereum updates quickly, but it’s also subject to Ethereum’s pace of growth. Lastly, Quorum is an open-source technology, which means that developers can examine its code and then contribute to it accordingly.
3. R3 Corda
Also launched in 2015, R3 is made up of some of the world’s biggest financial institutions– with Corda being the firms’ first brainchild. Also open-source based, the idea behind Corda is to invite developers to continually improve this blockchain.
One of the most unique characteristics of Corda is that it allows for a diverse range of DApps to interoperate on its global network. This means that it is increasingly finding success in attracting customers from other industries, including healthcare, supply chain, and government.
Hyperledger is hosted by the Linux Foundation and was founded back in 2016. It is designed to advance cross-industry blockchain technologies which in other words means, it aims to make blockchain technology easily integrable for all types of businesses.
So far, the project has shown demonstrable success and has been used for things such as tracking food within Walmart and Kroger’s supply chains. Lastly, it is also worth mentioning that big name players such as IBM, Digital Asset, along with almost 200 other collaborating enterprises have contributed to this blockchain.
Ripple’s focus is purely on banks, large financial institutions, and other similar organizations. Ripple connects them with payment providers faster through its RippleNet framework which provides global transactions at a next-to-nothing price as well as eliminates the issue of chargebacks.
Through its native token offering, Ripple makes global payments much easier. In fact, XRP is now the third most popular cryptocurrency in the world after Bitcoin and Ether. But decentralization and financial utopia are far from Ripple’s aims. It’s a purely business-based blockchain with the intention of making money all around.
Lastly, It is worth noting that this blockchain is a lot faster than Bitcoin or Ethereum, facilitating around 1,500 transactions per second.
While we’ve yet to see a viable solution that will do for blockchain what WordPress did for websites, these four enterprise blockchains are beginning to pave the way for such a revolution.
Scalability, interoperability, compatibility, and security remain issues that are being worked on to advance enterprise adoption of blockchain tech. However, in the words of Larchevêque, “Things are going to move in the right direction henceforth. Next year we are going to see billions worth of institutional money flowing into cryptocurrency.” Let’s hope he’s right.