How Are Companies Utilizing Blockchain Today?

Today’s Blockchain Industry

2017 brought a huge wave of blockchain development and research, with a few high profile PoCs (proof of concepts) and pilot programs across a few industries. PoCs are and early software prototype or implementation that’s designed to test their practical potential and feasibility.

While the financial sector has lead to blockchain investment and R&D. Their earlier projects began at around 2015. By 2017 it gained more activity within the retail, telecom, shipping, automobiles, aviation, and a few other industries.

Companies have been showing their interest in blockchain technology through strategic acquisitions and investments. Around 2016-2017 Air BnB, Rakuten, Daimler, and several others obtained blockchain related startups. Other industry giants such as Verizon, Land Rover, Jaguar, and others have made strategic investments within the blockchain industry.

Importantly, companies have not placed blockchain in into large-scale processes and production for major commercial efforts. Similar to a blockchain project’s development stage of decentralized apps and blockchain projects, there is a great deal of investment, research, and work placed into it.

However, there are only a few productions ready and community-viable solutions. And it has an underlying technology immaturity that that slow down implementation. Financial services are proven to become the most likely to perform a private blockchain implementation.

Some examples include the Vanguard Group and the Australian Securities Exchange. They announced to use blockchain in 2018 after successful pilots and research.

What Industries Are Affected?

Private blockchain implementation ranges across various industries regarding R&D, innovation, and investments.

Automobiles

Auto manufacturers recognize that their industry relies on blockchain for enhanced security. Also, they’ve learned that the concept of mobility is changing due to trends such as autonomous vehicles (AVs), and other technological developments.

Some are planning to use blockchain and other technologies to participate in the recreation of mobility.

For example, Renault and Volkswagen Financial Services created PoCs in 2017 to test the vehicle telematics tracking.

Because of this case, the vehicle’s engine usage history, maintenance and repair history, and other data can be tracked on the blockchain so that buyers, sellers, insurance companies, and other players know the vehicle’s activity and history with accuracy. This was a good use case, as an estimated one-third sales made in Germany had manipulated odometers.

Aviation

In spring 2017, Airbus, which was apart of the Hyperledger consortium, created a PoC with Blockchain at Berkley. The purpose of the PoC was made for jet plane parts tracking. In late 2017, KLM started working with a consultancy in Amsterdam called Kryha to make blockchain based prototypes.

For some projects, it takes a long time before the production redlines. In Air France, their policy to use paper-based processes and records is reducing their effort to digitize the aviation and the supply chain on a private blockchain.

Conclusion

In the end, private blockchain implementation will become more in demand as companies grow. They’ll need a place to protect their data and manage their employees privately. No matter what industry you’re in, private blockchain systems is the best way to protect your assets and your company’s integrity.