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In recent years, the public perception of the blockchain has gone from being an esoteric technology and little known to a revolution that could define the future of the Internet. We are seeing a huge risk capital being pumped into blockchain startups for some time and blockchain-based startups are now finding the basis for Asia and in emerging economies around the world.
Research shows that startups blockchain and blockchain have been received globally $ 1.3 billion in the investment capital in 2018 (as of May). However, blockchain now carries with it a "fear of losing" and everyone, from technology giants to Fortune 500 companies, to national and state governments want to be seen as the adoption of blockchain technology in style. We talk about how the major companies and governments are implementing blockchain solutions and whether it will lead to long-term technological transformation for these institutions.
How big companies and governments are adopting blockchain technology
Companies are starting to wake up with the need to invest in blockchain. Business expenses for blockchain software are expected to reach $ 2.1 billion in 2018, from $ 945 million in 2017.
Visa
One of the main uses of blockchain technology is to reduce the costs of international payments and money transfers by replacing a third party intermediary with a decentralized and untrustworthy system. It's no wonder if Visa wants to move on in the blockchain game and use the new technology to change its business model and maintain market leadership.
Visa has deposited up to 17 blockchain patents. One of its important patents (patent number 20170237554A) describes the basics of a fast and secure way to store and transfer valuable digital assets. In December 2017, Visa launched its B2B Connect platform based on this patent. This platform aims to reduce the friction and the high cost of high value international transactions. It is currently in its testing phase. Visa takes the potential of blockchain technology and its future very seriously and the hype around its blockchain strategy is supported by the substance.
Walmart
"Farm to Fork" by Walmart blockchain project, launched in 2017, it is a system that will help Walmart determine where bad food comes from when a product is recalled. This is expected to substantially improve food safety standards, reduce food-related illnesses and reduce waste costs.
Walmart now uses this blockchain to maintain the supply chain register for 30 products. "The process is simpler and safer than barcodes, scanners, paper forms and individual databases usually used by Walmart. For every 1% reduction in foodborne illnesses in the United States, this is a saving for the US economy of about $ 700 million " said Frank Yiannas, Walmart's food security manager. The blockchain system takes 2.2 seconds to trace the origin of sliced mangoes, verses 6 and days using other systems.
Air France
Air France has begun to examine the possibility of applying blockchain technology to optimize aircraft maintenance workflows 2017. Believes that the main advantages of the blockchain – resilience, traceability, integrity and disintermediation – they are suitable for the aviation supply chain.
However, when it comes to making a complete transition to blockchain-based systems, Air France has a major obstacle on the road. Most airline data is still kept on paper, so Air France will first have to digitize the data before it can implement a blockchain system with any kind of effectiveness.
Estonian Government
The Estonian government was one of the pioneers in the implementation of the blockchain, starting soon 2008 before the term blockchain was even coined. The E-Estonia program uses blockchain to integrate all government services on a single platform. The blockchain register protects sensitive data from health, judicial, legislative, security and commercial code records from corruption and improper use.
They have also developed a blockchain-based security system called KSI that can function even under constant cyber attack. Estonia is a prime example of a proactive government that has persevered with blockchain implementation for a long time.
State of Delaware
The state of Delaware has launched the Delaware Blockchain Initiative in 2016 allowing a more efficient governance structure for the 30,000 companies that are incorporated into the state. The government hopes that this will give the state a competitive advantage and will encourage more companies to be incorporated into Delaware.
However, the state has been slow to implement the initiative. This could be (at least in part) because the initiative would make the agencies that make a living with company deposits redundant. The government may be reluctant to implement this disruptive technology because of the potential job losses it could cause.
The European Union
Counterfeiting costs almost to the European Union € 60 billion every year. The Office for Intellectual Property of the EU and the European Commission are working on a blockchain-based solution to combat counterfeiting.
They are now in talks with a private company able to create blockchain-based products to cope with counterfeiting. It remains to be seen what the final solution will be and how effectively it will deal with the generalized counterfeiting of products throughout the EU.
Blockchain implementation by companies and governments – Reality or advertising campaign?
The big rush to announce blockchain media projects and jump on the blockchain bandwagon that has been seen in the last two years has now cooled significantly. According to Forrester Research Inc., a number of blockchain projects this year will be liquidated and many companies are downsizing blockchain drivers who were aggressively pushing only last year.
In 90% of cases, blockchain experiments are never incorporated into the operations of the company. A poll CIOs from Gartner Inc stated that only 1% of them were implementing blockchain projects in their companies, while 80% of CIOs said they had no interest in technology. Other studies have shown different results, but a similar sentiment … the majority of companies interviewed say they do not intend to use blockchain technology.
One of the main reasons for this disconnection between hype and reality is that many companies thought it would be easy to find use cases for their blockchain projects. They are now realizing that the introduction of blockchain requires a broad collaboration with many industry participants and that scalable deployment may take anywhere from 5 to 10 years instead of the 2-3 year horizon that it was expected.
The future of blockchain implementation in governments and large companies
While the blockchain implementation between companies and governments has seen a bit of caution throughout 2018, it seems to be a natural correction after the exuberance and clamor of the last two years.
Big tech players like IBM and Microsoft continue to invest heavily in blockchain software and have been captured 51% of the market $ 700 million for blockchain products. While there was a reinvigoration of enthusiasm when it comes to implementing the blockchain, and many companies are still testing the watersIt is widely believed by blockchain supporters that there will be a recovery in blockchain projects next year and that the optimism of governments and companies will surely return to a good extent.
Featured image: DepositPhotos / sdecoret
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