Blockchain Paving Way for Enterprise Digitalization
What is Blockchain & what does it offer?
Technology is a dynamically growing field. Where the introduction of new things and concepts every passing day puts organizations on a race to keep up with the pace,
it simultaneously provides them the opportunity to adopt them and expand their worth. From the plethora of these technological advancements,
, a concept
aired for the first time in 1991, has taken the 21st century with a storm. It is essentially a distributed and decentralized public ledger which is used to store data.
Although the first practical blockchain project implemented was Bitcoin
in 2009, it was the introduction of Ethereum
in 2015 which took blockchain to an entirely new
level – a generation of blockchain 2.0. This paved the way for the people to explore this technology beyond its conventional use such as Smart Contracts
, NFTs, DAOs,
De-Fi, etc. The applications that blockchain provides are limitless with promising advantages. This is the reason why individuals and organizations, both, have started
adopting it. For example, Figure 1 shows exponential growth in blockchain wallet users over the last ten years.
Figure 1: Global Number of Blockchain Wallets Users (Source: Zippia.com)
Why is Blockchain beneficial for Enterprises?
Figure 1: Global Number of Blockchain Wallets Users (Source: Zippia.com
The most valuable asset that any company can showcase and prove to its customers is Trust
, and that is what blockchain
is known for. The decentralized
structure of this
guarantees that no data can be tampered with, and smart contracts
ensure that something that has been agreed upon will execute, no matter what. Blockchain’s
Security feature complements its candidacy for use in enterprises since all the transactions have a digital footprint
and can hence be traced back to their origin. The
transaction times are minimal which means customers would not have to worry about waiting for days to get their transactions through.
These aspects, when amalgamated, can potentially make blockchain the most sought-after technology for any organization around the globe. Given these reasons, it is highly
recommended that companies start exploring this technology for its potential use cases native to their ecosystems. Figure 2 depicts a visualization of comparison between
startups in different industries adopting blockchain.
Figure 2: Percentage of Startups in Different Industries Focusing on Blockchain (Source: appinventiv.com)
Companies that are using blockchain
Figure 2: Percentage of Startups in Different Industries Focusing on Blockchain (Source: appinventiv.com
There are companies like Toyota and Ford Motors which are considering blockchain, while many big sharks have already started adopting blockchain. Following are a few
publicly traded companies
that use blockchain:
has worked with EY (accounting firm) & Maersk (a well-known logistics/shipping company) to create the first marine
insurance platform which is based on blockchain. Moreover, to smoothen the procedure of paying royalties to game developers, the company has also used blockchain for its Xbox systems.
is an American company which creates photographic and film products and provides digital imaging
services. Kodak uses blockchain
to ensure the copyrights of the videos and images that it produces. Moreover, it also uses the technology to inhibit infringements and piracy and to verify originator identity.
is the world’s largest database management company. Oracle is aiding other companies to adopt blockchain solutions which are
cloud-based. Moreover, it is also hosting startup program for companies developed on or working on blockchain and require assistance in their business’s development.
, a technology company, and by revenue it is the world's
largest semiconductor chip manufacturer
. Their enterprise-grade blockchain platform,
Hyperledger Sawtooth, creates environments which are reliable and effective for the businesses to operate. This further ensures protection of data from unwanted entities through
a ledger which is unhackable. Intel has not stopped here and is increasing its investments in more projects that involve blockchain.
This technology, without a doubt, can boost the value of businesses. Figure 3 depicts the forecast of business value for the current decade.
Figure 3: Blockchain Business Value Forecast (Source: Gartner.com)
Blockchain in supply chain
Figure 3: Blockchain Business Value Forecast (Source: Gartner.com
Amongst all the other applications of blockchain, one of the most intriguing uses is supply chain. The key features of blockchain that make it a suitable contender for
incorporation in supply chain are its settlement through consensus algorithm, its ability to trace back blocks and their data to their respective origin, its immutability
hence, faith on the integrity
of the data stored.
The following properties of blockchain solve the prevalent issues in the supply chain industry:
- Trust – replaces manual data entry with digital process
- Customer satisfaction – can show the trace to origin of every product
- Low transaction cost
- Lesser transaction time – Since lesser disputes/disagreements
- Integrity maintenance
One of the success stories of this niche is Walmart Canada
which after adopting blockchain in March 2021, saw a staggering drop from 70% to 1% in their invoice disputes
. They additionally saw an increase in their customer and employee
satisfaction since payments became regulated and were always done on time.
Figure 3 depicts adoption of blockchain technology in supply chains in the previous decade.
Figure 4: No. of Blockchain Projects Each Year (Source: Vadgama & Tasca 2021, Frontiers in Blockchain)
Blockchain technology did take its fair share of time to get into the market properly, but ever since it came, it grew unstoppably. It is a concept which although seems very simple,
yet its applications are rapidly growing with every passing day. This technology is gradually becoming a necessity and will hence soon be essential for the sustainability of any
organization. It is an ideal time for enterprises to delve into this field, explore it, and if they are successfully able to execute their task, gaining an edge over their competitors
will become inevitable.
Truscova comes with 30+ years of academic research and hundreds of academic publications which pioneered the area of Formal Verification.
The team combines academic leadership, industrial strength and Blockchain expertise. Truscova currently analyzes Solidity code combining Formal
Verification techniques: abstract interpretation, constraint solving, theorem proving, and equivalence checking.