The blockchain technology is raging and has become one of the most significant megatrends in the past few years. The real potential of blockchain lies in its power to transform the day-to-day realm of the primary business processes and potentially disrupt industries. For instance, a cross-border trade would take days through the normal process, but with the blockchain system in place, it is reduced to just some hours. The benefits are transcending to various other industries and hold power to alter the fate of many MNC’s.
To reap benefits, many prominent organizations like Amazon, Walmart have jumped into the opportunity to incorporate blockchain into their business. These corporations are aiming to mold the booming technology into their very own. With the recent buzz, though the organizations are aware of blockchain’s potential, yet the development is still in its nascent stage.
Every major corporation is playing an essential part in fitting the blockchain technology into their bigger picture and stay ahead of their competitors. Let’s take a deep dive into the recent developments of blockchain as it relates to today’s top tech companies.
Aim: IBM is looking forward be the Industry and process expertise, and build a complete, easily accessible cloud and development platform by integrating blockchain technology.
IBM is a champion in their ventures as they combine industry, process, and transaction expertise with cloud-based tools and immutable blockchain services to establish a secure blockchain network and solution. To encourage more open source innovation, IBM becomes the premier sponsor to the Linux Foundation’s Hyperledger Project, a collaborative effort created to push the advancement of blockchain technology. The project concentrates on identifying and addressing features for a distributed ledger that can alter the way business transactions takes place globally.
The key benefits of the Hyperledger fabric are:
Data protection & consistency: One can use permissions to ensure the correct account of members & access rights
Confidential transactions: It gives businesses the flexibility and security to make sales visible to selected parties with the help of the right encryption keys.
Programmable: Leverage the embedded logic in smart contracts to automate business processes.
Aim: Amazon is planning to offer blockchain-as-a-service (BaaS) to its AWS business customers.
The king of e-commerce, Amazon has branched out into the grocery aisle through its Whole Foods purchase and into cloud-computing through Amazon Web Service (AWS). Amazon has dived to develop a range of networks by incorporating blockchain. `
Amazon is partnering with Kaleido, a start-up company which will provide compelling solutions to AWS enterprise members through Blockchain as a Service (BaaS). In BaaS, there is no requirement even to learn the new coding language or also being a coding master. Kaleido will work with Amazon in close association to build simple building blocks that’ll allow enterprises to incorporate blockchain into their cloud platforms.
This blockchain application will potentially save time, energy and resources spent on a manual setup of a blockchain network.
It leads to streamlining the process for businesses and developers to implement the impending blockchain technology.
Looking beyond AWS, Ethereum’s powerful blockchain network will offer Amazon a definite way to monitor its supply chains in real time, as well as provide a means to expedite cross-border payments to improve the cash flow.
Aim: Google and another New York-based startup, Digital Asset are coming together to provide developers with a full stack solution so that they can unleash the potential of the blockchain.
Digital Asset recently unveiled DAML, which stands for Digital Asset Modeling Language, a simplified way for companies to build blockchain applications. The crux of the partnership in between them involves Digital Asset providing Google, access to a software development kit which would help the company’s developers to experiment with DAML and build a powerful smart contract.
Google has left no stone unturned to be at the top, and they invested in creating the next big thing. Google’s move to partner with Digital Asset brings blockchain into the limelight. It confirms blockchain as the next big thing and a crucial ingredient in its cloud strategy. To build up its capabilities in a close association with blockchain, Google Cloud has already embarked on a series of investments and acquisitions. DLT has an excellent potential to benefit not just the financial services industry but affects many industries.
These partnership marks a significant milestone as the cloud services are increasingly gaining importance and comprises a considerable part in the tech giants’ revenues. Amazon Web Services leads the sector, followed by Microsoft and Google Cloud in the third place with about 6% of the market share.
As the technology grows, new ambitious projects are announced daily. With all these projects around, it puts blockchain technology under the spotlight. The investments and the effort being put together by eminent corporations offer further supporting evidence that blockchain are here to stay.