Today, more than half of the world’s most valuable publicly traded companies (PLC) operate according to an internet-based, platform business model. Blockchain, being an end-to-end technology located on the Internet, was part of Bitcoin, the currency based on the fact that there was no need for a central authority to create a currency, approve transactions, and transfer ownership when it was introduced in November 2008. Today, many institutions, corporations and even banks confess their interest that blockchain and crypto-currency tech would improve their traditional business understanding.
THE NEW ARCHITECTURE
Many public corporations began showing interest and implementing blockchain in their operations since the crypto boom in the market happened in 2015. Over the years, we have seen most of them at least embrace the idea that blockchain technology is a major innovation that can help improve their current business models and operations.
At the beginning of 2022, many powerful and bullish publicly traded companies make use of blockchain technology in their businesses. Among these are pretty big companies that we encounter in many ways in our everyday life.
Some companies are still at the research stage, which means, they study the possibilities and ways of implementing the blockchain technology in their services, and decide which technologies could be used for their crypto tech plans, and expected to be on the bandwagon not so late.
These technologies would undergo a series of strictly managed phases to become profitable in the end, which consists of these steps;
· Research — Whether a blockchain tech solution idea is useful or not.
· Piloting — Pre-test phase of a blockchain solution before putting it into serious trials.
· Development — Progress of having ready-made solutions that are ready to distribute.
· Production — Working blockchain solution that is actively used by clients and customers.
· Discarding — Where the unsuccessful solution is simply put away.
THE TECHNOLOGY OF CHOICE
The leading PLC’s, currently use many different technologies to create their own blockchain solutions, basically called DLT (Distributed Ledger Technology). After that, every one in five uses Ethereum, and others follow it, letting companies build and use their own smart contracts.
There are some main differences in application and field of use among these techs;
One of these was originally developed solely for enterprise use, and has been created as a non-proprietary solution. Built as an extensible blockchain architecture, allows solutions that are adaptive to any field of industry.
Companies would also prefer Ethereum’s framework for the way it allows users to build dApps (Decentralized Applications). Thanks to the decentralized structure of the Ethereum network, these applications operate without downtime, fraud, censorship, or interference from outside, by so allowing companies to ensure their intentions are working and promise faster growth possibilities.
There are also open-source blockchain platforms available. These offer corporations similar to what Ethereum does, but require permission. In this way, they ensure transaction and contract confidentiality, and open the ways of creating applications and practical utilities especially for those who provide banking solutions worldwide.
Among the other types, a kind of solution was possible that connects the big pharma corporations with their distributors through a decentralized supply chain management system that applies blockchain principles and offers safety through personalization for each one of its user pairs.
Some sophisticated blockchain frameworks, privately licensed platforms that have their original privacy mechanics, allow companies and corps to use direct transactions between each other with high confidentiality.
And there are prime distributed ledger infrastructures, which are a set of essential tools for distributing, synchronizing and validating data across organizations and public companies while ensuring the security and flexibility for different markets.
THE SELF SOLUTION
Some other PLC’s use even more subtle blockchain technologies each for its particular use, and a few of the rest just try different options to see what’s best for them. For instance, among these applied wide pushes of different blockchain technology developments, both for publicly traded companies adding to their own experience and providing safer solutions for their customers.
Here are some examples of these mechanics:
· Officially distributed smartphone wallets for customers that can hold Bitcoin, Ethereum and many other supported cryptocurrencies.
· Blockchain Platforms for enterprise applications that combine different types of solutions mentioned above and produce extensible features.
· Solutions to protect information from unauthorized access throughout the supply chain.
· Accelerators to speed up the processing capacity of blockchain solutions for up to at least 10 times.
THE CONCLUSION
As you can see, companies mainly seek blockchain solutions for privacy rather than the well-known profitability the crypto world offers. It can be said that the embrace of blockchain tech is getting rapidly common in enterprise business, turning into a kind of space-race among companies for crypto worlds, and the interest of those who are still on the sidelines is growing every day.
To learn more about the impact of blockchain in different sectors, follow our Medium blog and if you’re looking for a more hands-on experience, start your trading journey with your Friendly Crypto Exchange, IXFI.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
