Blockchain Adoption Is Speeding Up

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Blockchain Adoption Is Speeding Up

In a series of major victories for the blockchain industry, several incumbents in the finance and technology sectors have announced their intentions to integrate blockchain into their operations. While some have chosen to create their own proprietary blockchain stacks, others have opted to go with existing solutions.

Tezos Catches a Big Fish

Tezos is a highly decentralized blockchain with a novel governance mechanism which incentivizes users to keep the network as distributed as possible. As an open-source software maintained by the Tezos Foundation, a non-profit which keeps Tezos ticking, adoption of the blockchain can come from anyone technically inclined enough to build on it.

As such, BTG Pactual, one of the largest banks in Brazil, announced that they will leverage Tezos to build out and host security token offerings (STOs) worth up to $1 billion. BTG Pactual already uses the Ethereum platform for ReitBZ, a real estate-related STO that has successfully raised funds.

For many, Tezos is an ideal security token platform because its architecture allows for the blockchain to be dynamically enhanced rather than contentiously hardforked. That means Tezos is stable over time whereas other blockchain platforms may splinter over disputes about future direction.

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Fujitsu Building Identity Tech on the Blockchain

It has long been known that Fujitsu, one of the top IT services companies in the world, has diligently constructed many of its solutions using blockchain technology. That trend has continued strongly as the company announced a new product aimed at facilitating trustful transactions between parties using a blockchain-based reputation system.

Essentially, the system uses blockchain to record reputation and analyze past transaction data – all for the purpose of evaluating just how trustworthy the parties involves in a transaction are. The technology is aimed at disarming fraud and ID falsification. 

When two parties are slated to engage in a transaction together, and one of them is alerted to the other’s lack of reputation, the transaction can be safely avoided. On the other hand, if two parties are engaging in a transaction and each is alerted to the others’ trustworthiness, then the transaction can proceed without a hitch.

Fujitsu isn’t the first to experiment with such technology. Several blockchain projects are well ahead in working on similar solutions, with Ethereum-based Civic and up and coming Sovrin both focusing on ID-related technologies.

Interest In Blockchain Technology Is Surging

PwC, the most widely decorated professional services and auditing company in the world, has released bullish statistics on blockchain adoption. In a survey of over 600 corporate executives, “…84% say their organizations have at least some involvement with blockchain technology. Companies have dabbled in the lab; perhaps they’ve built proofs of concept. Everyone is talking about blockchain, and no one wants to be left behind.”

Furthermore, Gartner, a PwC partner, has estimated that the blockchain economy will generate upwards of $3 trillion by the year 2030. The main hindrance for blockchain at the moment is trust – 45% of executives are so unfamiliar with blockchain that they simply don’t trust it. 

Despite that, the tide is turning as the spotlight on blockchain becomes brighter than ever.

Blockchain Adoption Is Speeding Up
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