With numerous developments in the blockchain industry in 2019, experts suggest that enterprise blockchain solutions could be the way forward in 2020.
According to Forbes contributor Richard Gendal Brown, 2019 proved to be the year that blockchain firms were plowing ahead with solutions.
“From my vantage point as CTO of one of the leading enterprise blockchain firms, my abiding memory of 2019 will be of the year of deployment: where countless firms were hard at work – quietly, steadily, but relentlessly – fighting in the trenches to bring their solutions live,” he said.
However, developers have realized that “a blockchain for business needs to be a very different beast to the original public blockchain platforms underpinning networks such as Bitcoin and Ethereum,” Brown wrote.
Therefore, businesses should look for solutions such as Corda that will cater to business needs in the real world, while developers should focus on purpose-built enterprise blockchain technology.
An example of a working solution for the insurance market is the “Catastrophe Excess of Loss” (Cat XoL) reinsurance product, developed by a consortium known as the Blockchain Insurance Industry Initiative (B3i).
“The platform puts the participants in control of the data, and allows them to interact, negotiate and place risk more securely and efficiently,” Brown explained.
Thus, with this technology, businesses can truly benefit from the use of blockchain. Brown also saw more changes occuring in the blockchain industry in 2020, stating:
“Everywhere I look, I see fundamental, reusable, generationally important infrastructure layers having been deployed in 2019. Which is why what the commentators thought was inaction and disillusionment is what those in the know understand was the year of build, deployment and roll-out. The time for real change is now.”
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