technology blockchain develops, in 2017, no one even thought it could become so popular.
However, instead of improving efficiency, enterprises faced impractically slow transaction volumes, instead of a transparent world with maximum responsibility, companies with confidential customer data faced regulatory problems.
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Nevertheless, there is reason to believe that in 2018 a blockchain such as it was originally intended could become a reality.
It turns out that the reason for such optimism is that even if blockchain could not become real for business in 2017, it became tangible from the point of view of technology.
And now, when the software is built, those who work close to development say that direct testing is just around the corner.
Experts believe that the creation of “blockchain real” is no longer abstract, it is on the verge of effective business.
Software is ready
In order to understand how the abstract utopia of the crypto currency is becoming more than just an interest for business, it is necessary to return to the set of successes that have recently been realized.
Last year, IBM launched IBM Blockchain , an enterprise-level software version, and later R3 did the same with its Corda platform, called Enterprise Corda.
These commercialized versions of open source software, in turn, will allow the use of a number of specialized industry applications based on blockchain.
In 2017, Walmart, Kroger and Nestle helped launch the food tracking network using IBM Blockchain, and it is expected that new solutions will be explored this year.
Interaction moves forward
With the software installed, this provides an opportunity that a blockchain will help to facilitate business by preventing from investing in the wrong technologies, or worrying about future troubles.
As an example, in August 2017 Monax integrated with Hyperledger Sawtooth to include on this platform special contracts based on the etherium .
Ripple and Swift change the state of things
The potential growth of interest in business is observed after the influence of the blockchain .
One of the most noticeable trends this year may be the involvement of Swift, the platform of interbank transfers.
Ripple tested a network of banks whose purpose is to explain to SWIFT that they have a major competitor.
The company is confident that SWIFT needs to improve its system, make it simpler and cheaper.
Development of PoC-terminals
Other financial institutions are likely to look at competitive advantage in the first place.
UBS will continue its leading role among a consortium of other banks, relying on its plan to use a private version of the blockchain airspace to accelerate the implementation of the newly established Mifid II requirements in Europe.
The Swiss bank also plays a leading role in Utility Settlement Coin (USC) , which is exploring the potential benefits of blockchain for central banks.
In addition to financial applications, some of the largest companies in the world have allocated their own blockbuster start-ups to help commercialize their work.
It is also noteworthy that the global shipping giant Maersk last year allocated its blockchain supply chain to a joint venture with IBM, which is currently seeking to provide optimized services to other shipping companies.
As an example of a more well-known company, the Mercedes-Benz maker last year issued a $ 100 million bond for a private version of the block air station .
Crypto-currency research
Another change on the horizon may be an increased willingness of enterprises to discuss and even publicly explore crypto-currencies.
In particular, IBM stands among this group, which in 2017 opened cooperation with Stellar cryptostartup and is now considering ways to study open blocks in cross-border payments.
According to Hu Liang, the founder of one of the leaders in space, the operating system based on the blockchain, Omniex, the development represents a rather unusual positioning from a historical point of view.
Liang, who previously worked for the bank and asset manager for the giant State Street, said:
“Crypto currency is the only asset class in history, which was originally based on the retail community. Because of the price crackdown, the interest of institutional investors has obviously increased. “
