Group Co.
Enterprise Blockchain in 2018: The Rubber Has Met The Road
Traders Magazine Online News, October 31, 2018
2018 will be remembered as the year enterprise blockchain technology came of age. Businesses of all sizes across the world, in sectors as diverse as financial services, healthcare and logistics, are now actively using blockchain in live deployment as you read these words. And thousands more are continuing to explore its application for use cases we never could have imagined just two or three years ago. The adoption of this technology to rewire the way the world does business is now an inevitability, and while the timing will depend on the market and sector, the trajectory is clear.
The speed and scale of blockchain adoption has been remarkable. The level of interest, airtime and pace of growth it has experienced is usually reserved for primetime consumer-facing technologies and platforms such as the iPhone or Instagram. The history of enterprise technology has shown it can be as game-changing as consumer technology in the long run, but more often than not it remains behind the scenes and adoption rates are far more conservative.
This is categorically not the case in blockchain. A recent survey of 1,000 companies across seven countries found that 34% already had a blockchain system in production today, while another 41% expected to deploy a blockchain application within the next 12 months. In addition, nearly 40% of the surveyed companies reported they would invest USD 5 million or more in blockchain in the coming year.[1] These numbers are even more impressive when you consider blockchain is only considered to have entered mainstream consciousness in the business world in 2015.
For those of us that have witnessed the growth of blockchain first hand, this comes as no surprise. The potential for this technology to improve the efficiency, transparency, speed and security of the way money and goods flow around the globe is vast and virtually unparalleled, but it was clear from the outset to R3 and the thousands of coders, business leaders and cross-industry professionals that make up our ecosystem.
Fast forward to today and we are now seeing widespread community adoption of Corda, our open source blockchain platform, and have recently launched Corda Enterprise, the commercial distribution of Corda. We are immensely proud to have played a role in the enterprise blockchain revolution since Day One, and to have delivered the vision we’ve shared with our ecosystem from the beginning: to build a robust, new blockchain-based system that enhances the way global business is conducted.
Development on Corda and Corda Enterprise is happening now, with many live apps in production, and hundreds of firms and thousands of technologists engaged as part of the R3 community to solve a multitude of problems across various industries.
The open source version of Corda is a unique, inclusive platform designed for production from the very start. Companies with a relatively simple IT structure and network can go live on it today. Each week we’re seeing new and innovative Corda apps being released into different industries.
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