In fact, of the 231 PoCs Gartner reported on, only 14 have moved into a limited scale live-in production environment, reflecting the immaturity of the market we’re seeing today.
The same report estimates only 10% of these projects will make it to a fully-scaled business model by 2020. Given this predicament, it’s no surprise seeing enterprises employing stricter vetting processes and restricting spending on DLT projects overall.
In March 2017 a group of 30 enterprises announced the formation of Ethereum Enterprise Alliance, which has recently grown to more than 200 members, making it probably the largest blockchain consortium today.
EEA’s focus in bringing Ethereum to the enterprise environment, meaning moving from a public, permissionless to a private, permissioned setting, which means it will be easier to provide better support for privacy and performance. There are some plans to support anchoring on the public Ethereum network as a way to securely timestamp the chain state.
September 2018, fifteen of the world’s largest banking and commodity companies announced the formation of komgo - a global blockchain-based trade financing platform.
Collaboration between: ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Société Génerale
While using ETHEREUM, it will launch with two initial products: a KYC process and a Letters of Credit product.
A smart contract is a contractual agreement that is implemented using software. Unlike a traditional contract where parties may seek remedial action through the legal system, a smart contract is self-enforced (possibly also self- executed), depending on whether specific conditions, that are monitored through software, are met. Due to the way the Bitcoin blockchain works, a “layer” can be built upon the existing infrastructure to support smart contracts.
Official exchange of eDocuments by national administrations
Exchange of access to electronic health records
eID and cross-border authentication of people and companies
Traceability of foodstuffs and pharmaceutical products
Validation of academic qualifications
Exchange of criminal records at EU level