While cryptocurrency markets remain turbulent, Daniela Barbosa, general manager of blockchain and identity and Hyperledger executive director at The Linux Foundation, claims that corporate blockchain adoption is continuing to expand as companies identify new use cases for the technology.
According to Barbosa, “hybrid use cases” have been one of the most requested features for the previous two years. She pointed out that some companies are addressing their business demands using layer-1 blockchains and permissioned distributed networks.
The Linux Foundation’s Hyperledger is an open source platform designed to facilitate the adoption and implementation of blockchain technology in legacy sectors like banking. Almost 150 enterprises, including “crypto natives,” banks, IT giants, and major retailers, are part of their clientele. Companies including JPMorgan, IBM, American Express, CVS Health, Cisco, Visa, ConsenSys, Walmart, and T-Mobile are also part of the foundation.
The distributed ledger is useful for businesses “because they are developing networks, either with rivals or peers,” as Barbosa put it.
Instantaneous settlements and confidential business transactions are both possible because companies may confirm to outside parties that a transaction had place while keeping internal data hidden. Distributed ledgers, as stated by Barbosa, “enable firms and rivals to work together in a trusted environment and yet have that privacy factor as well.”
Barbosa emphasised that the technology is useful for enterprises of all sizes.
She went on to say that everyone from small farmers to multinational corporations may gain from embracing blockchain technology in their supply chains.
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