What are the top 5 blockchain businesses? A quick search of the internet will result in many answers. However, most answers are not informed by explanation or proven facts. There is an emerging market for a wide range of services and products that are based on the block chain technology. The following article explains the top 5 contenders for the most buzzworthy aspect of the emerging new economy.
The biggest and most influential player in the world of Blockchains is Vitalik Buterin, the person behind the project OiOi. The project was created as an open source software foundation for a network of servers used by developers around the world to host applications and store documents. Vitalik Buterin is listed as the founder on the block chain equity site although he technically serves as the Chief Scientist at Blockchain University. It is estimated that Buterin earns approximately two to three million dollars a month with the project.
Leading enterprise platforms are Hyperledger and Chain Commerce. Hyperledger is an Open Source software stack that provides a framework for distributed application development, build, deploy and manage business blockchains. The main aim of the project is to provide a reliable and flexible foundation for enterprise applications and make collaboration with external services easier. Chain Commerce is an open source software stack that enables real-time trade finance with complete transparency and provides a set of tools for managing the supply chains. It is being used by more than 150 enterprises across five continents.
ICO and wallet businesses are also coming up with a lot of hype around the Blockchain. ICO is an acronym for Initial Coin Offerings and Wallet is an organization that helps startups raise money through cryptosurrounding. One of the chief objectives of the organization is to help the startups get into the market by providing advisory and counsel about regulatory changes and potential issues. The wallet organization will also work with the cryptosurrounding groups to ensure the compliance standards are high.
A major part of the hype revolves around the concept of cryptocurrencies. Cryptocurrency is the future of finance because it provides faster transactions and lower costs while globally accessible. Many enterprises have already jumped on the bandwagon and established partnerships with several currencies. Two of the most prominent are Dash and Gold.
The biggest attraction for the Blockchain technology has been the news that several financial institutions like banks, hedge funds, and multinational corporations are now working together to develop a new distributed ledger platform. The Cross Border Consortium for Digital Asset Management developed the idea with financial institutions, software developers, governments and banking experts. The consortium plans to launch a series of prototypes over the next few years. In the meantime the headquarters for the project is located in New York City. The company’s headquarters is the same place that was used by the NSA for a project called Stellarwind.
An important element of the Cross Border Consortium’s strategy is the use of digital asset management. This approach will allow distributed ledger technology to replace current transaction methods like cheque and credit card systems. This is due to the fact that the ledger can be integrated with the public cloud network and will run on a Linux operating system. This brings significant cost savings, security and operational efficiency improvements across the board. In addition to this solution the company plans to offer users and institutions a secure and scalable enterprise virtual platform. Another aspect of the digital asset management strategy is to build out the business digital asset repository with enterprise grade hardware.
The Cross Border consortium is part of a growing cluster of enterprises forming a alliance known as the Enterprise Ethereum Consortium. These groups are pursuing an initiative to build a global standard for blockchains that will be open sourced. One such effort is to design a decentralized exchange protocol or DEX. There is also a group working on a project to standardize standards for digital asset management using the bitcoin protocol. As these efforts gain steam the work being done by these consortiums will impact the bitcoin environment in the long term. For now however it appears that the greatest contribution from the Cross Border Group was their announcement that they are working towards a global standard for blockchains.