Evolution of blockchain technology in bigger companies.

Economic experts projects the blockchain market could be valued at $400 million by 2019. For that reason, some of the biggest companies in banking industry and technology have entered into the space to evaluate how this technology could change the financial world.

IBM :

IBM and Linux, for instance, have brought together some of the brightest minds in the industry and technology to work on blockchain technology through the Hyperledger Project.

The Hyperledger Project is under the umbrella of the Linux Foundation and seeks to incorporate findings by blockchain projects such as Blockstream, Ripple, Digital Asset Holdings and others in order to make blockchain technology useful for the world’s biggest corporations. IBM has also contributed its own code to the project. Currently, IBM employees were working on crypto-security and distributed systems.

For more details on IBM-Blockchain visit : https://developer.ibm.com/blockchain/

Microsoft :

Microsoft Corporation started their blockchain journey in November 2015. Microsoft actively identifies existing technology gaps with blockchain and helps organizations build durable enterprise-grade applications.

In May, Azure introduced a new blockchain framework to reduce the time and cost associated with blockchain Proof of Concept (PoC) projects. Microsoft identified that a significant amount of time (8-12 weeks) and cost (as much as $300,000) was involved in developing a blockchain PoC, and this was resulting in huge missed opportunity, and thus Microsoft has been working to overcome such challenges.

In another step to bringing blockchain to the enterprise, Microsoft unveiled the Coco Framework in August 2017. Coco Framework reduces the complexities involved in the development techniques while offering high-transaction speed (more than 1600 transactions per second), distributed governance and confidentiality—much needed ingredients for successful commercial adoption of blockchain.

Microsoft and Mojix collaborated to enable blockchain-powered smart contracts to create swifter supply chains that can lower overall business costs, foster closer cooperation and enhance trust among retailers, suppliers, and logistic partners. This was followed by its alliance with Tierion for a service that generates, manages, and validates attestations.

Read more about Microsoft Azure here : https://azure.microsoft.com/en-in/solutions/blockchain/

Samsung :

Seoul plans to first apply blockchain in municipal duties that actively collect private information of citizens. Samsung SDS has announced a lucrative agreement with the Korean government to create a new Blockchain technology-based platform for welfare, public safety and transportation by 2022. The hope is to increase transparency for the government services.

In May, it joined global blockchain alliance EEA, whose members include Microsoft and Intel, to spread blockchain use globally.Last month it applied its blockchain solution to local shipping firms for trials.

Samsung is now pushing for its security solution offerings, such as Nexledger and its biometric solution Nexsign. Last month, it announced the integration of behavioral biometrics into Nexsign through a partnership with BioCatch.

Read more about Samsung SDS here :https://www.samsungsds.com/global/en/solutions/bns/blockchain/Blockchain.html