Although the crypto market Daniela Barbosa, general manager of blockchain and identity at the Linux Foundation and executive director of Hyperledger, said enterprise blockchain adoption remains volatile as enterprises discover new use cases for the technology. rate continued to grow.
One of the biggest demands over the past two years has been “mixed use cases,” Barbosa said. She noted that some enterprises are using layer 1 blockchains and permissioned distributed networks to meet business needs.
Hyperledger is an open source platform originating from the Linux Foundation, which aims to help traditional industries such as finance use and deploy blockchain technology. It works with nearly 150 organizations, including crypto-native companies, traditional financial institutions, technology companies, and retail businesses. Some of the foundation’s members include JPMorgan Chase, IBM, American Express, CVS Health, Cisco, Visa, ConsenSys, Walmart, and T-Mobile.
Businesses find the technology valuable “because they’re building networks, sometimes with competitors or peers, using distributed ledgers to help facilitate the business processes they own,” Barbosa noted.
Businesses can perform instant settlement and private transactions by showing third parties that a transaction occurred while ignoring internal details. “Distributed ledgers allow companies and competitors to collaborate in a trusted environment and still have an element of privacy,” Barbosa added.
Barbosa noted that the technology could help not only large companies, but small businesses as well.
She added that supply chains using blockchain technology could benefit anyone from farmers to large corporations.