While crypto markets remain volatile, enterprise blockchain adoption continues to grow as companies find new use cases for the technology, according to Daniela Barbosa, general manager of blockchain and identity and executive director of Hyperledger at The Linux Foundation.
One of the biggest demands of the past two years has been “hybrid use cases,” Barbosa said. Some companies are using layer-1 blockchains and authorized distributed networks to meet business needs, she noted.
Hyperledger is an open source platform, derived from The Linux Foundation, that aims to help traditional industries, such as finance, use and implement blockchain technology. It works with nearly 150 organizations including crypto-native companies, traditional financial institutions, technology companies and retail. Some of the foundation’s members include JP Morgan, IBM, American Express, CVS Health, Cisco, Visa, ConsenSys, Walmart, and T-Mobile.
Companies find the technology valuable “because they build networks, sometimes with competitors or colleagues, and using a distributed ledger helps facilitate the business processes they have,” Barbosa noted.
Companies can make instant settlements and transact with privacy by showing third parties that a transaction has taken place while omitting the internal details. “Distributed ledgers allow companies and competitors to collaborate in a trusted environment while still maintaining that privacy element,” Barbosa added.
And the technology isn’t just helping big companies, but smaller companies as well, Barbosa noted.
Supply chains that use blockchain technology can benefit everyone from farmers to large corporations, she added.