How Boeing, Toyota, Caterpillar, and other OEMs can double their current net profit by using smart contracts to become unmanned “virtual companies”, with or without cryptocurrency: Part 16
What if Fortune 500 enterprises are too distrustful of smart contracts to implement?
Over the course of the previous 15 parts, I’ve made a strong case for why companies stand to save tens of billions and industries stand to save trillions by evolving towards unmanned “virtual companies”. At the very least, companies should embrace smart contracts to avoid being left in the dust by their competition. Companies don’t even have to directly use cryptocurrency as a token of transaction (see part 9), so it’s okay if they don’t trust any of the various coins!
But despite all that, entrenched cultural resistance is a legitimate concern that should be addressed. Let’s see what the top consulting firms have to say:
- Blockchain set to disrupt aerospace industry within 2 years
- 86% of aerospace companies surveyed expect to use blockchain in some capacity by 2021
- Mainstream adoption of smart contracts in the financial services industry by 2020
PwC:
- By 2020, smart contracts will be used to transfer physical goods from business to business
- By 2022, smart contracts will be used by more than 25% of global organizations
Furthermore, the world’s largest retail companies are already embracing smart contract-oriented cryptocurrencies. Amazon recently added Qtum to the AWS store: https://www.nasdaq.com/article/qtum-platform-now-available-through-amazon-web-services-cm996151. Walmart recently began forcing its produce suppliers to use Hyper Ledger to better track vegetable freshness: https://blogs.wsj.com/cio/2018/09/24/walmart-requires-lettuce-spinach-suppliers-to-join-blockchain/.
The World Bank just issued its first bond that was exclusively handled with blockchain (an Ethereum smart contract to be precise): https://cointelegraph.com/news/world-bank-and-australias-largest-bank-issue-bond-exclusively-through-blockchain.
Even the Chinese government is heavily biased in favor of smart contracts. The Ministry of Industry & Information Technology and Center for Information Industry Development maintain a list of cryptocurrency rankings:
“The top five included Ethereum, Steem, Lisk, NEO, and Komodo, all of which utilize smart contracts to efficiently and securely process information in a decentralized manner”-https://www.ccn.com/china-ranks-ethereum-as-the-worlds-best-blockchain-network-bitcoin-at-13/
“Smart contract protocols and blockchain networks designed to support decentralized applications (dApps) will always rank higher in the rankings of CCID, because the criteria used by the institution establishes technology and application as the two main categories”-https://www.ccn.com/chinas-latest-blockchain-rankings-pins-eos-on-top-bitcoin-at-10/
Bitcoin has never topped the Chinese government’s list. In fact, they’ve never even cracked the top 10. Matrix AI Network (MAN), the only crypto officially approved by Belt-and-Road, is squarely aimed at taking a smart contracts world computer to the next level with AI.
If it’s good enough for the World Bank and the Chinese government, then it should be good enough for OEMs.
Finally, the Ethereum Enterprise Alliance exists specifically for the purpose of convincing Fortune 500s to accept smart contracts. To quote their mission statement verbatim: “The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts”.
True to their overall cause (smart contracts) instead of being blinded by dogmatic adherence to a particular cryptocurrency, they recently reached across the aisle to forge a partnership with Hyper Ledger https://ethereumworldnews.com/enterprise-ethereum-alliance-announces-strategic-partnership-with-hyperledger/
Continue to part 17….