Despite the prolonged crypto bear market, the blockchain remains a hot topic across industries and sectors. There is a countless number of blockchain trials taking place in both the private and the public sectors to gauge how blockchain technology can be used to improve processes, reduce inefficiencies and costs, and eliminate unnecessary intermediaries.
In this article, we will look at how big players are implementing blockchain technology to highlight the global push towards the adoption of distributed ledger technologies.
A Rise in Blockchain Patents
Perhaps the biggest testament to large-scale blockchain adoption by major industry players is the number of blockchain patents that have been filed in the last 24 months.
According to a study by IP Envision, which focused on blockchain patents filed in the US, the financial services (20 percent) and the technology sector (13 percent) have seen the most patent filings with companies such as Bank of America, IBM, MasterCard, and Fidelity leading the pack. The most filings, however, came from blockchain companies and developers (59 percent).
The patents filed were for cryptocurrencies, digital asset exchanges, distributed ledger architecture, blockchain algorithms, and blockchain-based applications.
Furthermore, a research report conducted by LongHash has found that blockchain patents have been on the rise in 2018 despite the crushing bear market that saw bitcoin lose over 70 percent of its value.
Since the start of 2017, over 3,500 blockchain patents have been filed globally with the majority of filings occurring in 2018. The US (36 percent) and China (29 percent) lead the pack in blockchain patent filings, according to Google Patents statistics, while South Korea (4 percent), Europe (3 percent), and Japan (2 percent) have much smaller market shares in the blockchain patent filing pie.
Globally, the biggest blockchain patent holders include Alibaba, IBM, Bank of America, MasterCard, the People’s Bank of China Digital Currency Research Institute, nChain, Coinplug, and Tencent.
We at the CentrumCoin are currently working on a corporate governance blockchain proxy integration development project which will easily, cost-effectively and quickly combine the technology’s advantages without altering the audited code. With the help of such system the degree of public transparency can be set, it makes voting and gambling credible, supply chains traceable and can replace the institution of notary audition.
We can expect the number of blockchain patents to continue to rise as more companies will want to protect their proprietary distributed ledger technologies. While this may go against the open-source ethos of Bitcoin and other decentralized digital currency networks, this trend shows that big players are taking blockchain technology very serious and are willing to invest in the development of blockchain solutions.
(Some) Banks Are Going Crypto And ‘Everyone’ Wants the Blockchain
More and more banks are jumping onto the crypto bandwagon due to strong client demand for cryptocurrency investment products.
For example, Swiss private bank, Falcon Bank, launched a blockchain asset management service that provides cryptoasset investment solutions to its clients while Maerki Baumann, another Swiss private banking institutions, announced that it is managed cryptoasset investments for its high-net-worth client base.
Moreover, Germany’s VPE Bank has recently entered into a strategic partnership with CentrumCoin. VPE Bank, the first German bank with crypto trading services for professional and institutional clients, will support us in raising funds to build its hub that will connect investors with blockchain projects.
While some banks are taking steps to offer cryptoasset-based investment products to their clients, a wide range of banks is looking to implement blockchain solutions to reduce operational inefficiencies, eliminate costly intermediaries, lower costs, and improve the delivery of their services.
Financial institutions are running blockchain trials to improve the KYC onboarding process, to reduce security trading and settlement costs, to lower to cost of cross-border payments and to improve transparency to adhere to regulatory reporting requirements, among other use cases.
Governments Also Want the Blockchain
Blockchain adoption goes beyond commercial industries. Even governments are running blockchain trials and some have even taken their first steps to implement blockchain technology into their public services.
Estonia, for example, adopted the blockchain for the storage of e-health data in 2018, while the province of Zug in Switzerland started to issue digital IDs on the Ethereum blockcain in 2017.
The technology can also be used in public procurements - this is CentrumCoin’s latest development. The candidates can upload their offers which cannot be modified afterward. This is a simple, cost-effective method which decreases the probability of corruption.
Notable government-sponsored blockchain trials are underway across the globe to record land titles, to create digital identity management systems, to trace social welfare payments, and the tracking of food products, among other public sector use cases.
Blockchain technology is here to stay and will impact society in a number of ways, which is why this sector is so exciting to follow. Moreover, the blockchain boom provides a number of potentially lucrative investment opportunities in this space.
Retail and institutional investors can purchase an array of stocks and ETFs that provide indirect blockchain exposure. Moreover, investors can receive direct exposure to the growing blockchain industry by investing in initial coin offerings (ICOs) or security token offerings (STOs).