Proof of Concept (PoC): Pilots For Business From Blockchain

Blockchain technology promises to revolutionize the world when it comes to digital platforms. First, with its proposal of a world without institutions it captivated a majority of individuals that is disappointed enough in how things have been handled over time. Second, it has blown the plugs off mojre than one economist when shown in hard facts how cryptocurrency networks work. And third, it is now the giant industrial conglomerates that are looking to use blockchain technology to exploit its profits. It is for this last reason mentioned, that in this year 2018 is the time of the implementations of the companies in the Proof of Concept (PoC).

Many of the Fortune 500 companies are already investing heavily in PoC Blockchain and Distributed Ledger Technology (DLT). Corporations are exploring use cases for their own business operations and for customers, including B2B and consumer applications.

A recent Gartner survey revealed that 66% of CIOs and IT leaders believe that blockchain technology will create business disruptions and have set budgets to experiment with the technology; 5% of respondents said they will spend more than $10 million on blockchain over the next 5 to 10 years.

Proof of Concept (PoC) is a term coined in the world of information technology to try to solve and solve some requirements that have to be carried out, but that the team that has to carry them out still has to do some proofs and tests outside the normal development environments to get some practice and knowledge about the new implementations to be carried out.

PoC is often used in certain implementations where the degree of risk is quite high and the team has to conceptualize the idea beforehand, before starting with the development phase of a product.

Proofs of Concept allow us to evaluate the feasibility of a project and avoid future problems in its construction. If the development and implementation involves large costs of human and economic material, it is best to apply this type of prior testing to see the feasibility of a project.

Blockchain technology in the world of finance has been under the magnifying glass for some time now. For example, virtually every major bank in the world is piloting blockchain technology right now. Among these main actors are found: Unicredit, UBS, Deutsche Bank, KBC, Bank of Scotland, Goldman Sachs, Commerzbank and Wells Fargo.

Some of the most outstanding Blockchain PoCs in the financial sector are:

1. ABN Amro is testing payment applications, smart contracts for mortgages and a clearing and settlement solution.

2. The Bank of England is examining the use of blockchain technology to share data on a network while allowing privacy among selected participants.

3. Royal Bank of Canada focuses on money transfers between US and Canadian banks.

4. Barclays is joining a consortia such as CLS, to find an alternative to SWIFT based on a blockchain platform.

5. Western Union decided to try a well-known third-party solution from Ripple (XRP), to see if it could be useful for their worldwide payment service.

6. J.P.Morgan modified Ethereum’s (ETH) protocol to limit the transparency of transactions to a private group of users, and to use various types of acceptance test consensus algorithms that achieve better performance.

7. In the NKB Group they have been testing the resulting platform, called Quorum, for PoC business projects, and have been able to achieve 1500 transactions per second, using RAFT; a consensus protocol known to the IT company of the well-established world of IT server clusters.

8. Yes Bank, India's fifth largest bank, published information on a PoC using smart contracts in a credit financing project for a specific large customer.

9. American Express has patented the use of blockchain in a customer loyalty program.

10. Visa has launched a pilot phase of the business-to-business payment platform called B2B Connect.

11. Mastercard offers its own blockchain platform with an API to fight counterfeit products. Many retailers are investing in similar solutions.

12. Stock exchanges, including those in London and Tel Aviv, are trying to use blockchain as the engine under the hood of their core business: securities trading.

13. The Australian Stock Exchange is reluctant to use the name “blockchain” to describe its PoC, perhaps because it wants its name not to be associated with the terms of the cryptocurrency/ICO and all the hype it may generate. However, they admit that the solution is based on a distributed ledger.

14. Nasdaq cannot be overlooked when it comes to being the leader among security exchanges in adopting blockchain technology: it developed its own platform called Linq, which is currently being tested by Citibank.

Pilot projects in the retail sector focus on supply chain management:

1. Alibaba uses blockchain technology to detect counterfeit products.

2. DeBeers applies the advantages of the blockchain platform to verify the origin of the diamonds it sells.

3. Walmart occupied a relevant space in the media by putting “Chinese pigs on blockchain”, using IBM's Hyperledger.

1. Verizon offers a data protection solution as a service, using a platform developed by a company called Guardtime, known for helping several high-profile enterprise PoCs.

2. Swisscom offers its Hyperledger platform as a cloud service, and offers associated consulting assistance.

3. British Telecom filed a patent to protect the actual transactions of the blockchain.

4. AT&T patented an automotive payment system.

5. Comcast created a patent to store data in a distributed blockchain database.

This sector is expected to use blockchain internally to settle payments between roaming partners. And also to manage the identities of your users. Operators are becoming accustomed to the role of providing blockchain-based solutions to others.

1. IBM and the Danish giant Maersk are seeking to replace the inefficient and non-transparent processes of paper in the global shipping business.

2. Hyperledger and its open source is used as a platform. And the final solution is also promised to be released as open source.

3. Maersk also met with EY and Microsoft, and built a marine insurance pilot, above the Azure cloud.

4. The Port of Rotterdam successfully launched several projects, ranging from classic maritime port logistics to decentralized energy payments.

1. Estonia has been using blockchain since 2012 for birth certificates, prescriptions and unemployment benefits.

2. Nigeria, Kenya and Ghana have hired blockchain specialists, such as Bitland, to develop property registration solutions that use the immutability attribute of blockchains to prevent corruption.

3. Sweden has also been working for some years now, where efficiency, speed and safety are cited as motivating factors.

4. The UK is testing the distribution of welfare payments using a GovCoin solution.

5. Russia from its Quantum Center has built a blockchain version that should withstand the attacks of future quantum computers.

6. Slovakia for the Tax Office announced a blockchain solution to distribute 2% income tax payments to non-profit organizations.

1. Airbus is implementing a number of technical cooperation programs, ranging from the verification of pilot licenses, security of supply chains to the distribution of ticket revenues.

2. Air France KLM is testing the management of service spare parts.

3. Lufthansa is developing a business-to-business travel application.

1. Volkswagen and Renault use blockchain technology to record the telemetry and service history of their vehicles.

2. Jaguar Land Rover is planning to invest in a new blockchain company called DOVU.

3. Toyota is developing its own insurance product that runs on immutable data containing the use of cars, but they are also working on an application to support car sharing.

4. Daimler Benz, the leader in exploring the potential of blockchain technology in the automotive industry, has acquired PayCash. That you have a micro-payment solution. In 2017, they even issued EUR 100 million worth of corporate bonds using a blockchain platform.

Apparently, most Fortune 500 companies seem to be testing blockchain technology in some way. Next year, in 2019, we should be seeing the first big adoptions in the real world. Financial services are probably the pioneers of widespread commercial use, as they started first with prototyping and seem to have the most experience and requirements.

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