2019 is the year when the blockchain ecosystem and the crypto industry as a whole had to get sober. After a wild 2017 and a bear 2018, the blockchain space is back on an upwards trajectory with new developments. There are no more Initial Coin Offerings (ICOs) to distract the crypto ecosystem and the building mentality is back on. This post-ICO and post-useless-PR-partnerships age urges the blockchain community to be less focused on the current price of bitcoin and more focused on producing meaningful services and advancements. Big projects from established enterprises like Facebook Libra are taking all the media space now and this is net positive for the enterprise blockchain space as well.
The first half of this year was full of blockchain developments led by large enterprises in almost all important sectors, including insurance, financial services, supply chain, healthcare and trade finance.
There is a huge benefit in joining a specialized industry-focused blockchain consortium because you sit at the same table with your main competitors but at the same time you work toward the same goal. You are not alone in figuring out the benefits, implementations and roll-out of distributed ledger technologies. There is also a financial benefit when commonly building applications as sometimes the membership fee is lower than the cost of hiring and training blockchain developers. Some of the big names in leading blockchain consortia networks that have made significant progress so far in 2019 are:
The whole private consortia ecosystem is still in early development but the right mentality is there. We will see how the technology develops over time to support those formations. A popular approach might be a hybrid infrastructure, where consortium members interact with each other in a permissioned environment or a shard but eventually anchor to some public blockchain for audit and reference purposes.
From the enterprise blockchain technology perspective, this first half of 2019 was pretty interesting and the major blockchain platforms made progress in not only improving and maturing their services but releasing new products. The general sentiment has been to focus on privacy, consensus options and digital asset standardization in anticipation of the tokenization revolution.
2019 has proven to be a year when blockchain technology has gotten down to business. Going further from the wild early days of bitcoin and cryptocurrencies, blockchain is making large steps in nearly every industry, from insurance to pharmaceuticals to luxury goods. Backed by large enterprises, we saw the maturing of the underlying protocols and improvements in security and privacy aspects. There is still a lot to be done as the core blockchain infrastructure needs to mature enough to be prime-time ready, and like Q1 and Q2, the second half of 2019 is certain to be filled with new developments.
