With more developers than any other blockchain, the Ethereum platform is a popular and logical choice for businesses. As more giant corporations embrace the technology behind cryptocurrencies, there’s a notable preference for Ethereum. The network is becoming the backbone of a series of blockchain-based billion-dollar projects.
Among the top 50 companies integrating blockchain technology into their operations on the Forbes Blockchain 50 list, 32 have chosen the Ethereum platform. That’s excellent news for ETH investors and the blockchain industry as a whole.
Forbes cites International Data Corp, which estimates that companies and governments will spend more than $2.9 billion on blockchain technology this year. That’s an increase of 89% from 2018! Moreover, the sum is expected to reach $12.4 billion by 2022.
It appears that the efforts of developing open blockchain specifications supported by the Enterprise Ethereum Alliance are paying off. For now, the Ethereum platform holds the lion’s share of business development, followed by the IBM Blockchain, Hyperledger, and Bitcoin.
Check out these three huge names that are placing their bets on the Ethereum platform.
1) JP Morgan used the Ethereum platform to launch digital USD
The news that JP Morgan was planning to launch a cryptocurrency came out in February. The US bank and its partners created Quorum, an enterprise-focused version of the Ethereum platform, built especially for performing traditional back-office tasks.
JP Morgan was the first to develop and test a digital coin representing the USD. Its use is compulsory for almost-instant transactions between users who access the payments service.
Before blockchain, payments required a minimum of four transactions on interbank networks, all mediated by a central institution. But with so many touchpoints, the system is inefficient, vulnerable to cyber attacks, and prone to fraud.
What JP Morgan is aiming to achieve with the Ethereum platform is the transfer of tokenised fiat instantly and confidentially. The digital token that powers the network and speeds up payments between clients is called “JPM Coin”.
The bank is now expanding its blockchain initiative, with 220 banks throughout the Interbank Information Network also built on Quorum. Every day, JP Morgan moves some $6 trillion around the world. For now, only a small part of this money will be transferred using blockchain technology. However, that amount will certainly grow.
2) Amazon has turned to Ethereum as well
Amazon Web Services (AWS) has made the Ethereum platform the new open-blockchain standard after deciding to add it as an option for its Amazon Managed Blockchain. The retailer’s network doesn’t support Ethereum yet, but the new version will be launched this summer.
Amazon Managed Blockchain aims to help businesses that want to use blockchain technology for their operations but can’t or don’t want to develop it themselves.
The service was designed to support millions of transactions using Hyperledger Fabric and now Ethereum, without the need of a central authority. Companies in retail, finance, and even energy can execute contracts, share data, and perform transactions across multiple entities using the blockchain.
The company has chosen Ethereum for its flexibility and extensive developer community – key elements that enable a multitude of projects to be built on the Ethereum platform.
3) Microsoft Azure is built on top of Ethereum too
A leader in the software market, Microsoft has built its cloud storage platform, Azure, on top of the Ethereum platform. The blockchain-based service enables developers to connect and integrate various tools and services in one place, which offers significant benefits to global business operations.
Now, Microsoft is planning to build a series of additional Ethereum-based solutions for its clients on the cloud platform. Among the companies that could benefit from the successful collaboration between Microsoft and Ethereum, there’s at least one household name.
Starbucks is doing more than accepting cryptocurrency payments. The company is planning to track its coffee “from bean to cup” using Microsoft’s blockchain-based service.
This will allow the coffee giant to improve the transparency of its processes and provide clients with accurate details on where the coffee was sourced and roasted. They can also find out how the company supports farmers and their local businesses.
The takeaway
These three huge names are pretty impressive. But they’re just part of a long list of Ethereum’s billion-dollar partners.
The Ethereum platform has developed the largest ecosystem of cryptocurrency projects. Many companies have built their applications (dApps) on top of its blockchain. It’s also one of the few cryptocurrency projects to prove real-world adoption, making it attractive for investors.
With so many billion-dollar companies ready to partner with Ethereum, multiple Ethereum-based applications are being tested for a wide range of industries. That makes it the most built-upon blockchain to date.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.