Blockchain is no longer a buzzword thrown around by mainstream institutions, as meaningful and fully operational pilots and programs stand out at the European Blockchain Expo 2022 in Amsterdam.
Before the Covid-19 pandemic, some mainstream companies from various industries began to explore how blockchain technology could be used to improve processes and products.
After two years of social distancing and working from home, the time has come to reap the seeds and fruits, as evidenced by some interesting updates from major companies leveraging blockchain technology.
Business consulting, healthcare and pharmaceuticals, and the energy industry are all offering viable, blockchain-powered solutions that seem to demonstrate the broad range of uses the emerging technology promises.
Cointelegraph attended the event and managed to connect with a number of speakers who showed how their companies are using the technology to drive innovation.
Global business consulting firm Ernst & Young has been working hard to build enterprise-level blockchain capabilities for the past three years. Federico De Poli, who is responsible for the global development of EY OpsChain capabilities, outlines how the company has spent more than $100 million over the past three years to build a complete working product solution.
Driving enterprise adoption has been key, helping customers navigate new environments, building security-focused privacy tools and helping companies run business processes on the Ethereum blockchain.
As De Poli explained, the company’s proprietary EY Opschain and EY Blockchain Analyzer are the two main tools for working with blockchain technology.
“The Opschain product is our business suite product. We have traceability, which is our most used tool and is used in production by multiple customers in different industries. We have a contract manager and it is being used in the first trial — it’s a tool that helps us with digital contracts between parties.”
EY’s public finance manager also allows governments to track capital expenditures, demonstrating the widespread availability of blockchain solutions.
Healthcare and pharmaceutical companies also attended the RAI Amsterdam Conference Centre. Alex Popa, associate director of blockchain excellence for pharmaceutical supply at Merck, outlined a pilot project aimed at addressing multifaceted healthcare networking issues.
Plagued by expensive, inefficient and vulnerable systems, blockchain technology offers practical solutions to these problems. MSD launched a pilot to combat a vexing industry problem – counterfeit medicines, using Hyperledger Fabric to allow patients in Hong Kong to verify the authenticity of medicines from the source.
Jessica Lee, blockchain lead for Janssen Commercial North America at Johnson & Johnson, also demonstrated a pilot use case for a value-based healthcare system that uses blockchain technology to share data privately, securely and transparently.
Shell blockchain lead Sabine Brink delivered a compelling presentation focusing on digital innovation in the energy sector. A key takeaway is the increasing use of blockchain technology to improve energy transparency.
The company is involved in several blockchain-driven projects deployed on public blockchains to address the energy sector’s longstanding tendency to work in silos. A key highlight is Shell’s support of work on Avelia, a sustainable, blockchain-powered aviation fuel tracking aimed at decarbonizing air travel.
Avelia outlines that 90% of airline emissions can be attributed to business travel as a sustainable service offering for corporate flyers and airlines to book and claim sustainable aviation fuel.
“Energy is becoming decentralized and decentralized, and it’s hard to imagine it being coordinated in a centralized way. There’s no other way to do it on a global scale, and blockchain plays a huge role.”
Conversations with conference delegates and speakers highlighted the visible progress made in developing viable blockchain solutions across industries. The technology drives innovation across industries, and mainstream companies are doing what they can to drive new use cases and solutions for blockchain-based systems.