Quant Network’s Overledger: Part Eight — Enabling Enterprise Mass Adoption

Existing Adoption

DAPPs are still in very early stages of development and for those few that have a small amount of daily users consist mainly of Gambling and Gaming DAPPs. Over 90% of dApps had no volume / users according to data from dAppRadar. So, some might question is Blockchain just a load of Hype?

Enterprise Adoption

It’s Enterprises that is going to be the biggest driver of Blockchain adoption. Forbes recently released their list of 50 Enterprises with minimum revenues or valuations of $1 billion, and U.S. operation and that are currently leading the way in adapting decentralized ledgers to their operating needs.

Permissionless vs Permissioned Blockckchains

Permissionless Blockchains — Also known as Public blockchains, these you will likely be most familiar with where anyone can access and interact with the blockchain and consensus mechanisms such as proof of work and proof of stake are used. Anybody can run a node, view transactions on the blockchain. A gas fee is charged via a token. Examples include Bitcoin, Ethereum, IOTA etc.

Analysing the Forbes 50 Blockchain list

Blockdata did a post analysing the Forbes list which can be seen here

What’s most interesting is that nearly all of the Forbes 50 blockchain companies are using multiple blockchain platforms and Quant Network’s Overledger is the only interoperability solution that can connect to Ethereum, Hyperledger, Corda, Quorum, Bitcoin, Ripple and IOTA today.

Hyperledger

Hyperledger is very popular with enterprises with half of the Forbes 50 list using Hyperledger. It consists of many frameworks and Hyperledger Quilt is their tool that provides interoperability.

Barriers to further investment

Deloitte’s 2018 global blockchain survey of more than 1,000 blockchain-savvy executives globally of companies with at least $500 million turnover is a leading indicator of where blockchain is headed. While blockchain is not quite ready for primetime, it is getting closer to its breakout moment every day.

Regulatory Issues:

GDPR Compliant — Overledger complies with GDPR regulation as only Hashes are stored on the blockchain rather than personally identifiable information

Implementation — Replacing or adopting to legacy system

There is no need to replace or change existing systems to be able to connect to Blockchains. Overledger greatly simplifies this by presenting an API to connect to and all that is needed to connect your existing legacy systems is 3 lines of code.

Potential security threats

There isn’t another blockchain team that has as much security experience as Quant. Gilbert the CEO whilst Chief Information Security Officer (CISO) for Vocalink (Mastercard) was responsible for the security for all the payments in the UK, £6 Trillion per year done through Pay.UK. They have recently been made a Guarantor for Pay.UK as well as appointed the Cybersecurity Advisory board to help advise and guide the security strategy going forward.

Uncertain ROI

It’s still very early days in the blockchain space and enterprises and it’s not clear which of the blockchains are going to succeed and which will fail. As a result, enterprises are obviously cautious about spending millions on a project for a blockchain only to be locked into a particular blockchain with the risk that there are better blockchains available at a later stage or in the event of a hack that compromises the blockchain, resulting in not being able to offer service to their customers which is unacceptable.

Lack of in-house skills/understanding

Running a Node and integrating with the blockchain is not easy (even for an advanced user) and is the main reason that services such as Infura gained a lot of popularity as they provide a simple way via API for developers to connect their DAPPs to so that they can interact with the blockchain using Infura’s Ethereum Nodes rather than running a node themselves. Never heard of Infura? A couple of DAPPs that use their service are Metamask, MyCrypto wallet and Cryptokitties

Technology is unproven

Overledger is not a blockchain and the technology utilises scalable, stable, secure and proven technology based on a microservices architecture across multiple Public and Private Clouds.

Concerns over sensitivity of competitive information

Permissioned blockchains are going to play an important role for privacy and Overledger is able to connect to all of the leading permissioned blockchains as well as public blockchains.

US Expansion

With the recent expansion to the US to meet client demand and the appointment of Guy Dietrich, Managing Director of Rockefeller Capital (which manages £18.4 Billion in assets for clients) joining Quant Network’s Board of Directors to further expand into the US market.

Consensus 2019

Quant Network are sponsors for the upcoming Consensus event on the May 13th — 15th and are holding events for clients as well as sessions for attendies of the conference to learn more about Overledger. you can find out more about these sessions here and they have a large suite on the 4th Floor.

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DLT Enthusiast and Writer. Interoperability is key for DLT to achieve its true potential. Avalanche $AVAX