The Ethereum network is listed as the most widely used blockchain by European companies, organizations and corporations in various sectors of society that are adopting blockchain technology as an ally for their development.
In a recent report by Enterprise Blockchain 2020, carried out by the European venture fund for blockchain Lead Block Partners, it was revealed that a large part of the companies that make up the financial, medical and energy services sectors are using the blockchain Ethereum as the core technology for its development and growth.
Ethereum Ethereum ranks second among the most widely used blockchains and cryptocurrencies worldwide. The design of this network is intended to allow the creation of an endless number of products that aim to change the way we see and appreciate the world. Firstly, Ethereum allows the creation and implementation of dApps (decentralized applications), smart contracts (smart contracts) and is the basis for most ecosystems DeFi that are currently being developed.
It is clear that Ethereum is a leading network for the development of new implementations and according to the LeadBlock Partners report, it is becoming the blockchain of choice for companies and startups that are starting out in the world of blockchain technology in the European region.
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Ethereum at the forefront of blockchain development in Europe
According to the report, the development and adoption of blockchain technology in Europe is growing steadily, and it is the networks of Ethereum, Hyperledger y Rope those at the forefront of this growth.
Although Europe remains far behind the current financial development in the United States regarding blockchain, companies and organizations in the region are implementing strategies to boost the growth and adoption of this technology within their spaces. According to LeadBlock Partners, Ethereum, Hyperledger and Corda represent 65% of the most used protocols by European startups and organizations based on blockchain. Likewise, LeadBlock Partners points out that Ethereum accounts for 27% of this development, and is positioned as the blockchain preferred by organizations to build and develop their services based on this network.
Source: LeadBlock Partners
According to the analysis carried out by the venture fund, the current market for these protocols remains competitive, yet Ethereum tops the list as the most widely used system by organizations to implement and develop their projects. Recall that Ethereum is a blockchain similar to Bitcoin, completely decentralized and autonomous but also capable of allowing the development of new applications, Tokens and more about its blockchain.
Hyperledger and Corda, the most used blockchain protocols after Ethereum
Hyperledger is a solution based on a private blockchain that was born as an alternative to solve some problems present within public blockchains, such as scalability and privacy. This platform was designed by The Linux Foundation, although there are a large number of projects and companies that are also behind its development, such as IBM, Cisco, Intel, JP Morgan, Wells Fargo, Telefónica, Among others.
The purpose of Hyperledger is to develop standards and protocols that enable the provision of technological services and solutions aimed at today's business world, such as storage systems, database registries, identity services and much more through a private blockchain.
Unlike Ethereum, in Hyperledger there is no cryptocurrency or token, nor is there any need to give incentives to miners or nodes for a job well done. As it is a private and business blockchain, Hyperledger only allows access to those users who are admitted or permitted by the rest of the participants, and in the event that the user acts incorrectly, the participants can simply remove the permission and prevent the user from connecting to the network again.
Moreover, Rope is another enterprise blockchain network designed by the software company R3 with the aim of offering a scalable, private, secure, stable and interoperable solution between the more than 45 firms and investors that the project has. Corda is a private blockchain specifically designed to develop financing areas. According to LeadBlock Partners, there are currently more than 150 companies that are building their application on Corda, a number that has more than doubled since the beginning of 2020.
Importance of technological development and blockchain in the world
In today’s era, technological development has become an essential and fundamental part of almost every area of our society. Now blockchain, with all its features and applications, has the potential to transform the way we transact goods and services. Blockchain can give a revitalizing twist to the way we “produce, own and consume data.”
This technology has the potential to meet the current needs of society around economic sovereignty, the creation of transparent and trustworthy systems, the sustainability of industries, and many other aspects. The decentralization and immutability offered by blockchain will allow for a positive and exceptional transformation in the way companies and organizations are managed. For this reason, new developing industries, especially the financial services, health and energy sectors, are implementing this technology in order to ensure fairer, more equitable and transparent management.
Blockchain in Europe
For LeadBlock Partners, the current economic crisis has been the impetus needed in the region to implement blockchain technology to a greater extent and in an accelerated manner. The current conditions experienced worldwide due to COVID-19 will lead Europe to become a leader in this developing industry. According to the report:
“Covid-19 will likely reinforce the structural need for economic sovereignty, supply chain resilience and industrial competitiveness, and we see blockchain technology as a very promising response to these mutations.”
Europe has a unique opportunity not only for developing companies to use blockchain, but also to create and foster research, study and development spaces that lead more organizations to adopt the technology and promote projects based on it. In addition, according to LeadBlock Partners, it is a good time to attract investors and financing companies that want to invest in this market that is still growing, as well as for governments and regulatory entities to learn about all the potential that blockchain can offer.
Although the report by LeadBlock Partners shows that a large portion of European investors still do not differentiate between blockchain and cryptocurrencies, it also points out that the constant growth in the adoption of this technology will educate and encourage more investors to participate in this technology. In fact, LeadBlock Partners shows a growing adoption of blockchain technology in various business environments in Europe.
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