Will corporations ever adopt blockchain technology?
Short answer: YES, they already do.
The long answer: YES, but with public blockchains, in particular, they will do so cautiously and with an experimental mindset. In most cases, corporations will consider adopting blockchain technology for internal processes.
Even though corporations are open to using blockchain technology they are reluctant to use public blockchains. Why? It is rather simple, actually. One of the advantages of public blockchains is also one of the primary reasons why some corporations would prefer to steer clear from this technology, it boils down to transparency!
A public blockchain is a database with multiple use cases, for example, supply chain, accounting book, payment network, and customer and supplier contact network.
As a business, do you really want your competition to see this? Do you want them to see your cards? Do you want them to know your every move, every transaction? Do you want hackers to know where your funds are, who held them, and who has the keys to your most crucial wallets?
Of course not, … so you will use a private blockchain instead, right?
Now If you were using a private blockchain and you wanted to connect with your partners or company branches without sharing the same network, you would need to use a bridge. Whilst bridges are rather useful, especially in the DeFi space. However, they have proven to be a huge security risk. Bridges essentially create a potential point of failure within a network. This security vulnerability is often exploited by bad actors. The majority of crypto hacks recently have taken place on bridges. (article on bridges)
Surely, there has to be a better solution.
What if there was a solution that can connect multiple projects, public and private layers, DeFi with Metaverse, governments with corporations as well as the ability to implement pre-defined privacy rights, all in one layer?
A solution that can connect a comprehensive corporate structure with a DAO on another side of the world without leaking private information. Smoothly communicate without an intermediary and is able to join an infinite amount of projects, again, all in one layer.
Seems too good to be true or even only a dream. Perhaps, in the past, this would be a dream but welcome to the future! Welcome to BusyXChain!
