An Overview of Enterprise Blockchain Projects

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Blockchain is being used by businesses more than you may think! I've compiled an interesting list of enterprise blockchain initiatives that you might have missed. An ecosystem overview of businesses using blockchain. 🧵

Companies have started to adopt blockchain to facilitate transactional and informational communication between each other and with their customers. Ranging from finance to supply chain to rewards programs, the adoption has been wide ranging.

@jpmorgan #ProjectOnyx: Formed in 2020, Project #Onyx is the bank's main venture into the digital asset space. Let's see what they have to offer... jpmorgan.com/onyx

This initiative is #JPMorgan's multi-pronged approach to enter the industry. They offer four main services: 1) Liink 2) Coin Systems 3) Onyx Digital Assets 4) Blockchain Launch

Liink: Enabling institutions to exchange payment-related information quickly and securely. This is done through four applications: Confirm, Check Match, Route Logic and Resolve. Essentially, Liink is a service for companies to improve their payment process.

Coin Systems: Addressing the challenges of cross border payments and simplify client liquidity funding with JPM Coin. With JPM Coin, clients will be able to make programmable, real-time, multi-currency payments using multi-bank shared ledgers.

Yes, you read that right, JPM Coin. What is it? It's a basically a permissioned payment rail that allows JPM clients to deposit USD with the bank and take advantage of asset tokenization to transfer the money quickly "on-chain". Wait until they find out about stablecoins.

Onyx Digital Assets: An "enterprise-grade, blockchain-based platform for financial institutions [...] to tokenize and facilitate the exchange of assets for value in real-time with vetted network participants]. So... a corporate sandbox...

Here is an outline of the services their "blockchain" offers:

Other banks like @BNPParibas have collaborated with JPM with their Digital Assets platform as explained in the article below: thetradenews.com/bnp-paribas-joins-jp-morgans-onyx-blockchain-as-it-ramps-up-digital-assets-play/

Blockchain Launch: JPM will build custom blockchain solutions for corporate clients. They included quite a few buzzwords like digital identity, native digital assets, renewable energy, robotics, DeFi and IoT. Curious to see what projects will be developed by this program.

They have even released an Onyx Lounge in @decentraland, for what it's worth. Things like this make me miss the lunacy of the bull market...

A lot of JPM's Project Onyx is trying to reinvent the wheel when it comes to crypto, but their intentions seem good. They appear to be opening up to leveraging existing public blockchains for their other projects which is promising for the future of enterprise blockchain.

More information of JPM's blockchain efforts with cross-border payments can be found in this @Blockworks_ article: blockworks.co/news/deposit-tokens-stablecoins-defi-jpmorgan

JPMorgan Project Guardian is the bank's other initiative in the crypto space. JPM took one step deeper into the crypto space with this project.

JPM conducted the first cross-border transaction on DeFi by a bank. This pilot project was to prove the potential of DeFi in TradFi.

In November 2022, DBS (Singaporean bank) and SBI Digital Assets Holdings (Tokyo-based) collaborated with JPM. They conducted a forex and government bond transaction against liquidity pools made up of Singapore Gov security bonds, Japanese gov bonds, JPY and SGD.

What's cool is that this transaction was done on the @0xPolygon network with a fork of @AaveAave! 🤯👻

More information on Project Guardian here: benzinga.com/markets/asia/22/11/29552324/jpmorgan-executes-first-defi-transaction-for-singapores-project-guardian

EY (Big 4 accounting firm) has created a privacy-focused rollup called #Nightfall lead by @pbrody. This rollup is meant for enterprises to communicate with each other cheaply and with the privacy settings they need.

Nightfall is an optimistic rollup built on top of Polygon, using ZK-proofs to keep transactions private.

The project has three parts to it: 1) Nightfall: The transactional platform that allows enterprises to mint, move and burn assets privately. Nightfall is not a full EVM implementation.

2) Starlight: A companion app that takes a Solidity smart contract, identifies what you want to make private, and compiles it into a ZK knowledge circuit.

3) Starfall: Allows you to take business logic from Starlight and allows you to make transfers in Nightfall.

The GitHub repository with links to the whitepaper and other information can be found here: github.com/EYBlockchain/nightfall

Polygon has also made a thread with the announcement, going over some details that are not covered in this thread. twitter.com/0xPolygon/status/1437881362887946251

@WalmartCanada partnered up with @DLTLabs to improve the efficiency of their freight truck network.

TLDR: Walmart Canada used @Hyperledger Fabric's open source platform to build a private blockchain. Using this network decreased the amount of invoices with discrepancies from 70% to less than 1%.

They launched the pilot program in January 2019, and rolled it out to its 69 other carriers in March of 2021. More information here: hbr.org/2022/01/how-walmart-canada-uses-blockchain-to-solve-supply-chain-challenges

@Starbucks Odyssey: $SBUX's entry into the digital collectibles market. @0xPolygon

Starbucks' customer experience and rewards program is touted as best in the industry. They've taken their successful program to the next level by leaping into the cryptoverse.

Launching on the @0xPolygon $MATIC blockchain, Starbucks has built an NFT-driven customer journey. But non-crypto people HATE NFTs! Not if they call these NFTs "stamps" apparently.

If you want to see what the experience looks like in-app, @KyleSamani posted a walkthrough of the beta in his thread: twitter.com/KyleSamani/status/1618077495802331142?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1618077497056440323%7Ctwgr%5E24647e684b246dab4e14504e27ddb8d02004fa6b%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fdecrypt.co%2F121552%2Fstarbucks-polygon-nfts-already-selling-thousands

Here's an example of their one of 5000 "Holiday Cheer Edition 1 Stamp". (image taken from @niftygateway)

The project went live in December and there's already a hot market for it! People really will do anything for a (digital) frappuccino. decrypt.co/121552/starbucks-polygon-nfts-already-selling-thousands

@Reddit has also bit into the NFT forbidden fruit with their "Collectible Avatars"!

This has been covered quite extensively so I'll link a thread (by @echoi333) that covers this initiative if you're interested in reading into it further: twitter.com/echoi333/status/1584556331352072193

TLDR: Reddit has enabled users to open a Vault with their account (a crypto wallet), where the users can mint collectible limited edition (and open edition) avatars to customize their profile. The NFTs are minted on Polygon.

You were able to mint a Superbowl collectible avatar for free last week!

@Twitter and @Meta have both integrated NFT profile pictures into their platforms, and @instagram now allows users to tag and verify NFTs that they post on their page.

@Microsoft @Xbox partnered with EY to improve their royalty payment system using blockchain technology. If you're interested in learning more about that, I covered it in my last thread: twitter.com/OvrCldJonny/status/1625486054349479938

There is a clear interest in blockchain technology among some of the largest corporations in the world. It's now a matter of whether they will embrace the decentralization that crypto has to offer.

Companies seem to be favouring @0xPolygon ($MATIC) as their chain to build on. Would be interesting to dig deeper on the protocol's business development tactics to understand how they are able to attract so many companies to their chain.

We're already starting to see hints at this with some of the more recent initiatives, let's hope that trend continues, as it will bring lots of adoption (including retail) to cryptocurrencies in the future!

If you're curious what enterprises are looking for in blockchain tech and how the future of that looks like, be sure to check out my previous thread on the subject: twitter.com/OvrCldJonny/status/1625486030098014209

There are many other enterprise blockchain projects that were not covered in this thread. If you know of any that you'd like me to cover, be sure to let me know in the comments and I'll try my best to cover it!

Be sure to follow these CT gigabrains: @_FabianHD @schizoxbt @CryptoDragonite @pt1mfv_ @rektdiomedes @H1veDAO and @jacobrizzuto @Chinchillah_ @arndxt_xo @0xsurferboy @0xShinChannn @Slappjakke @DeFiMinty @CryptoShiro_ @cryptoswag123 @defi_mochi

Next week... stablecoins!