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Numerous Companies Prove Blockchain Momentum Is Growing In Europe

A number of leading companies in Europe are proving that blockchain momentum is growing across multiple industries.

Spanish telecommunications group Telefónica, Finnish retail cooperative S-Group, and the Central Bank of the Republic of Azerbaijan are all innovating with blockchain technology.

In fact, several projects have gone from proof of concept to production environments, with IBM Blockchain leading the way as partner of choice.

According to the IDC, “blockchain spending in Europe is now growing faster than anywhere else. In 2018 and 2019, the region will connect for an 81% compound annual growth rate through 20222 to achieve $2.9 billion in spending.”

 

Why blockchain technology is a perfect fit for enterprise

Seeing as blockchain is a distributed ledger technology, which establishes an immutable record of every transaction and gives trusted parties access to shared data in real time, it is ideally suited to large networks of disparate partners.

Therefore, when you apply blockchain to various business processes, individual parties are empowered to collaborate together without compromising details, privacy or confidentiality.

This is something IBM’s Blockchain business delivers to more than 500 projects globally. With the ability to convene broad groups of network participants and embrace a collaborative platform approach to blockchain adoption, businesses are enjoying greater trust and transparency.

“From large enterprises to start-ups, across multiple industries, businesses across Europe are selecting IBM Blockchain,” said Andrew Darley, IBM Blockchain Platform Leader, Europe.

“Clients are attracted by the production-readiness of the IBM Blockchain Platform, allowing them to run highly secure networks in any environment of their choosing, on premise, via IBM Cloud, or an increasing number of other industry cloud providers.”

 

Success stories

 

  • Telefónica

Telefónica and IBM have been working together to help solve a major challenge faced by telecommunications companies – the management of international mobile phone call traffic.

The solution aims to resolve the veracity and traceability of information generated by the different networks of the operators in real time. It does so by routing international calls to a decentralised platform, to which all the operators that intervene in the process have access.

As a result, there’s been a significant reduction in fraudulent behaviours and discrepancies between the information recorded by each operator.

  • Finnish retail cooperative S-Group

In order to improve the customer experience, S-Group is using IBM Blockchain technology to test its pike-perch radar solution.

By using the QR code on a packet of “Kotimaista-kuhafile” fish, customers are able to trace a fillet of pike or perch back to its home waters. This functionality is also available on a tracking website.

  • The Central Bank of the Republic of Azerbaijan

The Central Bank of the Republic of Azerbaijan’s foray into blockchain is a Digital Identification System based on the Linux Foundation’s Hyperledger Fabric framework, which is underscored by IBM’s deep blockchain and industry expertise.

The system aims to verify the reliability of documents related to both individuals and legal entities for use with banks, credit providers, and similar organisations.

Available to both clients and credit organisations serving citizens of Azerbaijan, it will simplify and automate the “Know Your Customer” validation process.

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