Institutional-grade solutions are being made possible by blockchain technology: Blockchain Expo Europe

Blockchain is not a trendy buzzword anymore. At Blockchain Expo Europe 2022, Amsterdam, meaningful and fully-working programs and pilots will be on display.

A number of major companies across a range of industries began to investigate how blockchain technology could be used in order to improve products and processes before the COVID-19 pandemic.

Two years of social isolation and working at home has paid off. These interesting updates are from large corporations that use blockchain technology.

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Blockchain-powered solutions are being used in a variety of industries, including business consulting, healthcare, pharmaceuticals, and the energy sector. They have all proven to be useful and effective and seem to have the potential for achieving the wide range of utility promised by this emerging technology.

Asian trade was present at the event and had the opportunity to meet with several speakers who shared their experiences using technology to promote innovation.

EY, a global business consulting company, has worked hard over the past three-years to develop enterprise-grade Blockchain capabilities. Federico De Poli, the head of global development for EY OpsChain functionality explained how the company had spent more than $100 million in the last three years to build a fully functioning product solution.

It has been crucial to encourage enterprise adoption. This includes helping clients navigate the new environment, creating privacy tools that are focused on safety, and helping companies run business processes using the Ethereum blockchain.

De Poli explained that the company’s EY Opschain (the company’s proprietary tool) and EY Blockchain Anazer (the company’s main tools for using blockchain technology are EY Opschain, EY Blockchain Anazer).

Opschain products are our business portfolio of products. Traceability is the most important tool we have, and it is currently being used by multiple clients from different industries. A contract manager is currently being tested in the first trial. It’s a tool that allows us to do digital contracting between different parties.

EY’s public Finance Manager allows governments to track funds spent, which proves the widespread adoption of blockchain solutions.

The RAI Amsterdam Convention Center was attended by pharmaceutical and healthcare companies. Alex Popa (associate director of Blockchain for Pharma Supply Excellence MSD (Merck), described a pilot designed to address problems in multifaceted healthcare networks.

Blockchain technology offers practical solutions to the problems of vulnerable, expensive and inefficient systems. MSD conducted a pilot project to address a problem in the industry and to counter counterfeit drugs. This pilot allowed patients in Hong Kong access to Hyperledger Fabric to verify that medicines were authentic from their source.

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Jessica Lee, Head of Blockchain at Johnson & Johnson Janssen Commercial North America, presented a piloted case for a value-based healthcare network to share data securely, transparently and privately using blockchain technology.

Sabine Brink, Blockchain Lead at Shell, presented a captivating presentation on digital innovation within the energy sector. One of the key points was the increasing use blockchain technology to improve transparency in energy.

The company is involved in several blockchain-powered projects that are deployed on public blockchains. This addresses a long-standing tendency for the energy sector’s work to be in silos. Shell’s support for Avelia, an aviation fuel tracing platform that uses blockchain technology to decarbonize air travel, was a highlight.

Avelia, which outlines that 90% of airline emissions can be attributed to business travel, acts as sustainability as a product for corporate flyers as well as airlines to book and claim sustainable aviation fuel.

“Energy is becoming more distributed and decentralized. It’s difficult to imagine that it’s being managed in a centralized way.” Blockchain plays a major role in enabling global energy production.

Conference delegates and speakers spoke out about the obvious progress made in creating working blockchain solutions for all industries. Mainstream companies are working to develop new uses for blockchain-based solutions and applications. The technology is driving innovation in all industries.