While the price of Bitcoin (BTC) continues to reach record-breaking all-time highs, the hype around enterprise blockchain adoption may seem like it’s dwindling.
Enterprise blockchain started gaining traction in 2017 when Bitcoin’s price hit a high of nearly $20,000. It was during this time that blue-chip companies, such as IBM, JP Morgan and Walmart, announced plans to incorporate blockchain networks into business processes like supply chain management. A number of innovative startups also began building their own blockchain networks for enterprise use.
One of these startups was Insolar, a company founded in 2018 with the aim of bringing transparent and efficient business networks to enterprises through blockchain systems. Peter Fedchenkov, chief revenue officer and co-founder of Insolar, told Cointelegraph that the company initially began as an Ethereum ERC-20 token intended to power a decentralized grocery marketplace. Fedchenkov, however, realized that the Ethereum blockchain was incapable of facilitating this project, so the company transitioned to enterprise blockchain development.