Bitfury Draws Billion-Dollar Businesses To The Bitcoin Blockchain. Here's Why

Bitfury Draws Billion-Dollar Businesses To The Bitcoin Blockchain. Here's Why

Enterprises that leverage blockchain technology have become a defining characteristic of 2019. As Facebook continues to make headlines for its Libra blockchain project, fifty companies worth over a billion dollars are pioneering the current enterprise blockchain landscape.

Interestingly, over half the companies listed on the Forbes 50 Enterprise Blockchain list are powered by Hyperledger, the open source collaborative effort hosted by the Linux Foundation. Yet while Hyperledger and Ethereum have become a standard for corporate blockchain projects, some enterprises are tapping into the Bitcoin blockchain to ensure unprecedented levels of trust, security and transparency.

Bitcoin: More Than A Cryptocurrency

While Bitcoin is best known for being a decentralized digital currency, the Bitfury Group recognized the potential in leveraging the Bitcoin blockchain when developing Exonum, their asset-management blockchain framework.

Leveraging the Bitcoin blockchain was one of the core things we were thinking about when developing Exonum three years ago,” Gleb Palienko, head of Exonum, told me. “We saw that there were different market demands at that time, yet there were not many platforms in place, aside from Ethereum and Hyperledger. We first developed an enterprise government platform that was permissioned. However, we understood that governments and enterprises wouldn’t want to use a public blockchain, but they would still want the benefits of one, such as data immutability.”

Understanding the potential that a public blockchain could bring to the enterprise in terms of security was a driving factor in the creation of Exonum.

“When designing Exonum, we wanted to ensure the immutability level of a public blockchain, and bitcoin is the most secure public blockchain out there,” explained Palienko.

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