How blockchain is emerging as a core building block

Bitcoin is an example of blockchain. Photo by Dan Kitwood/Getty Images

Blockchain technology seems to warrant our attention. Once seemingly confined to cryptocurrency, today blockchain is relevant to entities across many industries. It is even enabling some longstanding competitors to collaborate for mutual benefit. With applications that seem endless and enriching, blockchain may require consideration by companies and potential regulatory oversight by governments.

So, what is blockchain? In its simplest form, it's a way of storing and sharing digital information without an intermediary. Once the data is recorded, it can't be changed, and users can access it anonymously. The most well-known use of blockchain is probably bitcoin, a digital currency. However, there are many other uses for blockchain, such as tracking loyalty points and allowing people to pay for purchases using virtual wallets.

For Deloitte's 2019 Global Blockchain Survey, Deloitte's independent research team interviewed 1,386 senior executives from companies that use or may consider using blockchain, and employees from 31 companies that facilitate blockchain use. Fifty-six percent of survey respondents believe that blockchain is no longer a theoretical concept, but a technology that companies should consider using to keep pace with their competitors.

Houston innovating with blockchain
As an InnovationMap article notes, multiple Houston companies are embracing blockchain. Iownit.us has developed a platform for digital private securities, providing an easier ongoing connection between companies and their investors. Data Gumbo is using blockchain to create smart contracts between businesses in the energy industry. Social Chain allows individuals (rather than social networks) to earn money when their personal data is sold to marketers. Another Houston company, Topl, has six platforms to provide supply chain information — e.g., in agriculture, tracking food products from farm to shelves. Houston innovators have formed the Houston Blockchain Alliance, a blockchain networking group that meets regularly to discuss opportunities.

Beyond cryptocurrency
Now that the focus is no longer on if blockchain will work, but how, business leaders are faced with the challenge of incorporating it into their business models. Deloitte's 2019 Global Blockchain Survey states, "executives should no longer ask a single question about blockchain but, rather, a broad set of questions reflecting the role blockchain can play within their organizations." These questions address topics ranging from how blockchain is expected to change industries to what the organizations' "blockchain blind spots" are.

Collaborating with competitors
Blockchain is usually not organized and run by a single entity. For optimal effectiveness when using blockchain, some companies may opt to join a consortium, which as the InnovationMap article states, allows companies to come "together with others in [their] horizontal or vertical ecosystem, in common purpose." Consortia members must agree on their goals, governance, funding, intellectual property ownership, and more. Despite these challenges, 92 percent of survey respondents are either already consortium members or plan to join one within the next year.

Conclusion
The future of blockchain appears bright. This technology is no longer a vision, but a reality — one that companies and countries should consider implementing as technology becomes more and more relevant across industries and around the world.

---

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Ad Placement 300x100

Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

4 Houston innovators join prestigious group of inventors as senior members

top honor

Houston is home to four new senior members of the National Academy of Inventors.

To be eligible to be an NAI Senior Member, candidates must be active faculty, scientists and administrators from NAI member institutions that have demonstrated innovation and produced technologies that have “brought, or aspire to bring, real impact on the welfare of society,” according to the NAI. The members have also succeeded in patents, licensing and commercialization, and educating and mentoring.

The University of Houston announced that three professors were selected to join the prestigious NAI list of senior members. UH now has 39 faculty members on the NAI list.

“We congratulate these three esteemed colleagues on being named NAI Senior Members,” Ramanan Krishnamoorti, vice president for energy and innovation at UH, said in a news release. “This recognition is a testament to their dedication, research excellence and pursuit of real-world impact by knowledge and technologies. Their achievements continue to elevate the University as a leader in innovation and entrepreneurship.”

UH’s new senior members include:

Birol Dindoruk, the American Association of Drilling Engineers Endowed Professor of Petroleum Engineering and Chemical and Biomolecular Engineering at the Cullen College of Engineering. He is known for his research in carbon capture and storage, fluid-rock interactions and hydrogen storage. He holds three patents.
Megan Robertson, the Neal R. Amundson professor of chemical and biomolecular engineering at UH’s Cullen College of Engineering. She is developing new polymers and groundbreaking strategies for recycling and reusing plastics. Robertson currently has three patents and two more patent applications pending.
Francisco Robles Hernandez, a professor of mechanical engineering technology at the UH College of Technology. He holds four patents, and several others are under review. His work focuses on carbon materials, including pioneering work with graphene and designs with steel and aluminum used in automotives and railroads.

“As an inventor, this is one of the highest honors you can be awarded, so I am very proud to receive it,” Robles Hernandez said in a news release. “UH has been instrumental in supporting my research and innovation efforts, but it’s the creativity of the students here that makes it successful.”

Allison Post, associate director of electrophysiology research and innovations and manager of innovation partnerships at the Texas Heart Institute at Baylor College of Medicine, also made the list.

Post was recognized for her work in biomedical engineering and commitment to advancing cardiovascular care through innovations. Post is the youngest member to be inducted this year.

Other notable Texas honorees include Emma Fan from the University of Texas, Arum Han from Texas A&M and Panos Shiakolas at UT Arlington.

In 2024, Edward Ratner, a computer information systems lecturer in the Department of Information Science Technology at the University of Houston’s Cullen College of Engineering, and Omid Veiseh, a bioengineer at Rice University and director of the Biotech Launch Pad, were named NAI fellows.

The Senior Member Induction Ceremony will honor the 2025 class at NAI’s Annual Conference June 23-26 in Atlanta, Georgia.

Plans revealed for $2 billion expansion of Houston convention district

coming soon

Mayor John Whitmire and Houston First Corporation shared a new master plan for the George R. Brown Convention Center and its surrounding area last week. The plan features expanded exhibition space, a living roof, a pedestrian plaza with access to Toyota Center and more.

The project will be funded by the state’s portion of incremental Hotel Occupancy Tax revenue growth within a three-mile radius of the GRB for 30 years, which is estimated to total about $2 billion, according to a release from Houston First.

The first phase of the project, which is slated to be completed by 2028, will focus on developing a 700,000-square-foot convention facility known as GRB South.

GRB South will feature:

Two exhibition halls, totaling 150,000 square feet
A 50,000-square-foot multipurpose hall that opens to the new Central Plaza
The 100,000-square-foot Central Plaza, an extension of the Avenida Plaza that will connect to Discovery Green and Toyota Center
Atrium flex hall totaling 25,000 square feet
225,000 square feet of contiguous exhibit space
A 60,000-80,000-square-foot ballroom
Ground-level spaces for retail and restaurants
A central atrium, providing each level with natural light

The design of the space is inspired by the Houston area's native prairies and will use low-carbon materials, high-efficiency building systems with rainwater collection and water-reduction strategies. A living roof on top of the GRB South will also have the potential for solar integration.

"It is imperative for us to stay competitive and meet the needs of our meetings and convention customers,” Michael Heckman, president and CEO of Houston First, said in the release. “This project will not only accomplish that but will establish a gathering space that will be the epicenter for entertainment, sports, and city-wide events, accentuating our ability to capitalize on Houston's unique offerings.”

The full campus renovation is expected to wrap in 2038, and construction will be managed in phases. Houston First reports that construction should not impact events currently scheduled as GRB.

“This project is truly transformative for downtown Houston, a lasting legacy that will solidify our position as a top-tier convention and entertainment destination,” Mayor John Whitmire said in the release. “Most importantly, we are creating a space that will build community, foster connection, and shape the future of Houston.”

Explore renderings of the plans below.

Rendering courtesy Houston First.

Tech company floats plan for futuristic shipyard on Texas Gulf Coast

Anchors Away

Armed with $600 million in fresh funding, Austin-based Saronic Technologies has set its sights on building a shipyard for producing remotely operated military vessels — and the futuristic shipyard could be located along the Texas Gulf Coast.

The shipyard, dubbed Port Alpha, would manufacture unstaffed midsize and large Navy ships known as “maritime drones.” Defense Newsreported that Texas — with the Gulf Coast being a prime target — is among the places under consideration for the shipyard. A timeline for construction of the shipyard hasn’t been set, and a cost estimate for the project hasn’t been revealed.

“A core principle of Saronic is that we design our vessels for autonomy from the keel up,” Saronic co-founder and CEO Dino Mavrookas, a former Navy SEAL, says in a news release. “We will take the same approach with Port Alpha, designing a shipyard from the ground up to produce at a speed and scale not seen since World War II.”

Saronic says Port Alpha would boost the U.S. shipbuilding industry, which is practically nonexistent. Consulting giant McKinsey & Co. reported in 2024 that the U.S. has gone from building about 5 percent of the world’s ocean-going ships in the 1970s to about 0.2 percent today. China, Japan, and South Korea now dominate global shipbuilding.

“The last years have seen a degradation in the capacity for the United States to build ships and to manufacture core needs of the country. I am excited to back Saronic and its focus on revitalizing shipbuilding in America, while also building products to defend those interests,” says investor and tech entrepreneur Elad Gil, who led the $600 million funding round.

The $600 million round, announced February 18, pushes the value of Saronic to $4 billion. Investors in Saronic, founded in 2022, include Gil, General Catalyst, a16z, Caffeinated Capital, and 8VC.

Last year, Saronic raised $175 million from investors, lifting the company’s value to $1 billion. In 2023, the startup collected $55 million from investors.

In the past three years, Saronic has focused on manufacturing three small remotely controlled vessels, or “maritime drones,” for the Navy: the six-foot-long Spyglass, 14-foot-long Cutlass, and 24-foot-long Corsair. Port Alpha would specialize in much bigger remotely controlled ships for the Navy. The Navy has expressed interest in assembling a modern fleet that combines staffed and unstaffed vessels.

Saronic’s nearly 420,000-square-foot factory in Austin manufactures the Spyglass, Cutlass and Corsair boats.

“The velocity and economics of warfare have fundamentally evolved, and several of our own team have witnessed firsthand how unmanned systems became true force multipliers in Afghanistan and in other theaters of conflict,” says Paul Kwan, managing director of General Catalyst.

---

This story originally was published on our sister site CultureMap Austin.

View All Listings

INNOVATIONMAP EMAILS ARE AWESOME