The controversial role of Blockchain in enterprise blockchain has made it a controversial topic. One believes that blockchain enterprise use cases can bring about change in the smallest of enterprises that implement it, while the other believes that it is poisonous and will destroy all.
However, despite what the naysayers may say, Blockchain is moving from being a Proof of Concept to being a technology that helps businesses get more out of their base-level costs.
At this time, Blockchain has passed the point of inflection, and the focus is turning from the idea of blockchain tourism to the creation and use of commercial applications.
This is evident in the increasing number of companies looking to replace their systems with Blockchain. Below are the top few digital assets that the company has and the regulatory areas that will allow for the adoption of Blockchain in the enterprise.
Businesses are looking to replace their current processes with blockchain technology. They see a variety of benefits that Blockchain can bring to the enterprise ecosystem. In our Blockchain content for Entrepreneurs, you can read in detail about the many benefits we discussed.
What's An Enterprise Blockchain?
A permissioned blockchain, known as an enterprise blockchain, can be used to scale up business processes like tracking goods, concluding international trade, or exchanging digital data with other businesses. A group of encrypted, chronologically ordered entries (often referred to as blocks) that make up business blockchain technology can be utilized to consolidate data sources across disparate networks.
This permissioned ledger is usually only accessible to a select group of users. The business retains complete control over the users. Corporations believe that this type of ledger is better than a public blockchain network such as Bitcoin because they can limit who can access their data. Although blockchains can take many forms, they all share the same digital records that are used to record financial transactions between several entities.
Enterprise Blockchain Features You Must Know
The many blockchain features that can be used in enterprise ecosystems are a draw to many blockchain applications.
Here's what enterprises think about Blockchain startups and the benefits it has to offer.
What is causing the perceived benefits are the capabilities of the Blockchain that solve the weaknesses of businesses. We won't be overly enigmatic. Describe what we mean by this: How Blockchain works in the realm of business.
Decentralization in a peer-to-peer network
Is common to believe that all communication and compliance should be handled through one central route in an enterprise setup. The Blockchain of Things is a decentralized system that can be integrated into the business communications networks and compliance mix. This will allow your enterprise to not only bring all communication and compliances to a permission-tamper-proof system but also provide a way for the enterprise to operate in an unhackable system.
Quality and completeness are based on immutability
Blockchain works on an immutability mechanism that makes it impossible to alter what is once fed into the blocks. This makes accuracy and quality paramount.
In a traditional system, quality becomes a subject of much back and forth. In addition to causing delivery delays, this also yields results that fall short of expectations.
However, when an enterprise is under pressure to ensure that its data are not lost, it automatically increases the likelihood of quality maintenance and completeness of the information.
Transparency is the key to accountability
Blockchain makes everything transparent, which allows for a new level of responsibility in how employees and stakeholders behave in the business. Blockchain's transparency capabilities will revolutionize the future of transactions.
Cost-cutting is possible by linking
The most well-known benefit of blockchain technology in the enterprise is its ability to save money.
Blockchain's multiple offerings, including smart contracts, transparency, and decentralization, provide the enterprise world with significant cost-saving elements. They can save money on verification, track the genuinity, see the quality of services offered, etc.
The influence of blockchain features in an enterprise context has just been demonstrated, but this is only true until your business can demonstrate that the blockchain enterprise solution you have put in place is adequate. This idea is covered in our readable guide on creating blockchain applications.
Next, we will look at what makes a well-planned enterprise blockchain system.
What is a Good Blockchain Enterprise Solution?
The picture of Blockchain in the enterprise ecosystem versus in the public system is completely different. The differences can be seen not only in the Blockchain use cases within an enterprise ecosystem but also in the details that are required in terms of features and requirements.
The following are the requirements for an enterprise-level blockchain solution:
Privacy
The data can be viewed by anyone who has access to a public blockchain. Enterprise blockchain users can only access data and information if they adhere to certain rules and compliances.
It is essential that blockchain technology is used in permissioned ways to allow for the development of new use cases. When the technology is used in a business setting, it should allow only authorized stakeholders to view the information and not the entire world.
Security
While Enterprise Blockchain is closely linked to privacy policy terms, its security functionality is very different from the Public Blockchain system.
If the enterprise is involved, elements like Anti Money Laundering and Know Your Customer are essential.
Blockchain is a promising technology that can increase security and protect against hackers. However, when data and information are as sensitive as those used by businesses, it becomes nearly mandatory to add extra security to your business blockchain.
Throughput Times
There are two types of blockchain transactions: permissioned and public. The volume of transactions that occur every second is different between the two. Public Blockchain is more flexible in terms of transaction volume. The number of nodes that can participate in consensus protocols is usually higher because of scalability. This has a direct impact on the throughput time and makes it less efficient.
However, enterprise blockchain operates in the exact opposite way, so developers of blockchain apps are expected to keep throughput times to a minimum.
Operational cost
No matter how large the company's revenue is, the key element to reducing operational costs is crucial. Businesses want to work with an operational cost that is predictable and low. It is important to note that the Blockchain enterprise app should be cost-effective and work with predictable, stable transaction fees.
We have discussed the requirement set, and it has created a lot of demand for Blockchain platforms. Private and Permissioned Blockchain platforms are designed around these requirements.
These are the top platforms for creating blockchain use cases that Enterprise Blockchain Solution Companies all over the world consider.
Enterprise Blockchain Platforms
There have been more blockchain platforms created as they encourage and speed up the creation of blockchain-based applications. These are some of the most widely utilized enterprise blockchain platforms at the moment for building cutting-edge blockchain applications for companies.
Ethereum
It is the foundation component for the development of most of the decentralized apps currently on the market, particularly in the enterprise setting. This trust is based on the multitude of benefits that the Ethereum platform offers: Security, safety, stability, and prevention of corruption.
Hyperledger Fabric
Permissioned networks allow businesses to register users easily by providing transaction authority and identity access. This creates a large area where users can work and would require new permissions to be granted.
The platform includes the ability to create data partitions, which allows enterprises to save sensitive data due to the many law implications.
Quorum
The Ethereum-based permissioned network allows for both public and private transactions. It is ideal for apps that require fast processing and speedy private transactions. It is a constantly evolving platform that has been embraced by many industries.
Corda
Corda is an open-source blockchain platform that allows businesses to transact instantly while maintaining strict privacy through smart contract integrations. Corda is used by enterprises to streamline business processes and reduce transaction costs. The platform is flexible and can scale up or decrease to meet business needs. Corda allows you to create decentralized applications that allow you to create a token that can be used for enterprise-scale financial transactions.
By offering functions such as the Byzantine fault tolerance consensus mechanism, it helps businesses accelerate time to market (TTM) and maximize return on investments. It is used by major IT companies like Microsoft and Intel.
XDC Network
The XDC network, a ready-to-use enterprise-grade hybrid cryptocurrency for global finance and trading, is available. The platform combines the best of both public and private blockchains through cross-chain smart contract integration. It offers features such as decentralization and liquid networking leveraging interoperability, which powers digitalization. Because the XDC network minimizes dependence on complex FX infrastructures, applications built on it are more efficient. It utilizes the Delegated Proof of Stake, which leverages the ability to vote for stakeholder approval. XDC is supported by Freewallet and XcelPay as well as BitFi Wallet.
Hyperledger Sawtooth
A well-known enterprise blockchain platform called Hyperledger Sawtooth provides a flexible and modular enterprise blockchain architecture that isolates the core system from the application domain. Without having to comprehend the design of the core system, it enables businesses to develop smart contracts that specify business rules for their apps. The Hyperledge Sawtooth can comprehend a number of consensus algorithms, including Proof of Elapsed Time (PET) and Practical Byzantine Fault Tolerance (PBFT).
The Hyperledger Sawtooth platform's most significant features include Pluggable consensus methods, Ethereum contract compatibility with Seth, and parallel transaction processing. Permission features are also present in private networks.
Blockchain's features are designed to work with enterprise setups. The increasing number of platforms that make it possible for enterprises to develop enterprise-level blockchain solutions are all hinting at one thing: Enterprises are not asking if Blockchain technology should be used in their processes but rather are looking at different methods of incorporation.
Blockchain is now a must-have in the face of increasing competition. However, it's up to you to decide if you need it in your business.
Although it is not required to implement blockchain technology in your business today, it will make a significant difference in the way your company operates and the image you project in the industry.
Here are some examples of enterprise-level blockchain applications and use cases to give you an overview of the current situation.
Read More: Public Blockchains for Enterprises
Enterprise Blockchain
Blockchain technology is a popular choice for visionaries and innovators in many industries. Blockchain technology is being used in every industry vertical. Below are some real-world examples of blockchain applications by industry.
Financial Services
Blockchain and the finance industry have a long history. The impact of blockchain technology on fintech is also significant. The journey has been made possible by carefully managed pilots, tests, POCs, and other relevant activities. RBC, Santander and JP Morgan, Citibank, Visa. American Express, Goldman Sachs, and MasterCard are among the brands that have been involved in various blockchain-related efforts. They also have multiple internal working groups that focus solely on enterprise blockchain technology.
Blockchain applications that are finance-based do not have to be limited to these but can be extended to include a wider range of uses.
Automobiles
The entire industry of mobility is changing, and auto manufacturers realize this. All aspects of the industry are changing, including autonomous vehicles, ride-sharing, and electrification.
Several automakers have recently announced plans to enter the blockchain community in order to take part in mobility renaissance initiatives.
When it comes to companies utilizing Blockchain technology in the industry with a focus on reinventing mobility, two names stand out. 2017 saw the PoCs for both brands to test out vehicle telematics tracking.
We are referring to the car industry's enterprise-level adoption of Blockchain. On the Blockchain, it is simple to record the mileage, engine usage history, and repair history of the car, giving sellers, manufacturers, and dealers 100% accuracy.
Aviation
Airbus conducted a Proof of Concept using blockchain technology in 2017 to track the parts of its jet planes. KLM also began working with Blockchain consultancy in 2017 to develop prototypes for blockchain-specific applications.
Aviation blockchain technology allows airlines to keep records secure, manage aircraft maintenance, streamline tokenized tickets, and provide seamless digital travel experiences.
Retail
The retail industry is the largest on blockchain technology, with a strong focus on those industries that make retail more profitable. The industry offers a lot of potential for technology to be used in supply chain management.
Alibaba has its own private blockchain network that is built in-house to track the authenticity of products in the supply chain. This helps reduce the number of counterfeit goods in the system. Blockchain is also used by the company to facilitate cross-border transactions and give customers accurate information about products.
Amazon is another example. It uses blockchain technology to provide a track-and-trace feature that gives sellers better visibility into the inventory and the current location.
Real Estate
Blockchain real estate blockchain is gaining popularity as a means for buyers, sellers, and investors to communicate and learn about each other's properties. Distributed ledger technology-based blockchain-based real estate apps speed up contract processes, boost trust and transparency, and conserve time and resources.
These companies use blockchain technology to increase their business scaling. They use smart contracts to streamline lease payouts and tokenizing to simplify the land registry process. This allows them to make better decisions for all stakeholders.
To connect property buyers and sellers, Deedcoin will reduce the 6% average real estate commission to just 1%. Ubiquity has also developed a blockchain-based real estate platform that uses a SaaS model. This allows users to track ownership and property information.
It is a blockchain-based real estate transaction server platform that offers all-in-one solutions for revolutionizing the real estate market cap volume.
Healthcare
Blockchain technology in healthcare has shown promising results over the past few years.
Supply chain transparency, patient EHR access and maintenance, smart contracts for insurance and supply chains, credential verification for medical staff, and IoT blockchain use cases monitoring remote equipment are just a few of the many applications of Blockchain in healthcare.
Some examples of blockchain healthcare use cases include BurstIQ, Guardtime, and others. BurstIQ uses Blockchain technology to protect, sell, share, license, and license data. It also adheres strictly to HIPAA regulations. Guardtime assists governments and healthcare organizations in incorporating blockchain technology into their cybersecurity strategies.
Supply Chain, Logistics
Blockchain-based solutions in logistics and supply chain management can significantly improve management. They allow for traceability, more effective product delivery, partner cooperation, and simple funding access. DLT can be used in the logistics and supply chain sectors thanks to Blockchain. It uses smart contracts to reduce bottlenecks and clerical errors, removes pointless delivery processes, and tracks every shipping container's movements in real-time.
Media & Entertainment
There are wide range blockchain use cases in media and entertainment. This industry is working to address various issues, such as middlemen, unequal profit distribution, inefficiencies, and others. The media industry uses Blockchain to distribute royalty payments for movies, music, and streaming services. Blockchain applications in entertainment and media are also helping to facilitate new business models that enable the industry to respond to changing consumer demands and encourage usage-based payment.
Mediachain, Bound, and Vevue are a few of the most popular blockchain applications in the media sector. These applications may safeguard digital content, digital currencies, distribute digital collectibles, and track the life cycle of any asset. These are some of the blockchain applications that are currently most used in businesses. Let's now examine the opposing viewpoint. The difficulties that Blockchain must overcome in order to join all of the global success stories.
Conclusion
Blockchain offers useful applications in addition to being a means of duplicating Bitcoin and other money. Businesses are increasingly looking into blockchain solutions because of the various advantages it offers. Businesses that recognize the value of blockchain technology are gradually integrating it into their operations for a variety of uses, including smart contracts, international payments, document management, and the Internet of Things (IoT).
