We will be studying the topic “What Is Enterprise Blockchain?”. We shall also see how the topic relates with blockchain technology, cryptocurrency, enterprise blockchain, companies, etc.
This is adoption of blockchain technology for business purposes that are financially secured. They are designed to cater mainly for the affairs of businesses. They exist in two forms.
Definition of an Enterprise Blockchain
This is a type of distributed ledger that can be used to remove the unwanted issues with the aid of a permission from an entity or entities.
However, this type of blockchain is not suitable for all industries. It is suitable for industries like insurance companies, or companies with high supplies. Their problems are usually related to identity or security of IP addresses.
However, public blockchains encounters issues of privacy invasion, slow transaction rates, high gas fees. We should not be surprised to see many businesses adopting the idea of private distributed ledger. There are benefits that attracts them. Companies that needs higher trading volume will consider private chains as a better option. Conversely, Ethereum network offers DApps and token mechanisms to businesses. This can serve as a benefit from public blockchains.
Advantges Of Using Blockchain
There are advantages associated with using blockchain which other digital networks cannot offer. Examples low transaction costs, prevention of attack on data, high level of security, etc. They can be inspected easily creating room for trust and good record- keeping by the members of the industries. These attributes also help in ensuring the free flow of data. A distributed ledger technology has a lot to offer businesses that are ready to work together.
There are other advantages of blockchain technology. They include: access to the tools used for digitalization, handling of digital asset, and programmatic barter systems. The digital world is currently evolving, which makes blockchain a more important factor for companies. It can help them to adapt safely to the current evolution.
Only a particular group of people can view the data on enterprise blockchain. This is why many corporations prefer enterprise blockchain to other public blockchain networks.
These data are shared together with financial operations recorded digitally. However, cryptographic mechanisms are used to prevent manipulation of the transactions carried out previously.
There are companies conducting research on enterprise blockchain and the benefits they can offer to modern businesses. Such companies are Facebook, IBM, JPMorgan, Walmart and Intel.
What Most People Want To Know About Enterprise Blockchain
Difference Between Enterprise Blockchain And Other Blockchains
Many enterprise blockchains directly interact with its owners or controlled directly by its owners. For instance, they are capable of restricting unwanted transactions on with permission from the law enforcement agencies.
Conversely, public blockchains can be controlled by anyone be it a company or government. They don’t support removal of things that will affect an opposition. exist outside the control of any one company or government and are resistant to censorship. Bitcoin and every other cryptocurrency falls under this category. They have been used to overcome global and local cases such as sanctions and extortion respectively.
Most companies seem uninterested in this field of blockchain. However, others are trying to make good use of the opportunity to transform their various business sectors.
Below are important features of the enterprise blockchains.
- Accountability: This is the act of giving account of transaction history when requested. Nodes are held responsible for such operation. Let’s take a look an illustration, few industries distributes enterprise blockchain in an orderly manner.
- Permissioned: Only users with granted permission can use the blockchain. The network owner(s) can make decisions in that aspect.
- Dynamic: Data in a particular network are prone to change once an agreement is established between users.
- Scalability: They can reach the peak in terms of transaction approvals. They are less decentralized than other cryptocurrencies.
Types of Enterprise Blockchain
Enterprise blockchains work with commands. Thereby having two types, namely:
- Personal enterprise blockchain: Here, a central entity makes decisions that will guide the operations within the network. This entity can also choose anyone to verify new transactions. An example is the JPM Coin.
- Public enterprise blockchain: In contrast, a group of two or persons makes the decision and each on them can validate transactions. An example is the Diem backed up by Facebook.
Businesses like ION made by Microsoft’s identity do not use bitcoin blockchain. Although any business can possibly adopt that idea.
Advantages of Adopting Blockchain Technology
Regardless the importance of Blockchains, it’s not meant for all the industries. CoinDesk has provided an analysis of why the previous statement was made.
Furthermore, researchers from the department of computer science has made a more official article. This aims at enabling people know the companies that are compatible with blockchain.
Popularity of Blockchain Technology
Over the years, blockchain technology has made a lot of fame for itself. According to a survey conducted worldwide by Deloitte, more than half of the companies testified the importance of blockchain to their respective operations.
Crypto Companies adopting Enterprise Blockchains
You might want to know the cryptocurrency-related companies that work on enterprise blockchain. They include: R3, Hyper ledger, Enterprise Ethereum, Paxos and Digital Asset Portfolio.
Outstanding Companies that have interest in Enterprise Blockchains
Popular companies are following the trend of researching about enterprise blockchain.
Below are list of companies exploring enterprise blockchain that should have our attention:
Level of Enterprise Blockchain Adoption.
This type of technology is still in its starting phases, although it has been researched about by most organizations. However, most organizations have not started production in enterprise blockchain.
Many institutions have started collaborations with the already existing blockchain projects. Although, it faces opposition from enterprise blockchain.
Guidelines for Proper Understanding of Enterprise Blockchain
This article has provided you with enough tools to understanding the operations of Enterprise Blockchain. Read further to grasp this wholesome package in the right way.
Conviction about Enterprise Blockchain
One needs to be clear why he or she should trust enterprise blockchain. It is a blockchain that operates with command. It purpose is only for business. With the help of enterprise blockchain, they give support to businesses that are accountable, secure and easy to access. They also support those that are not prone to manipulation. Especially those that are measurable, and have the potential to bring positive impact.
Generally, they are command prompt and people can consider it as personal or a group of companies with definite purposes( public).
A personal blockchain operates in a closed network under command and limitations. Here, only few people have a decision making right and it best for businesses that want to use Blockchain only for private purposes.
On the other hand, in a public blockchain decision making,they distribute rights equally among all members. It is more suitable for businesses that seek high security and measurement ability.
The difference between enterprise blockchain and the rest of the blockchains is that the former operates with permission. The latter doesn’t require permission to carry out operations. Also, companies control enterprise blockchain directly while anyone can control other blockchains.
Blockchain Council is a recommendation for those that seek for deep knowledge about the operations of enterprise blockchain.
Top Blockchain Platforms suitable for Business Purposes
This is an open-source Blockchain platform with a special feature operating freely with smart contracts built on its network. For this reason, Ethereum is a multipurpose platform.
Hyper ledger Platform
Developers can provide solutions easily because of the free infrastructure present in this platform. Hyper ledger wants to increase its partnership deals with a lot of companies. This will improve performance and make technologies based on DLT more effective and thereby attractive to various companies. Diversification also comes into play.
This platform is very essential to banks because they hold a very high level of privacy. Quorum is very active in managing apps that need high processing power and fast private transactions.
This is also an open-source platform just like Ethereum which works for financial institutions to be precise. They design applications. It has diversified lately to sectors like trade finance, supply chain, government authorities, etc. The use it to make business transactions more effective by making the transaction fees as low as possible. Although the don’t work without seeking permission.
Prominent Companies that are making Research on Enterprise Blockchains
Over the years, many known companies have discovered the benefits that enterprise blockchains can offer. Since then, they have adopted the operations and it is actually working out for them. At least they don’t need to spend much on costs of transactions. Some of them includes:
In blockchain, Microsoft is the most reliable for software development. In 2021, it made known to the public about partnership with EY to introduce Ethereum in Xbox games.
A company named Albany Airport test ran the “Wellness Trace App” to ensure that everywhere around the airport is neat. Developers made this app with the Microsoft Azure enterprise blockchain.
Ernst & Young Company
This company has contributed immensely to the enterprise blockchain if not one of the best firms so far. For example, they helped develop the Baseline Protocol which operated on the Ethereum network in order to avoid manipulation.
In addition, Ernst and Young aimed at granting easy access to Nightfall and zero-knowledge proofs.
Consequently, this company has been the largest online payments system over the years. They have been working hard to ensure that users enjoy the services of blockchain technology. However, if you deal on cryptocurrency , one of the greatest news was the launching of cryptocurrency in PayPal apps. In late phase of 2021, they initiated their plans first to users in the U.S.
In 2017, JPMorgan joined the Enterprise Ethereum Alliance. This was how the biggest bank in the United States started its blockchain journey. Three years later, they launched their own cryptocurrency coin known as the JPM Coin. The reason for the launching was to help banks in their transaction fees. However, JPMorgan Chase did reveal that people can use it’s native coin offering by their technical partners.
There are benefits one can enjoy while using the enterprise blockchain. A lot of organizations have been victims of these benefits although they believe it to be in early stages.
But, I hope this article was a beneficial one explaining enterprise blockchain, cryptocurrency module, etc in a such a way that a newbie would understand.
One can learn and earn a certificate as a Blockchain Developer. However, with such knowledge and cryptocurrency information, you can gradually create your own blockchain.
Lastly, blockchain Council can provide all the things you need to know about being a certified developer. Also, they offer more information on blockchain technology.