Introduction:-
Is Blockchain just a buzzword or an opportunity for enterprises? The ongoing debate about Enterprise Blockchain is heralding whether blockchain use cases will bring good fortune to the enterprise or blow away the windfall. In contrast, recent statistics indicate an exponential surge in enterprise blockchain demand, predicted to reach USD 246 billion by 2030 with a CAGR of 54.5% from 2022-2030. Moreover, it is no longer a pilot project but a cutting-edge technology that will pragmatically bring a wealth of possibilities and benefits to the enterprises. Earlier, from being just a concept, it is instantaneously becoming a reality for developing enterprise blockchain applications. As Enterprise Blockchain is becoming a broader concept day by day, here is a situation where many enterprises across the globe are willing to apply this technology to their operations, replacing it with traditional operations. Let’s dive into the information below about Enterprise Blockchain’s features, platforms, and use cases.
What is an Enterprise Blockchain?
“Enterprise Blockchain” is one of the types of permissioned (private) blockchain that is leveraged and applied to enterprise procedures to streamline the operations within and outside enterprises. This includes managing, tracking supply chain goods and transferring or exchanging digital payments and information. An enterprise blockchain technology is a digital ledger that comprises a systematic arrangement of encrypted blocks, which can also be used as a single source of data accessible to users within the network.
Let us consider a simple example of a manufacturer producing and importing pumps globally. The schema of the entire supply chain procedure begins from production to sale. At the preliminary level, he produces the pumps, ships them, and transports them to the port. Consequently, the port authorities check the legal papers before loading and shipping the pumps. Later, the financier’s hand over the money transfer between the involved parties. At the destination, port authorities re-verify the papers. On the other hand, the pumps are loaded and transported to the customers. Later, the financier hands over the money transfer between the parties involved. This entire process becomes expensive and time-consuming; moreover, it requires the interaction of several IT systems.
If considering a shift to the blockchain, the entire documentation process moves to the cloud, where every party involved simply needs to log on to the blockchain to verify the goods transactions and, in the end, receive payments. Moreover, everything is traceable and transparent as every log in the blockchain is unique. This procedure is the most straightforward, cheapest, and fastest, mitigating additional documentation charges.
Top global companies like IBM, Microsoft Corporation, Baidu, Infosys, and British Airways utilize Enterprise Blockchain solutions for secure, efficient business operations.
Features of an Enterprise Blockchain
The prominent features of enterprise blockchain come together to make it exceptionally dependable and secure technology to rely on. These features include:-
– Accountability
– Permissioned
– Immutability
– Scalability
– Security
a) Accountability-
In a private blockchain, the user key is regulated and controlled by a single person, who is held accountable for it. On the contrary, if there are large users in the case of a public blockchain, then no single entity can be held accountable. Moreover, nobody manages public blockchain. To maintain the records of data in corporations, they need reliable technology that maintains the consistency of data up-to-date. Enterprise Blockchain has limited users, so it is designed for high-data capture. Each node here stores less information.
b) Permissioned
In a Permissioned blockchain, users with credentials can conduct and examine activities. In the case of customers, they must attest themselves using digital methods. The core characteristic of enterprise blockchain is that it is solely appropriate for parties inclined to confine the interference of large users within their network. This is because the business entities are willing to keep confidentiality. Moreover, they will maintain disclosure if required because they need less visibility. Therefore, the network owner will determine who can access it.
c) Immutability
Enterprise Blockchain has the inherent quality of immutability or being modified. Blockchain is the creation of immutable ledgers; this confirms that there will be nil possibilities of modifications in the network. Because of the decentralized feature of the blockchain, it is secure. Moreover, the immutability feature shields from the external activities of tampering or altering the data.
d) Scalability
Enterprise blockchain has the characteristics of accommodating more transactions at a base layer because it is not typically decentralized like Bitcoin.
e) Secure
Regarding security protection, the enterprise blockchain differs slightly from the public blockchain. Even when blockchain promises enhanced security features, it is necessary to ensure that additional protection is applied to your enterprise ecosystem. The economy worldwide requires reliable technology to mitigate the risk of digital breaches and make it corruption-free. Therefore, an enterprise using blockchain reduces the risk of changes, stealing, or breaking out into the data infrastructure.
Types of Enterprise Blockchain
Enterprise blockchain applications are designed and developed specifically to cater to the enterprise’s or any business’s specific purposes. Some of the common types of Enterprise Blockchain are given below:-
1) Private Blockchain
2) Consortium Blockchain
3) Hybrid Blockchain
4) Public Blockchain
5) Permissioned Blockchain
6) Supply chain Blockchain
Best Enterprise Blockchain platforms for enterprises
1) Hyperledger Fabric
Hyperledger Fabric is a widely used enterprise-grade distributed ledger platform with a modular architecture that supports various use cases across different industry niches, backed by play and plug components and consensus.
The leading players applying Hyperledger fabric to their operations are Citi, Fintract Global, and NIRA Inc.
2) Quorum
Quorum is one of the well-known Ethereum blockchains known for catering to enterprises. It is one of the evolved financial blockchain technologies intimately governed through automation in accordance with company’s needsIt caters to the demands of different enterprises’ niches, including real estate, digital currency, supply chain, etc. Developers can also develop applications depending on the conditions of the industry classification.
There are two networks’ in Quorum, the primary sources of building applications are a private permissioned network or the public Ethereum Mainnet.
3) Ethereum
Ethereum is one of the most popular decentralized blockchains with smart contracts. It is an open-source platform that aids in streamlining enterprise operations, improving payment systems, and maintaining the agreement flows. Moreover, it maximizes the possibility of quick data exchange between different industries.
There are two types of Ethereum- one is externally owned accounts, and the other is contract accounts. The big names who have adopted Ethereum are JP Morgan, Amazon, and Microsoft Azure.
Top 6 use cases of Enterprise Blockchain
Enterprise Blockchain has shown a transformative shift in various operations of enterprises. Below mentioned are the top use cases of enterprise blockchain in real-world where implementation of Blockchain have fetched desired success:-
a) Supply chain management
b) Banking & finance industry
c) Health care data management
d) Automotive industry
e) Aviation sector
a) Supply Chain Management-
Using Blockchain for supply chain management brings transparency, security, and efficiency. It provides real-time tracking of the shipped goods and allows for verifying the quality of goods. Blockchain can also mitigate the risk of counterfeit goods, reducing the chances of defective products and enhancing customer satisfaction.
IBM Corporation and Oracle are the two major supply chain players that leverage Blockchain in their operations.
b) Banking & finance industry
Blockchain offers fast, secure, and reliable solutions to the banking and financial industry. One of the recent examples has been adoption of blockchain and smart contracts by the industry, which has reduced the transactional periods from 24 hours instead of 3 days and the transaction fees up to 3-5% instead of 5-30%. Therefore, blockchain is a go-to solution for providing accurate, error-free transactions. This makes cross-border transactions more efficient while reducing transaction costs & time.
JB Morgan, in 2017, announced the launch of the interbank payment platform, also known as the ‘Interbank information network.’ This network aims to streamline interbank & cross-border cash transactions. Additionally, it provides transactional support, collection, and storage of data in the account.
c) Healthcare data management
Blockchain has a revolutionary application in the healthcare industry. It ensures secure ways of storing & protecting patients’ sensitive data, manages the drug supply chain, and ensures reliable transfer of patient data. This leads to enhanced data control and efficiency of the operations.
Nebula Genomics adopted blockchain technology to amplify data protection, efficiently acquire genomic data, and address big data challenges.
d) Automotive industry
Blockchain in the automotive industry brings out the possibility of performing the authentication of spare parts. Also, it makes marketing interactions possible, manages financial applications, allows vehicle tracking, and fosters autonomous driving systems.
General Motors, also known as GM, is leveraging blockchain technology in its operations, which includes securing vehicle data and delivering a personalized customer experience. This indicates that many enterprises are applying blockchain’s transformative power to improve customer experience.
e) Aviation sector
Blockchain in the aviation sector brings remarkable efficiency by providing a steady record of aircraft parts, facilitating maintenance history, and managing other vital information.
British Airways, an IT company, and three airports launched the Flight Chain project to determine if blockchain can create a suitable “source of truth” for data by stakeholders in the aviation industry.
Develop your Enterprise Blockchain with OpenXcell
With more than 14+ years of industry expertise, OpenXcell stands at the forefront of developing enterprise blockchain solutions. Developing and deploying these applications into your enterprise will bring out excellence, as the core processes get decentralized.
With the help of enterprise blockchain services, many startups, SMEs, and large enterprises are enhancing their ongoing operations. We at OpenXcell are the trusted enterprise blockchain development services provider driving innovative solutions to ensure tangible results for your enterprise. Now, solve your complex and costly problems by getting in touch with our experts.
Conclusion:-
This concludes that enterprise blockchain is vital to ease various enterprise operations. Choosing and realizing the right Enterprise Blockchain use case can necessitate conducting thorough research, and getting in touch with a Custom Blockchain Development Company can ease your challenges. OpenXcell is at the forefront of developing highly scalable enterprise blockchain applications irrespective of your niche. Reach out to them to get the best of Enterprise Blockchain services.