- Enterprise Blockchain Features You Must Know
- Requirements of a good Blockchain Enterprise Solution
- Enterprise Blockchain Platforms
- Use Cases of Enterprise Blockchain
- Challenges Posing as Roadblocks to Enterprise Blockchain Widespread Adoption
- How can Appinventiv Help you with Enterprise Blockchain Development?
In the next eight years, Global Enterprise Blockchain market size will reach $87.17 billion.
Blockchain, especially in its role as enterprise blockchain has become a controversial phenomenon, with both the class of believers being on two very different platforms – one believing that blockchain enterprise use cases will bring change to the mere atom of enterprises in which it is implemented and the other saying that it is a poison that will consume all and will yield no good returns.
But, no matter what the naysayers say, the reality of today is that blockchain is seeing a shift in momentum from being a Proof of Concept (PoC) to being a technology that is practically helping business get more efficient at base level costs.
At this hour, blockchain has emerged from it’s point of inflection, with the momentum now shifting from the concept to blockchain tourism to the development of business applications.
A happening that can be seen in the number of enterprises across the world looking to invest in replacing their existing systems with Blockchain. Below you can see the top 5 digital asset roles to the organization and the areas of regulation to facilitate the adoption of blockchain in the enterprise.
The replacement that businesses are planning to do in their processes is the doing of a number of perceived benefits that they think blockchain will bring to the enterprise ecosystem. You can also go through the various benefits that we have discussed in great detail in our Blockchain Guide for Entrepreneurs.
Enterprise Blockchain Features You Must Know
Many blockchain use cases in the enterprise ecosystem are drawn because of the diverse blockchain features that fills the loopholes and gaps
Here is what the enterprises feel about the benefits that blockchain has to offer –
The perceived benefits are due to the blockchain’s features that meet the enterprises’ shortcomings. Without being extra cryptic, let us tell you what we are talking about – How Blockchain fits in the Enterprise world –
1. Decentralization in a peer-to-peer network
In an enterprise setup, it is usually believed that everything from compliance to communication should be done through a centralized route. However, by incorporating a decentralized mechanism, usually referred to as the Blockchain of Things, in the business communication networks and compliance mix, your enterprise could not just bring all the communication and compliances in permission, tamper-proof system but also give a provision to the enterprise to function in a system that is unhackable.
2. Immutability breeds quality and completeness
The fact that Blockchain operates on an immutability mechanism, making it impossible to change what once gets fed into the blocks, makes quality and correctness paramount.
In a traditional system, quality becomes a matter of multiple to and fros, something that leads to not just a delay in the time of delivery but also an end result that comes with no guarantee of the quality or even alignment with what was originally required.
But, when the enterprise works under the pressure of its data getting locked in the system, the probability of completeness of information and quality maintenance automatically increases.
3. Transparency leads to responsibility
The fact that blockchain brings out everything in the open leads to injecting an entirely new wave in how responsibly the employees and stakeholders act in the business. The transparency functionality that blockchain offers is set to revamp the future of transactions.
4. Linking brings cost-cutting
One of the most popularized benefits of blockchain technology, both in an enterprise world and off is the advantage that comes tagged in the face of cost saving.
Through its multiple offerings like smart contracts, decentralization, and even transparency, Blockchain, in one way or the other, introduces the enterprise world with some serious cost-saving elements by saving them from putting money behind verification, tracking the genuinity of goods, seeing the quality of service offered, etc.
The blockchain features and their impact on an enterprise setup that we just saw hold true only until the time when the blockchain enterprise solutions that you have invested in and implemented in your organization is good enough – a point that we have detailed in our digestible guide to blockchain app development.
On that note, next, we are going to look at the requirements that make up for a good, well-planned enterprise blockchain system.
Requirements of a good Blockchain Enterprise Solution
Blockchain, when looked at in the public system versus when operating in an enterprise ecosystem, shows a completely different picture. And the differences are not just in the face of the Blockchain use cases in the enterprise but also in terms of the specifics that are demanded in terms of features or requirements.
For an enterprise blockchain solution, the expected requirements from the technology revolve around:
In a public blockchain, the data is available for anyone to view. However, in the case of enterprise blockchain, the users who adhere to the rules and compliances that revolve around businesses can use data and information.
For use cases of blockchain technology to emerge, it is important that the mechanism followed is based on permissioned viewing. The technology, when operating in a business setup, should only allow viewing of the information to the authorized stakeholders and not everyone in the company and the world.
Although very closely related to privacy, the security functionality is also very different in the case of Enterprise Blockchain as compared to the Public Blockchain system.
Elements like Know Your Customer or Anti Money Laundering, which are otherwise optional in a public blockchain system, become important when the setup in question is that of an enterprise.
While blockchain in itself comes with the promise of heightened security and hack-proof system, when the data and information is something as private as that used by enterprises, it becomes almost mandatory to ensure that extra levels of security are added to your blockchain for business setup.
The amount of transactions happening every second on blockchain varies greatly between public and permissioned blockchain systems. While in the case of public blockchain, the number of transactions is generally more scalable. Also, the nodes which can participate in a consensus protocol is generally higher due to scalability, which definitely impacts the throughput time, making it lower.
But, since enterprise blockchain works exactly opposite of it, blockchain app developers are expected to keep the throughput time to an absolute low.
For an enterprise, irrespective of what the revenue size is, saving operational costs is hands down one of the most important elements. Businesses prefer working around an operational cost that is not just low but also predictable. And so, it becomes an important side note that the Blockchain enterprise application should work on a cost-effective platform that works on stable, predictable transaction fees.
The requirement set that we just discussed has created an influx of demand that the Blockchain industry has abided by them in offering Private and Permissioned Blockchain platforms that are devised around these enterprise requirements and demands.
Here are the platforms that are most commonly considered for developing blockchain use cases by the Enterprise Blockchain Solution Companies around the globe –
Enterprise Blockchain Platforms
There has been an increase in the number of blockchain platforms as they continue to accelerate and support the development of blockchain-based applications. Here are a few enterprise blockchain platforms that are commonly used currently to develop innovative blockchain applications in business.
The platform works as the base component in the development of a majority of the decentralized applications operating in the market today, especially in the enterprise setup. The reason behind this trust that the Blockchain world is whole-heartedly passing in the Ethereum direction is the platform’s plethora of benefits – Security & safety, stability, zero downtime, and corruption prevention.
The permissioned network gives businesses the ease to register users by offering transaction authority and identity access, which defines a wide area in which the users can then work and which would require new users to take permissions.
The platform comes with the functionality of data partitions allowing enterprises to save data that is otherwise considered sensitive because of the several law implications.
The Ethereum-based permissioned network supports both private and public forms of transactions. It is considered to be ideal for the development of apps that demand quick processing and fast speed of private transactions of the blockchain ecosystem. The platform, which is considered to be in an ever-evolving mode, has become a part of the Blockchain journey of several industries, which are not just restricted to simply offering Decentralized Finance products.
Corda is an open-source blockchain platform that ensures businesses to transact directly while ensuring strict privacy with smart contract integrations. The enterprises use the Corda platform to reduce record keeping and transaction costs by streamlining diverse business processes. The agile platform scale up or down to meet real-time business requirements. Applications built on Corda allow you to create a specialized token that can handle enterprise-scale financial transactions.
It helps businesses to accelerate time to market (TTM) and maximize return on investment by offering functionalities like the Byzantine Fault Tolerance consensus mechanism. The platform is used by significant IT firms like Microsoft and Intel.
XDC network is a ready enterprise-grade hybrid blockchain for finance and global trading. It combines the features of private and public blockchain via cross-chain smart contracts. The platform offers features like decentralization and liquid network leveraging interoperability that powers digitalization and tokenization with instant regulation of trade transactions occurring on the platform. The applications built on the XDC network are efficient as it minimizes dependency on complicated FX infrastructures. It uses the Delegated Proof of Stake (XDPoS), leveraging the facility of stakeholder approval voting. Some known wallets that support XDC are Freewallet, XcelPay, BitFi Wallet, etc.
Hyperledger Sawtooth platform is a well-known enterprise blockchain platform that offers a modular and flexible blockchain enterprise architecture that separates the core system from the application domain. It helps enterprises in creating smart contracts that imply business rules for applications without understanding the underlying design of the core system. The Hyperledge Sawtooth understands various consensus algorithms like Practical Byzantine Fault Tolerance (PBFT) and Proof of Elapse Time (PoET).
A few of the known features of Hyperledger Sawtooth are- parallel transaction execution, Ethereum contract compatibility with Seth, Pluggable consensus algorithms, and private networks with permission features.
The fact that Blockchain’s features fit like a glove with the enterprise setup that help in building efficient business use cases for blockchain, and the rising number of platforms making it possible to develop enterprise blockchain solutions – all together are hinting towards one thing – enterprises are no more wondering if they should employ Blockchain technology in their processes but are rather looking at the different ways of incorporation.
Although the use of blockchain in an enterprise is becoming a necessity with the growing competition, you can still decide whether you really need blockchain in your business or not.
While it is not mandated to implement blockchain in your enterprise today, at this moment, doing it would, give you far greater plus points in how your processes flow and what overall image you create in the industry.
To give you an idea of the present-day scenario, here are the industry-wise enterprise blockchain applications/use cases.
Use Cases of Enterprise Blockchain
Innovators and visionaries across different industries understand the advantages of blockchain technology. The use cases for Blockchain technology are making their way in almost every industry vertical today. Below, we have shared a few real-world blockchain use cases by industry.
The history of the blockchain and finance industry goes far. And so is the impact of blockchain on fintech. And the journey has only been advancing through precisely managed pilots, tests, and POCs. Brands like RBC, Santander, JP Morgan, BNY Mellon, Citibank, Visa, American Express, Goldman Sachs, and MasterCard, amongst others, are conducting various blockchain-specific efforts along with having multiple internal working groups focusing single-handedly on the enterprise blockchain technology.
The Blockchain use cases that are finance-based are not restricted to these but are expanded to a much wider spectrum.
Auto manufacturers have realized that the complete essence of the mobility industry is altering. Everything from autonomous vehicles, ride-sharing, and electrification has become an entrant in the industry that is changing the traditional mobility world.
In the face of all these changes, a number of automotive companies are now planning to enter the Blockchain world to play a participating role in mobility reinvention programs.
Talking of brands using Blockchain technology in enterprises revolving around redefining mobility, two names have emerged on top of various others – Volkswagen and Renault. Both the brands led their PoCs back earlier in 2017 to test the tracking of vehicle telematics.
Specifically talking of the enterprise-level use cases for blockchain in the automotive industry, the mileage data of the vehicle, its engine usage history, and repair history, among other things, can easily be captured on blockchain for the dealers, manufacturers, and sellers to know with 100% accuracy.
Airbus, in 2017, conducted a Proof of Concept with blockchain technology at Berkeley for the tracking of jet plane’s parts. And in the same year, KLM started working with Blockchain consultancy to help develop blockchain-specific prototypes.
[Also Read: Learn how airlines can save millions with blockchain]
The aviation blockchain technology is helping airlines to maintain records security, manage aviation maintenance, streamline tokenized ticketing, and deliver a seamless digital travel experience.
When it comes to blockchain, the retail industry is one of the most concentrated on the technology industries that are making retail more profitable. Ultimately, the industry gives a high scope to the technology to work around supply chain management.
An example of blockchain use cases in the retail industry can be seen in the case of Walmart – the brand that is trialing the usage of blockchain for tracking the origin and movement of porks in China.
Alibaba uses in-house-based private blockchain network for tracking the authenticity of the product in the supply chain and for reducing the number of counterfeit goods entering the system. The company also uses blockchain to simplify cross-border transactions and provide customers with accurate data about products.
Another use case is Amazon, as it uses blockchain technology to offer a track and trace feature that allows sellers to better visibility of the items in the inventory and their current location.
The adoption of blockchain real estate blockchain is gaining popularity as a way for investors, sellers and buyers to interact with each other and learn about properties. The distributed ledger technology in blockchain-based real estate applications increases trust through greater transparency and expedites contract processes while saving time and money.
A few blockchain real estate use cases are- RealBlocks, SMARTRealty, StreetWire, ShelterZoom, etc. These organizations use blockchain technology to boost their business by using smart contracts to streamlining lease payouts, tokenizing to smoothen the land registry process, and allowing better decisions for stakeholders.
Deedcoin is reducing the typical 6% real estate commission to 1% to connect buyers and sellers of property. Another use case is Ubiquity which has developed a blockchain real estate platform based on a SaaS model that enables users to record property information and track the chain of ownership.
Another well-known use case is Propy, an entirely blockchain-based real estate transaction platform that provides all-in-one solutions to revolutionize the real estate industry.
Blockchain in healthcare is showing promising results for the last few years.Implementing a blockchain-based solution helps identify challenges and improves the overall performance, security, and transparency in sharing medical data in the industry.
Blockchain in healthcare has many uses, such as supply chain transparency, maintaining and accessing patient’s EHRs, smart contracts for insurance and supply chain, medical staff credential verification, and IoT blockchain use cases for monitoring remote devices.
A few of the blockchain healthcare use cases are- BurstIQ and Guardtime. The BurstIQ uses blockchain technology for the safekeeping, sale, sharing, or license of data while maintaining strict compliance with HIPAA rules. Guardtime is helping governments and healthcare companies to implement blockchain into their cybersecurity methods.
Supply Chain and logistics
Blockchain-based applications in supply chain and logistics can greatly improve management by enabling faster and more cost-efficient delivery of products, traceability, coordination between partners, and access to financing. Blockchain uses DLT that benefits the supply chain and logistics industry by recording the motions of each shipping container in real-time, eliminating unnecessary steps in delivery, and reduce bottlenecks and clerical errors with smart contracts.
Some blockchain logistics use cases are Sweetbridge, Slync, Blockfreight, etc. For instance, Sweetbridge, one of the best blockchain supply chain use cases, is a blockchain-based economic framework that transforms supply chain collaboration through a fast, flexible value exchange that unleashes working capital. The companies help improve the overall performance and focus on building a better global economy.
Media & Entertainment
Blockchain use cases in the media and entertainment industry are emerging with time. The industry is focusing on tackling various challenges like middlemen, unequal distribution of profits, inefficiencies, etc. Currently, the media industry is using blockchain to disseminate royalty payments for movies, music, and streaming services. The blockchain use cases in media and entertainment are also facilitating the new business models that allow the industry to meet the changing demands of consumers and deliver them to encourage usage-based payments.
A few of the blockchain use cases in the media industry are mediachain, Steemit, Binded, Vevue, etc. These applications can track the lifecycle of any asset, reduce piracy, protect digital content, and distribute authentic digital collectibles on their platform.
So, here were some of the best blockchain use cases in enterprise that are prevalent in the market today. Now let us get you acquainted with slightly another side of the same coin – the challenges that blockchain will have to overcome to become prevalent in the success story of all the success stories around the globe.
Challenges Posing as Roadblocks to Enterprise Blockchain Widespread Adoption
Companies, when looking at adopting Blockchain on a mass scale, get faced with a number of challenges and internal barriers that keep them from delving deeper into the technology and investing in it on a complete level. From defining their own blockchain uses in enterprises.
Here’s what companies feel are the barriers to Blockchain mass adoption in Enterprises –
All these added to the fact that some of the most robust Blockchain platforms are still giving unfulfilled promises on the state of scalability and security, and the shortage of people having in-depth knowledge of the technology is something that is together holding back enterprises from completely adopting blockchain system and finding the use of blockchain in an enterprise that works for them.
Now even if you remove the technical and regulatory blockages from the picture, the other major problem associated with the widespread adoption of blockchain uses in the enterprise comes with a reorientation. The stakeholders that business generally deals with are people who have less exposure to the technology and might show resentment in shifting their business to the technology, something that can further lower the process of complete decentralized transformation.
Even though these problems are those which are too hard to ignore or not think of when scoping your enterprise blockchain dreams, it doesn’t translate into the fact that they don’t have a solution. Top enterprise blockchain development companies are offering solutions that are assisting businesses to improve their operations and generating higher revenue streams.
How can Appinventiv Help you with Enterprise Blockchain Development?
Developing and then deploying an enterprise blockchain solution for your enterprise can be much larger work that a business can achieve without the help of a team who excels in it. We at Appinventiv, have a vast experience in blockchain application development and have build a blockchain enterprise ecosystem that in return helps making your business or simply its core process decentralized.
With the help of our blockchain development services, many startups, and SMEs have scaled their business operations. We have worked with multiple brands like Empire App, and Nova to transform their industry space with efficient solutions. Get in touch with us to scale your business with enterprise blockchain solutions.
The innovation rate in the current digital landscape is moving at a frenetic pace with the help of blockchain technology. More blockchain enterprise use cases are now seen, and it is expected that in the future, it will multiply with more businesses adopting blockchain. Various enterprise blockchain platforms can help you build highly scalable applications. It is best that enterprises realize the need of enterprise blockchain solutions soon as it will help them capture the market better and will offer a great competitive edge.
Q. What are the different enterprise blockchain platforms
A. An enterprise blockchain platform enables the development of permissioned or permissionless blockchain applications. The different enterprise blockchain platforms are Ethereum, Hyperledger Fabric, Hyperledger Sawtooth, Ripple, Quorum, XDC, R3 Corda, Tezos, etc.
Q. What is the checklist you must follow before hiring an enterprise blockchain company?
A. It is recommended to hire a blockchain development company with a pool of blockchain developers i.e., the team must have in-depth domain knowledge. Here’s a checklist you must follow:
- Knowledge of crypto-economic protocols
- Agile development model
- Blockchain-based portfolio
- Team size
- Ratings, reviews, and testimonials
Q. Why should you invest in enterprise blockchain development?
A. Blockchain for enterprise applications development offers various benefits that help in an organization’s growth. A few of the reasons to go for enterprise blockchain development are automation, higher transparency, data security, cost-effective storage, and lower replication of data.