The size of the Global Enterprise Blockchain market will reach $87.17 billion in the next eight years.
Blockchain, especially in its role as an enterprise blockchain, has become a controversial topic. People who believe in it stand on two very different sides: one group says that blockchain enterprise use cases will change only a tiny fraction of businesses where they are used, while the other group says that it is a poison that will kill everyone and give no good results.
But, no matter what the skeptics say, the reality is that blockchain is moving from a Proof of Concept (PoC) to a technology that is helping businesses become more efficient at low cost.
At this time, blockchain has passed its turning point, and the focus is now shifting from blockchain tourism to developing business applications.
A sign of this is the number of businesses around the world that want to invest in Blockchain to replace their current systems. Below, you can see the top roles that digital assets play in an organization, as well as the areas that need to be regulated to make it easier for businesses to use blockchain. Businesses want to replace some of their processes with blockchain because they think it will bring a number of benefits to the enterprise ecosystem.
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Potential Features of Enterprise Blockchain You Must Aware Of
The perceived benefits come from the fact that blockchain development consulting has features that fill in the gaps that businesses have. Let’s not be too vague and tell you what we’re talking about: How Blockchain fits into the Enterprise world.
Most people think that in an enterprise setting, everything from compliance to communication should go through a single point. But by adding a decentralised mechanism, which is usually called the Blockchain of Things, to the business communication networks and compliance mix, your enterprise could not only bring all the communication and compliances into a permission-based, tamper-proof system, but it could also work in a system that can’t be hacked.
Because Blockchain is based on a system that makes it impossible to change what is put into the blocks, quality and correctness are very important.
In a traditional system, quality becomes a matter of multiple back and forths. This causes not only a delay in delivery time, but also a final product that isn’t guaranteed to be good or even match what was asked for in the first place.
But when an enterprise has to work hard to keep its data from getting locked in the system, the chances that the information is complete and quality is kept up automatically go up.
Because blockchain puts everything out in the open, it brings in a whole new wave of how employees and other business stakeholders act responsibly. The future of transactions is going to change because of how transparent blockchain is.
One of the most well-known benefits of blockchain technology, both in the business world and outside of it, is that it can help save money.
Through its many features, such as smart contracts, decentralization, and even transparency, Blockchain saves businesses a lot of money in one way or another. For example, they don’t have to spend money on verification, tracking the authenticity of goods, checking the quality of services, etc.
In light of this, let’s look at the requirements for a good, well-planned enterprise blockchain system.
Must have things of a Good Blockchain Enterprise Solution
When you look at blockchain in a public system vs. how it works in an enterprise ecosystem, you see a very different picture. Not only are there different ways to use Blockchain in the business world, but there are also different features or requirements that are needed.
For an enterprise blockchain solution, the technology is expected to meet the following needs:
In a public blockchain, anyone can look at the information. But with enterprise blockchain, data and information can only be used by people who follow the rules and regulations that businesses have to follow.
For blockchain technology to be useful, the mechanism that is used needs to be based on “permissioned viewing.” When used in a business setting, the technology should only let the right people see the information, not everyone in the company and the rest of the world.
Even though security is closely related to privacy, it works very differently in the Enterprise Blockchain system than it does in the Public Blockchain system.
Know Your Customer (KYC) and Anti-Money Laundering (AML), which aren’t required in a public blockchain system, become important when the system is for a business.
Even though blockchain itself promises better security and a system that can’t be hacked, when the data and information is as private as that used by businesses, it’s almost a must to add extra layers of security to your blockchain for business setup.
Between public and permissioned blockchain systems, there is a huge difference in the number of transactions that happen every second. While the number of transactions is generally more scalable in a public blockchain. Also, the number of nodes that can take part in a consensus protocol is usually higher because it can be scaled up. This affects the throughput time, making it shorter.
But enterprise blockchain works in the exact opposite way, so blockchain app developers are expected to keep the throughput time as low as possible.
No matter how much money a business makes, cutting operational costs is one of the most important things it can do. Businesses like to work with operational costs that are not only low but also known in advance. So, it’s important to keep in mind that the Blockchain enterprise application should run on a platform with low transaction fees and stable, predictable fees.
The set of requirements we just talked about has created a lot of demand, which the Blockchain industry has met by making Private and Permissioned Blockchain platforms that are made to meet the needs and requirements of businesses.
Here are the platforms that Enterprise Blockchain Solution Companies around the world most often think about when making blockchain use cases:
Some of the Available Enterprise Blockchain Platforms
As they continue to speed up and support the development of blockchain-based apps, there are now more blockchain platforms than ever before. Here are a few enterprise blockchain platforms that businesses commonly use to build new blockchain applications.
The platform is used as the foundation for most decentralised applications on the market today, especially those that are used in an enterprise setting. The Blockchain world is putting all of its faith in Ethereum because it has a lot of great features, such as security and safety, stability, no downtime, and protection against corruption.
The permissioned network makes it easy for businesses to sign up users by giving them transaction authority and identity access. This creates a large area where users can work, and new users would need to get permission to work there.
The platform has the feature of data partitions, which allow businesses to store data that would otherwise be considered sensitive because it could affect the law in different ways.
The permissioned network based on Ethereum can handle both private and public transactions. It is thought to be perfect for making apps that need fast processing and fast speed for private transactions in the blockchain ecosystem.
Corda is an open-source blockchain platform that allows businesses to deal with each other directly while smart contract integrations ensure strict privacy. Businesses use the Corda platform to streamline their business processes and cut down on the costs of keeping records and making transactions. The agile platform can grow or shrink to meet the business needs of the moment. With applications built on Corda, you can make a special token that can handle financial transactions on a large scale.
It offers features like the Byzantine Fault Tolerance consensus mechanism that help businesses speed up their time to market (TTM) and get the most out of their investments. Microsoft and Intel, both big names in IT, use the platform.
The XDC network is a hybrid blockchain that is ready for use in finance and global trade. Through cross-chain smart contracts, it combines the best parts of both private and public blockchains. The platform has features like a decentralised, liquid network that uses interoperability to power digitalization and tokenization, as well as instant regulation of trade transactions that happen on the platform. The applications built on the XDC network work well because they don’t have to rely on complicated FX infrastructures as much. It uses the Delegated Proof of Stake (XDPoS) system and takes advantage of the fact that stakeholders can vote to approve transactions. Freewallet, XcelPay, BitFi Wallet, and other wallets support XDC.
The 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 businesses make smart contracts that include business rules for applications without needing to know how the core system is put together. The Hyperledger Sawtooth knows how to use different consensus algorithms, such as Practical Byzantine Fault Tolerance (PBFT) and Proof of Elapsed Time (PoET).
Here are some examples of how blockchain is used in different industries to give you an idea of how things are right now.
Real Use-cases of Enterprise Blockchain
Blockchain technology is seen as useful by innovators and visionaries in many different fields. Blockchain technology is being used in almost every industry today. Here are some real-world examples of how blockchain is used in different industries.
The blockchain and finance industries have been around for a long time. And so is blockchain’s effect on fintech. And the journey has only moved forward thanks to well-run pilots, tests, and proofs of concept (POCs). Brands like RBC, Santander, JP Morgan, BNY Mellon, Citibank, Visa, American Express, Goldman Sachs, and MasterCard, among others, are working on different blockchain-related projects and have multiple internal working groups focusing solely on enterprise blockchain technology.
Automakers have come to realize that the whole point of the transportation industry is changing. Everything from self-driving cars to ride-sharing to electric cars are now part of an industry that is changing the traditional world of mobility.
In response to all of these changes, a number of car companies are now planning to join the Blockchain world in order to help with programmes that aim to change the way people move.
When people talk about companies that are using Blockchain technology to change the way people move, Volkswagen and Renault come up more than any others. Both brands ran Proofs of Concept (PoCs) earlier in 2017 to test the tracking of telematics in vehicles.
When it comes to enterprise-level use cases for blockchain in the automotive industry, the vehicle’s mileage, engine usage history, and repair history, among other things, can be easily and accurately recorded on blockchain for dealers, manufacturers, and sellers to see.
In 2017, Airbus did a Proof of Concept at Berkeley with blockchain technology to track the parts of a jet plane. And in the same year, KLM began working with a Blockchain consultancy to help make prototypes for blockchain.
The aviation blockchain technology is helping airlines keep records safe, manage aircraft maintenance, speed up tokenized ticketing, and make digital travel more seamless.
When it comes to blockchain, the retail industry is one of the most focused on the technology industries that are making retail more profitable. In the end, the business world gives technology a lot of room to work around supply chain management.
Walmart is testing the use of blockchain to track where pork in China comes from and where it goes. This is an example of how blockchain can be used in the retail industry.
Alibaba uses a private blockchain network that is run by its own employees to track the authenticity of products in the supply chain and cut down on the number of fake goods that get into the system. The company also uses blockchain to make it easier to do business across borders and to give customers accurate information about its products.
Amazon is another company that uses blockchain technology. It uses it to offer a “track and trace” feature that gives sellers a better idea of where their items are and where they are in the inventory.
Blockchain is being used more and more in real estate as a way for investors, sellers, and buyers to talk to each other and find out about properties. Distributed ledger technology is used in blockchain-based real estate apps to make them more trustworthy by making them more open. It also speeds up the contract process and saves time and money.
Some examples of how blockchain is used in real estate are RealBlocks, SMARTRealty, StreetWire, ShelterZoom, and so on. These businesses use blockchain technology to improve their business by using smart contracts to speed up lease payouts, tokenization to make the process of registering land easier, and letting stakeholders make better decisions.
The typical real estate commission is 6%, but Deedcoin is bringing it down to 1% in order to connect people who want to buy or sell property. Another example is Ubiquity, which has built a SaaS-based blockchain real estate platform that lets users record information about a property and track its chain of ownership.
Propy, an all-blockchain real estate transaction platform that offers all-in-one solutions to change the real estate business, is another well-known use case.
Since a few years ago, blockchain in healthcare has been showing signs of being useful. Using a blockchain-based solution makes it easier to find problems and improves the overall performance, security, and openness of the way the medical industry shares data.
Blockchain can be used in many ways in healthcare, such as to make the supply chain more transparent, to keep and access patients’ electronic health records (EHRs), to use smart contracts for insurance and the supply chain, to check the credentials of medical staff, and to use IoT blockchain use cases to keep an eye on remote devices.
BurstIQ and Guardtime are two examples of how the blockchain can be used in health care. BurstIQ uses blockchain technology to keep data safe, sell it, share it, or license it, all while following HIPAA rules to the letter. Guardtime helps governments and healthcare companies use blockchain to improve their security.
Supply Chain Management and Logistics
Applications that use blockchain technology in the supply chain and logistics can help management a lot by making it easier to track products, coordinate between partners, and get access to financing. DLT is used by blockchain, which helps the supply chain and logistics industry by keeping track of where each shipping container is in real time, getting rid of steps in the delivery process that aren’t necessary, and using smart contracts to cut down on bottlenecks and clerical mistakes.
Some examples of how blockchain can be used in logistics are Sweetbridge, Slync, Blockfreight, and so on. For example, one of the best blockchain supply chain use cases is Sweetbridge, which is a blockchain-based economic framework that changes the way companies work together in the supply chain through a fast, flexible exchange of value that frees up working capital. The companies help improve the global economy as a whole and focus on making it better.
Media & Entertainment
Blockchain is being used more and more in the media and entertainment industry. The industry is working to solve problems like middlemen, uneven profit sharing, inefficiency, and so on. At the moment, royalty payments for movies, music, and streaming services are being sent out using blockchain. Blockchain use cases in media and entertainment are also making it easier for the industry to create new business models that can keep up with consumers’ changing needs and deliver them to encourage usage-based payments.
Some media companies that use blockchain are mediachain, Steemit, Binded, Vevue, etc. These apps can track the lifecycle of any asset, stop piracy, protect digital content, and give out authentic digital collectibles on their platform. So, here are some of the best ways that blockchain is being used in business right now. Now, let’s talk about a slightly different side of the same coin: the problems that blockchain will have to solve to become a common part of all the world’s success stories.
With the help of blockchain technology, the rate of innovation in the digital world is moving at a very fast pace. There are now more examples of how blockchain can be used in business, and it is expected that this number will grow as more businesses adopt blockchain. Several blockchain development platforms can help you build apps that can be used by a large number of people. As soon as possible, businesses should realize they need enterprise blockchain solutions. This will help them get a better share of the market and give them a great competitive edge.