Today, blockchain technology has become a real buzzword in the business landscape. Many businesses are exploring the potential of blockchain technology in helping to create more effective and transparent business processes. Indeed, blockchain offers a high level of versatility, scalable, and futuristic solutions for businesses. Your business shouldn’t miss the opportunity to leverage this revolutionary tech’s benefits.
And while blockchain technology means different things to various industries and entities, enterprise blockchain suits the needs of businesses better. The rising number of top blockchain startups is a sign of things in the enterprise blockchain industry. But what is it that makes enterprise blockchain ideal for businesses? This article discusses enterprise blockchain and the features that make it attractive to businesses.
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What is enterprise blockchain?
This is a type of blockchain that is created specially for a specific enterprise and it’s goals. Enterprise network monitoring allows you to keep the transactions within the organization by restricting data visibility to particular persons or groups.
You have the power to add or remove members, set requirements, rules, make it partially or fully immutable, and manage the network as you desire.
This is unlike what happens when you’re operating on a public blockchain which is open to anyone joining and contributing to the consensus process. An excellent example of public blockchains is that of a cryptocurrency, which conducts its transactions on public ledgers. Public blockchains lack regulation, and transactions happen anonymously, meaning it’s impossible to track down an individual’s identity.
Since enterprise blockchain is more controlled and regulated, it becomes a better platform for organizations with a large volume of data. Your business can build custom blockchain apps to boost workflow, collaboration, and other processes.
Look at the features that make enterprise blockchains ideal options for running business applications.
Higher transaction transparency
Being on a distributed ledger technology (DLT), blockchain transactions allow data distribution to all participants simultaneously. Participants also don’t have to go through numerous verifications to access the transaction information, allowing higher transparency. This also helps speed up transactions considerably and prevents participants from altering or manipulating data. It also helps to create accountability among the members of a network.
Boosting competitive edge
Enterprise blockchain can place you ahead of your competitors when it is implemented properly. Partnering with an enterprise blockchain company can help your business take the opportunity to be innovative and forward-thinking in their approach to business operations. Improved workflow and business processes can set your business up for better client satisfaction and retention.
Better security and privacy
Implementing enterprise or private blockchain in your business offers increased security and privacy of your business transactions and processes. The very nature of blockchain technology is built to be more secure with cryptographic encryption and creating a permanent and unalterable record. This makes it impossible for business associates, employees, or malicious outsiders to defraud your business or conduct illegal activities.
In addition, anything outside the business transaction norm is on record, and you can easily track it to the creator or executor. Besides, it’s quite challenging to attack data written on blockchain since it’s on a distributed ledger and not stored in a single location. Generally, using enterprise blockchain is a better way to address security and privacy through restricted access.
Cost-cutting measures and trust
Blockchain can help your business save money. This is because transactions move faster than in traditional technologies. All tasks that consume a lot of time and resources, such as data gathering, analysis, auditing, or reporting, are delivered much quicker, cutting costs in the process.
Also, using enterprise blockchain eliminates the need for third parties to confirm or verify transactions. This cuts the time and money you spend significantly, saving your business funds to apply to other business functions like marketing campaigns to boost reach and conversions.
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Regulations and partial immutability
Rules, standards, and regulations are critical in any organization, and enterprise blockchain allows your business to establish rules for participants and members to follow. This is one feature that makes enterprise blockchain quite attractive to businesses. The rules you set must be strictly followed for a transaction to complete.
Further, while data on the blockchain is literally unchangeable, a feature that makes public blockchain more secure, enterprise blockchain is partially immutable. But that’s a good thing for enterprise blockchain because it’s part of an internal process, and sometimes you may need to alter data.
However, this feature is only possible if there’s consensus between stakeholders and owners in the particular network.
Wrapping up
Blockchain technology is creating a wave in the enterprise world, but most businesses still struggle with its adoption and implementation. Other businesses struggle with choosing the most suitable dApp platform to build their solutions, while some don’t understand enterprise blockchain and its many benefits. But enterprise blockchain has many attractive features, as outlined above. It’s better than traditional networks and technologies in various ways. When a business decides to build its processes on it, it’s guaranteed better privacy, transparency, and the ability to set rules, permissions, and access levels.