Over the past few years, we have seen a lot of companies from small to large enterprises have started implementing and thinking to implement blockchain technology for their businesses.
The reason for this sudden increase is digital transformation. Around 86% of people believe the integration of this technology will enhance their step towards touchless business operations.
In fact, 91% of respondents in a survey by Deloitte expect to have a quantifiable return on their blockchain investments for the coming 5 years.
Going into more statistical data, we found that the global Enterprise Blockchain market hit 4.9 billion USD in 2021 and by 2030 it is estimated to reach 246 billion USD.
This shows, that enterprises that enterprise blockchain solutions have a lot of potential for businesses. But what exactly can they do for your business?
Let’s figure out that in this blog. I tried to list down all the important aspects of enterprise blockchain solutions.
What is Enterprise Blockchain Solution?
An enterprise blockchain solution is a highly complex, permission, and often private technology that utilizes the power of distributed ledgers to facilitate secure, transparent, and immutable transactions.
This means it involves a vast network of nodes, each with its unique set of permissions and capabilities, in which only authorized users can participate. The transaction is not publicly visible.
Different Enterprise Blockchain Platforms
For the development of enterprise blockchain applications, you will need a blockchain development platform. Though there are many enterprise blockchain platforms available in the market, the 5 most common that are used are:
- Hyperledger Fabric
- R3 Corda
What Features of Enterprise Blockchain Solutions Make Them Special?
Blockchain technology has gained immense popularity due to its unique features that go beyond just being a backup network for cryptocurrencies. Especially, when we talk about the enterprise sector, blockchain has the potential to address various gaps and loopholes.
For example, blockchain is immutable which means if a record is stored on a blockchain, it cannot be altered or removed. Similarly, there are many other features that make a blockchain a perfect choice for enterprise solutions. Let’s have a look at some of them.
1. Decentralized Mechnanism
Blockchain technology is a decentralized network. It does not require any central authority to run the network. It is a peer-to-peer network in which you can store any type of digital asset- from cryptocurrencies to documents with direct control over them using the private key.
2. Distributed Ledgers
The distributed ledgers feature of blockchain leads to:
- No Malicious Changes
- Ownership of Verification
- No Extra Favors
- Quick Response
What really sets blockchain technology apart is its amazing ability to share and verify data without any intermediaries. Its distributed ledgers feature allows for a network where people can share information seamlessly – without any middlemen.
And here’s the best part: there’s no central authority controlling the data, which makes it much more secure and way less prone to tampering and hacking. In short, blockchain technology is the ultimate peace of mind when it comes to sharing and verifying data!
3. Smart Contract Capabilities
Smart contracts are like your trusty personal assistant in the world of enterprise blockchain solutions. They help you automate important actions by following a set of programmed instructions that are triggered when specific conditions are met.
For example, they can initiate an automatic payment transfer when funds are received or remind you of an upcoming deadline when a certain date is reached. Think of them as a reliable companion that takes care of tedious tasks so you can focus on the bigger picture.
This makes it perfect for companies that wish to maintain authenticity and transparency because it helps to remove any dishonest or doubtful conduct. In this system, each sector is examined, such as public services, voting procedures, and record keeping.
These are just some of the many features of the blockchain that make it the enterprise blockchain solution you need for your business.
Use Cases of Enterprise Blockchain Solutions
Enterprises are increasingly adopting blockchain technology for various use cases to enhance transparency, security, and efficiency in their operations. Listed below are a few business blockchain use cases.
1. Management of the Supply Chain
Blockchain technology offers a safe and transparent means to track the flow of items and verify their validity, which can assist improve supply chain management.
Things like accessing patient EHRs records, smart contracts of medical insurance, supply chain tracking, and medical staff credential verification. These are some of the use cases of enterprise blockchain solutions.
In fact, the market for blockchain technology in healthcare was valued at USD 0.76 billion in 2022 and is anticipated to reach USD 14.25 billion by 2032, growing at a CAGR of 34.02% from 2023 to 2032.
3. Financial Services
Some of the use cases of enterprise blockchain solutions in financial services include cross-border payments, trade financing, KYC/AML compliance, securities settlement, and digital identity management.
Blockchain in education can be used to create a secure and transparent system for tracking student records and credentials. It can also be used in scholarship detection which can help identify fraudulent scholarship applications.
5. Real Estate:
Enterprise blockchain solutions can be used in real estate for various purposes such as property title transfer, property management, and smart contract-based property transactions.
Blockchain use cases are not limited to just the industries mentioned above. It can also benefit other industries like Media and Entertainment for content ownership. Additionally, rights management, eCommerce for customer data and payments, Aviation for aircraft maintenance and record management, and many other industries.
Undoubtedly, if you are thinking about how enterprise blockchain is beneficial for your business, then hope this article is useful for you. You may have found your answers here. Furthermore, you can reach out to Blockchain Development Company for better insights on how to use blockchain in your business. Also, if you are interested in cryptocurrency wallet development, then you can check out the best Cryptocurrency Development Company for your project.