Blockchain, when viewed in a public system rather than in an enterprise ecosystem, shows a completely different picture. And the differences lie not only in the options for using Blockchain in the enterprise, but also in the specifics that are required in terms of functions or requirements.
For an enterprise blockchain solution, technology requirements are expected:
Privacy
In a public blockchain, data is available for anyone to view. However, in the case of an enterprise blockchain, users who comply with business-related rules and requirements can use the data and information.
For blockchain technology use cases to emerge, it is important that the mechanism followed is based on authorized viewing. The technology that works in a business setting should only allow authorized stakeholders to view information, not everyone in the company and the world.
Security
While the security feature is very closely related to privacy, the security feature is also very different in the case of an Enterprise Blockchain compared to a Public Blockchain system.
Elements such as “Know Your Customer” or “Anti-Money Laundering”, which are optional in a public blockchain system, become important when it comes to enterprise settings.
While bl ockchain itself promises increased security and a hack-proof system, when the data and information is something as sensitive as that used by businesses, it becomes almost mandatory to ensure that you have additional layers of security added to your blockchain for business customization.
Throughput
The volume of transactions occurring every second on a blockchain varies significantly between public and permissioned blockchain systems. While in the case of a public blockchain, the number of transactions is usually more scalable. In addition, the number of nodes that can participate in the consensus protocol is usually higher due to scalability, which definitely affects the throughput time, making it lower.
But since the enterprise blockchain works in exactly the opposite way, blockchain application developers are expected to keep the latency absolutely low.
Operational costs
For an enterprise, regardless of the size of its revenue, saving operating costs is one of the most important elements. Businesses prefer operating costs that are not only low but also predictable. Hence, an important note becomes that an enterprise Blockchain application should run on a cost-effective platform that operates on the basis of stable, predictable transaction fees.
The set of requirements we have just discussed has created an influx of demand that the Blockchain industry has met by offering private and permissioned Blockchain platforms that are designed to meet these enterprise requirements and demands.