An enterprise blockchain is a network of blockchains that can be integrated and used for the purposes of enterprise-level organizations. These blockchain technologies are specifically designed to meet the requirements of enterprise-level organizations.
The use of blockchain in the enterprise environment is blossoming at a rapid pace. New projects will soon dominate this industry sector. The enterprise blockchain platform will disrupt the typical ways and take over a large part of the global enterprise market.
The long history of blockchain makes us aware of its capabilities. There are many blockchain projects happening all around us, and it is only a matter of time before this technology is refined for its global use.
Many businesses are utilizing enterprise blockchains to increase their influence over consumers. Popular names like IBM, Amazon are implementing various blockchain projects and also collaborating with the already existing enterprise blockchain platform.
We will talk about that later in this article. For now, let’s take a look at how this new enterprise blockchain platform is being revolutionized.
What is driving this worldwide blockchain revolution?
The answer would be the API (Application Programming Interface) economy. The API economy is growing with tremendous force and many organizations are using this technology to improve their business. Even though this technology is developing at a very fast pace, it is still impossible to keep up with the growth of the internet.
Nowadays, businesses need a huge amount of data to manage and also fast transactions across the globe to keep everything functioning and growing. This creates a different kind of business challenge around issues of security, transparency, and complexity.
- Security: a centralized enterprise architecture system gives hackers the ability to compromise specific user accounts, applications, and devices.
- It does not provide the minimum required security.
- Complexity: Any global enterprise has to keep pace with various intermediaries and have harmony in the working environment among them. Managing this poses complex challenges along with increasing costs.
- Transparency: there is no particular visible touch point where organizations can track their services going to their customers. This increases counterfeiting and has a negative impact on business.
Counterfeit products alone hit businesses at over $7.5 billion dollars a year. And that’s just in the U.S.! Product suppliers around the world have to pay interest rates of up to 30%, which increases the overall price for consumers. So while the manufacturer may ultimately create low-cost products, consumers cannot enjoy all the benefits.
In this typical catastrophic situation, blockchain technology can save the sinking economic ship. Integrating with these technology businesses can regain the lost trust of their customers.
Data is the new currency for API growth, and with the help of enterprise blockchain, organizations can now finally breathe a sigh of relief.
If we think back to traditional ways, you will see that institutions such as government, banks or corporations have always played an important role in managing risk factors. Now, these organizations can finally use blockchain to get rid of uncertainty, which will ultimately reduce costs.
This level of transformation will have a big impact on the entire global economy. The programmable economy is the future now.
Is enterprise blockchain ready?
Many of the available blockchain technologies are still at an immature stage. While the tech world is still unfamiliar with the whole concept, large organizations are not quite sure how it works. It tends to still be evolving and businesses are struggling to cover the major challenges:
- When evaluating platforms, organizations tend to look for a platform where all their complex needs can be met.
- Blockchain is one type of transformational network, but still, enterprises want something more defined, especially in industrial cases.
Even if large enterprises want to build this network on their own, true value can be found when multiple blockchain networks work together.
Enterprise blockchains may be the right partner to bridge the gap between organizations and data management. Many projects have already been deployed, and enterprises are increasingly looking to work with blockchain. Let’s move on to the next chapter to better understand the situation.