The introduction of enterprise blockchains is revolutionizing the way modern enterprises operate. With the use of blockchain technology, companies are able to gain increased levels of privacy, immutability, and controlled decentralization. This technology provides a new foundation that allows companies to gain a competitive advantage and better serve their customers. This blog post will explore the benefits of enterprise blockchains, how they are being used, and what the future holds for the technology.
Types of Enterprise Blockchains:
Hybrid Blockchains :
Enterprises demand privacy of data and speed of transactions which cannot be possible with pubic blockchains. So the enterprises are exploring hybrid chains or interoperability between public and private chains. Once good example is the framework Besu which integrates Ethereum & Hyperledger
Consortium Blockchains :
Enterprises are also choosing the consortium blockchains where the participants can share the records and acceptances by all participants. As an example if automotive companies decide to have a standard for Electric vehicle chargers the design, development, specifications will be mutually agreed by the consortium players.
What challenges need to be addressed when using Blockchain in enterprises?
Enterprises are exploring all the above models. The benefits are data security, Transparency, faster Transactions, cost effectiveness. This is going to be the new standard of architectures.
Top scenarios of enterprise blockchain
I have analysed top use cases with Blockchain which moved beyond POCs to adoption in last couple of years. If you have some more comment below
Top Industries adopting Blockchains or Distributed ledgers are :
1. Banking & Finance
2. Manufacturing
3. Governments
4. Healthcare
5. Insurance
Top Scenarios that brought immense value to Enterprises :
1. Trade Finance in Banking
2. Supplychain in Manufacturing
3. Public Distribution in Governments
4. Electronic Medical Records In Healthcare
5. Reinsurance in Insurance
Top use cases upcoming with Web 3.0 for enterprises :
1. Decentralised finance in commodity & securities market
2. Supplier Financial Network
3. Decentralised Identity
4. Clinical trials & Chemical composition privacy Management
5. Underwriting
Top use cases with Blockchain & Metaverse for Enterprises
1. Neo Banking
2. Digital Twin
3. Remote Patient Monitoring
Another area of potential is the development of digital tokens that are used as a form of currency within the enterprise. Digital tokens can help to streamline the flow of funds between businesses, enabling them to track payments in real-time, improve contract execution and reduce transaction costs. By using blockchain technology, businesses can ensure that all transactions are securely recorded and transparent, while allowing companies to use tokens as incentives to engage customers, suppliers and employees.
Written By
Viswanadh Akella
CEO, SimplyFI
SimplyFI Blog 