Blockchain technology is quickly taking over the tech world. While many people seem to limit it only to cryptocurrencies, in reality, that’s not the case.
With enterprise Blockchain technology continuing to grow and expand, businesses are finally beginning to consider this new technology’s versatility.
Blockchain does a shared entries technology that allows data to be globally stored on an extensive network across multiple servers; this allows anyone to access the network to access entries in real-time.
The vast nature of Blockchain technology makes it hard for one individual to gain control of or hack into the network.
Popular business services such as bitcoin, ethereum, and other cryptocurrencies are based on Blockchain.
Enterprise Blockchain is a Blockchain network specifically equipped and utilized to engage with enterprise-level demands and purposes.
Already, enterprise Blockchain platforms are taking over the global enterprise market, and many businesses are beginning to see the benefits of utilizing Blockchain technology in the enterprise market.
Many big names in the tech world have begun to employ Blockchain in their business’s daily running, such as IBM, Linux, Citibank, and many others.
As enterprise Blockchain continues to empower small and large industries with the accessibility and security that they need, it has become clear that Blockchain technology is here to stay.
Even with its fair share of criticism, many organizations continue to adapt it to grab a place in the future Blockchain market.
1. What Can They Do For Your Business?
Over the years, enterprise Blockchain has become an essential foundation for software and network stack of businesses worldwide. It is mainly used to manage digital assets. All in all, enterprise Blockchain helps companies to solve three main problems;
- To process data more efficiently
- To further secure business networks and transactions
- Creation and management of digital assets
Enterprise Blockchain solutions also have specific impacts based on the industry you’re a part of;
i. Finance
The Blockchain technology started with the finance industry, and no other sector has utilized it as well as them. It has been adapted into several financial services, including trade, insurance, border transactions, etc.
Enterprise Blockchain technology is beginning to be used in banks across the world for more effective management. In Canada, seven banks have banded together using Blockchain to verify the identity of their commercial users. As more big names continue to adopt it, enterprise Blockchain is expanding faster than ever.
ii. HealthCare
HealthCare is another primary industry experiencing the breakthroughs of enterprise Blockchain. Enterprise Blockchain has allowed HealthCare companies to manage the diagnostic history of their parties better. It also helps in managing the supply and distribution of pharmaceutical medicines to healthcare businesses and patients worldwide.
Some governments have begun considering using enterprise Blockchain in HealthCare to help check the authenticity of drugs and maybe even enable a quicker diagnosis of illnesses and diseases in the future.
iii. Media/Advertising | Enterprise Blockchain Solutions
With enterprise Blockchain coming into the media industry, things like copyright and authentication are becoming more secure and easier to manage. The NYC Blockchain Center’s executive director, Kimberly Quinones, commented that Blockchain is also starting to play a significant role in distributing royalty payment and micro-payments.
Blockchain is being used to sponsor larger advertising budgets across various mediums to see which one is most effective. With enterprise Blockchain, advertisers can finally track how their money is being spent, and what places are giving them more revenue.
iv. Food/Agriculture
Enterprise Blockchain thrives in agriculture businesses because of the need to supply goods. Enterprise Blockchain, with its transparency, is a vast improvement over traditional supply systems. With enterprise Blockchain, food can easily be traced back to the manufacturer in times of need, or outbreaks. This eases the flow of the supply chain and prevents mass food waste.
Enterprise Blockchain is also very useful in managing the inventory of your business or food sales.
v. Ethereum Blockchain
Ethereum is by far the most developed form of Blockchain in the world. Its diverse application makes it suitable for the majority of industry and business applications. Its flexibility and strong security gives it an edge over other enterprise Blockchain and offers unique advantages to industries looking to try out enterprise Blockchain solutions.
There are several ways you can access Ethereum as a small or large organization. You could partner with a larger organization with an already functioning Blockchain technology, and you could buy Ethereum India online, purchase for your organization, and so on.
2. Key Factors for a Successful Blockchain Solution
While enterprise Blockchain does come with its obvious advantages, there are some things you’ll have to apply for it to run as smoothly as possible for your business. Individual design decisions you take when deploying your enterprise Blockchain will have lasting effects on the production, and overall impact of the Blockchain.
Therefore, there are several technical and non-technical factors you need to take into consideration when choosing the type of Blockchain to use, and designing the Blockchain;
- How easy will it be for you to integrate the new enterprise Blockchain solution with your network’s existing technology?
- What type of privacy mechanisms will you need to employ to ensure that specific transaction data remains secure?
- Does the enterprise Blockchain solution technology you’re using align with the industry’s standards and specifications you’re a part of?
- What type of tool ware, application layer, and infrastructure will your network developers use in deploying the enterprise Blockchain?
- How much will you need to invest in developing the enterprise Blockchain, and what will be your return on investment?
- Decide which Blockchain platform best fits your specific network and business requirements.
- Is the platform you’re using secure enough to handle your business network on a large scale?
Will you need ongoing support service and maintenance?
- How will you go about gathering a well-equipped enterprise Blockchain development team with an adequate understanding of Blockchain technology?
3. Conclusion | Enterprise Blockchain Solutions
Other more popular forms of Blockchain such as bitcoin and other cryptocurrencies can also be purchased to benefit your industry. Imps bitcoin can be bought easily online through little stress.
Industries around the world continue to experience the massive innovations and impact caused by enterprise Blockchain technology. The possibilities are truly endless as Blockchain helps the various organization reach their full business potential.
