Exploring the Significance of Enterprise Blockchain

Jan 27, 2022


As we rush towards a hyper-connected economy, blockchain, in association with other technologies like AI and IoT, is providing the pathway to collaborate and make it happen. Blockchain is emerging as a powerful and constructive technology with the potential to move enterprise ecosystems. While 2019-2021 have validated experimental blockchain initiatives, 2022 pledges to be the most exciting year for blockchain. According to Gartner’s 2019 survey, 60% of CIOs foresee deploying advanced blockchain technologies by 2022. As an after-effect of the COVID-19 pandemic, many organizations have witnessed a noteworthy fall in their businesses. Because of this, organizations are foreseeing an overlong decline in the economy, concentrating on cost savings and optimizations. For organizations, when it comes to the topic of sustainable supply chain visibility and ethical sourcing, there’s an increasing demand for multi-tier visibility. Therefore, the organizations are looking for blockchain initiatives that can deliver B2B transactions, smart contracts, traceability, and asset digitization using distributed ledger technology.

Enterprise Blockchain infographic

 

In today’s world, the business’ need for privacy, speed, and security has heightened. The current business is like a world of warehouses for data. All these data needs to be stored and accessed by organizations securely without having to worry about data manipulation and loss. Enterprise blockchain is nothing but a permissioned blockchain network that can be incorporated and operated for enterprise uses. It acts as an additional blockchain security system, maintaining an access control that allows only fixed authenticated participants to perform certain actions. The participants present over the networks keep the information up-to-date, and each of the participants maintains a copy of the updated, immutable data. Organizations believe enterprise blockchain fits their needs better than a public blockchain, as the visibility of crucial data can be limited to a specified group of people. The adoption of enterprise blockchain has been recognized to revolutionize how numerous businesses work, as it has the potential to solve real-world business concerns and streamline business processes. Some of the world’s biggest companies are shifting towards enterprise blockchain in order to revolutionize their businesses. It is excellently suited to manage challenges like transparency, traceability, low digitization, trust, and pricey intermediaries.
For businesses, an early understanding of blockchain is essential as evaluating the benefits of blockchain across enterprises where real-time data, multiple transfers, and flexibility are crucial. Blockchain is gaining outstanding interest from many enterprises because of its powerful features, which have a long-term potential for digital disruption. These features are – Distributed Ledger, Immutability, Consensus, Smart Contracts, Security, Traceability, and Permissioned and permission-less. These features, when leveraged intelligently, can help enterprises in relevant business use cases.
How do these features help?
1. Distributed Ledger- helps enterprises share data over P2P networks and reduces single points of failure.
2. Immutability- helps enterprises ensure trust. Only mutable if all the entities managing the network agree to change the data.
3. Consensus- A consensus-based framework delivers trust and eliminates the need for intermediaries.
4. Smart contracts- promote paperless interactions and contract management across supply chains.
5. Traceability- enhances visibility and enables tracking and tracing of products across a supply chain.
6. Permissioned and permission-less- provides enterprise users with flexibility.

Benefits of Enterprise Blockchain
1. Accountability- Often enterprise blockchain is shared by a few companies or entities in an agreeable format. Each entity in the network will hold a copy of the transaction. Thus, can be held accountable for its actions.
2. Scalability- Enterprise blockchain effortlessly sustains more transactions at a base layer.
3. Reduces Risk- With smart contracts, agreements can be streamlined and automated. Also, transactions created and recorded using an immutable, distributed ledger technology can be trustworthy.
4. Trustable- Builds a trusted ecosystem as the transactions made among business partners can be easily verified and are traceable.
5. Security- Accelerates cross-border transactions and strengthens the value chain. With the help of distributed ledger, enterprise blockchain facilitates secure data management.
Enterprise blockchain is acquiring popularity on a massive scale because of its efficiency and less costing. For modern businesses, only enterprise blockchain can provide a high-quality backup. Experts believe that enterprise blockchain can provide an adequate space without the need for any incentive. Therefore, with more confidentiality, organizations will be able to maintain privacy. By 2028, we will be able to see enterprise blockchain solutions everywhere.

Government blockchain initiatives
Governments from around the world, in their initiatives, are betting over blockchain, as they have a very strong hope that blockchain will help them accomplish their purposes. The near-term promise of blockchain is noteworthy. Blockchain appears to be in every place these days. Blockchain technologies can facilitate countries to execute their objectives. With the increasing function of government in supporting their country’s economy, blockchain technology is getting encouraged. Organizations will shortly integrate more blockchain solutions to leverage the potential of this powerful technology.

Conclusion
Enterprise blockchain has a drastic potential to transform and improve the way businesses work. At present, many companies are exploring the advantages of enterprise blockchain. With the implementation of blockchain that supports smart contracts, track and trace, asset digitization, and loyalty and rewards program, enterprises can achieve various advantages in day-to-day business operations.
MSRvantage delivers enterprises a comprehensive view of the blockchain landscape and its potential. Blockchain, being a decentralized, open, immutable, distributed ledger technology, allows organizations to store and access records/transactions with security and confidence. With our blockchain-enabled products, solutions, and services like smart contracts, track and trace, asset digitization, and rewards & loyalty programs, we help enterprises enhance their business values by supporting them at each and every step of blockchain adoption. Thus, changing the aspects of the organization by accelerating efficiency and providing an innovative platform. Partner with us to achieve coherent, efficient, and secure ways of doing business.

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