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Welcoming Blockchain in the Enterprise Realm

By CIOReview | Friday, January 25, 2019

Blockchain adoption within corporations is all set to dominate the real-world projects soon. Enterprise blockchain is disrupting all the businesses and is claiming a significant fraction from this revolution as they are providing services without any downtime, fraud, censorship, or third-party interference. The blockchain is a global infrastructure and a shared ledger, and therefore values like debts and transactions are stored in it. These shared values are immutable and hence are reliable too.

Designing and issuing cryptocurrency is one of the many offerings of the blockchain technology. Apart from this, smart contracts, wallets or any other forms of decentralized applications can be used to write customized contracts for deployment as these help businesses to operate in a tamper-proof and cryptographically secure environment.

Enterprise blockchain is known for two important concepts which are not found in public chains; permission and the other is private transactions. A permissioned blockchain is the one wherein the blocks or nodes are run only by trusted participants, and only the authorized users can be a part of the process. On the other hand, private transactions are rolled through corresponding private smart contracts that hide the business logic from all except the authorized users. Hence, enterprise blockchain has a different approach from cryptography to access controls to ensure that private transactions are visible to the authorized parties only.  It also creates tokens that can be issued for a value, and the blockchain will be responsible for holding that value until the goal is achieved. As per the lending contract, the funds will be released to the project owners for executing that project, or it will be returned to the contributors as agreed before.

Enterprise blockchain is a revolution. There are thousands of businesses that are evaluating and deploying blockchain solutions to stay ahead in the competition. This technology has the most tremendous opportunity for growth, investment and value creation in the enterprise space over the next few years.