Enterprise Blockchain: Are We Accelerating it Enough
An executive’s guide on enterprise blockchain and distributed ledger technology.
Over the past few years, we have had the pleasure of working with clients from different industries in integrating enterprise blockchain technology into their businesses. During our collective journey, we educated our clients on the business scenarios, guided them in choosing the right blockchain applications and distributed ledgers. We helped them develop pilots designed to validate the blockchain capabilities.
When to integrate enterprise blockchain?
From the technical viewpoint, enterprise blockchain can be applied in many use cases. CIOs should be able to understand the particular scenarios where blockchain services can endure significant value to their businesses. When we take a project, we guide our clients on how to leverage the core capabilities of blockchain suited for a particular scenario. We educate them on the four key components of this advanced technology –
- Secure: Blockchain technology practices the powerful cryptography to enable secure transactions. Besides, the transactions are all recorded in the digital certificate format.
- Shared: The real advantage of blockchain over the conventional technology is that it can be leveraged to link enterprises to share information on a distributed ledger.
- Distributed: Blockchain can be distributed across multiple parties and hence the data is more secured.
- Ledger: Every transaction/data once fed into the ledger cannot be manipulated without every involved party’s consent.
CIOs should answer these following questions before adopting enterprise blockchain
- Do multiple parties share & update data?
- Is verification required?
- Can blockchain replace intermediaries to reduce cost and complexity?
If your answer to the above questions is yes then we highly recommend you to apply blockchain.
Public Blockchain vs Enterprise Blockchain
|Public Blockchain||Enterprise Blockchain|
|Access||Open access to database||Permissioned database|
|Asset||Naive assets||Any asset|
You cannot be a smart blockchain enabler unless you have a clear understanding on the differences between different types of blockchain applications along with their implications.
At Athena, we consider databases that are not opened to the public are also vulnerable to fraud. They can easily be manipulated, thereby creating trust issues among the involved parties. The enterprise blockchain is designed to keep the public out, whilst establishing ‘trust’ among the involved parties middlemen. They eliminate the necessity of third parties which are nothing but security holes.
More than 80,000 projects claiming to utilize blockchain technology have launched worldwide since Bitcoin’s underlying technology became the hottest buzzword in business. Of those projects, only a mere eight percent are still active, and the average lifespan of any given project is roughly 1.22 years.
Often startups fail to disrupt the potential of blockchain only because they opt for public blockchain for their business solutions. Without understanding the fundamentals of blockchain, they take a decision purely based upon popularity or name recognition. These organizations lack the basic understanding of the use of blockchain. Since they are completely ignorant about why their application is leveraging blockchain and how to choose the appropriate framework for the project, they don’t get desired results.
Recently, Wall Street Journal had reviewed around 1500 documents that unveiled 271 fraudulent tactics. The report revealed plagiarized investor documents, fake promises of guaranteed returns and pseudo executive teams. To make it worse, investors had dumped more than 1 billion USD into these flagged projects, with $273 million being already claimed as losses.
That being said, the novice companies fail to utilize blockchain because of the lack of technical know-how and initiating blockchain-led projects without any expert’s guidance.
We guide such companies in implementing enterprise blockchain based on blockchain technologies including Hyperlegder, Ethereum Enterprise, Ripple, Quorum etc.
Enterprises using blockchain
The potential impact of enterprise blockchain is powerful across industries, right from banking and supply chain to healthcare and insurance and beyond. Here are the blockchain offerings –
- Blockchain eliminates the intermediaries thereby boosting efficiency
- Blockchain simplifies business operations and reduces cost and time involved
- Blockchain enables new business models thereby enhancing revenues
As per the expert market analysts, the top five industries that will be likely disrupted by the blockchain technology by 2020 are
- Financial Services
- Real Estate
- Supply Chain Management
- Media Distribution
To finish, let us share our answer to the most frequently asked questions by our clients. Is Athena a Blockchain as a Service (BaaS)? The answer is YES. Our vision is to be the leading blockchain service provider, empowering you with the most advanced blockchain-based applications.
Our active assistance in industry consortiums such as Enterprise Ethereum Alliance and Hyperledger help us in understanding the core industry requirements. We are constantly working towards developing blockchain applications which meet the needs of your customers.
How do I plan blockchain projects that provide the greatest utility?
Which technology should I use? What are the standards?
How do I put together a blockchain development team?
What infrastructure is available to build atop?
What tech stack and tools should your developers use?
If these questions are bothering you then you are in the right place. Contact us and we will have your questions answered.