We are witnessing an active world which gets updated technologically each day. No one wants to follow the complex or complicated ways to meet their needs. Blockchain occupies the space to create such an environment where things are made easy. The blockchain is a distributed, decentralized ledger technology where trust and transparency matters. The data is immutable; no one can change or modify. When talking about Blockchain, first we think about ICO or Cryptocurrency. The term blockchain is mostly heard in relation with those. But the fact is that blockchain can be utilized for any enterprise level businesses.
For a better understanding of how blockchain can be utilized for an enterprise, we need to have a basic idea about what a blockchain is and its types. As said earlier, blockchain is a decentralized and distributed ledger; all the details of transactions are distributed among the nodes and there is no central authority to control or monitor the transactions. When considering the enterprise level, all the data cannot be shared among all. There should be some privacy for some security reasons. At the same time, it should be shared among the work community.
Public blockchain, Private blockchain, and Permissioned blockchain
Blockchain with its feature to decentralize and allowing everyone within the network to access the data cannot be practically applicable for an enterprise level business. There may be situations to change the data or make necessary modifications too. Hence private blockchain will best suit the enterprises. The data can be accessed by the members on getting the approval of the business operator. If the network is a permissioned network, the ones who have permission to access the network will be able to make the transactions. It is called permissioned blockchain. In such permissioned blockchain, the users should be enrolled prior to making transactions. On enrolling into this blockchain he/she will be given user credentials and with that, the user can be identified. Whereas in Public blockchain, all the information is publicly distributed and everyone can access it. Here the data is secure and immutable no one can ever make any modifications.
What are the key benefits of using Blockchain for enterprises?
Blockchain as an emerging technology, the enterprises are trying to implement it. The enterprises are at a phase to connect blockchain into the business and make use of it in the best way. They are looking for the advantages of using it and how to manage it using different tools and the challenges to expect from it. As a decentralized distributed ledger technology, any enterprise can assure the data security because everything in a blockchain is immutable. No changes or modifications can be made possible. In an enterprise-level blockchain, the data can be accessed and managed by the permissioned community within. Hence the data can be shared within the group and can be modifiable by the particular community.
Can blockchain be used to store all the data for any enterprise?
Blockchain can be used to store data for any enterprise. Many industries have started experimenting blockchain for their enterprise. Blockchain is a perfect answer to those industries who need to keep the data or records secure. All the data are stored and are secure; no changes can be done within. With blockchain, the enterprises can track any transaction and bring reliability and trust. Blockchain is gaining a big space in the enterprise level business.
Who all can explore Blockchain?
Blockchain helps to manipulate and store huge amount of data for any industry. With that, the enterprise can support their business processes and bring automation. Along with that many other components are also to be included like user management, user interface, security etc.
Only if these non-technical issues are also considered we will get the expected results. Often some may face difficulties due to the lack of understanding of what exactly the blockchain is and how the technology works.
Payments, asset management, identity management, prediction markets or any such fields where different people interact with and engage each other, there the blockchain gains the name. Here are a few industries where blockchain gives scope to the entrepreneurs.
- Food security: With blockchain, everything can be traced; from production to all the stages until the food reaches the hands of the buyer. It ensures the fresh and safe food supply. Even if any issue occurs with regard to the safety of food, the health officials can find it easy to trace the real source of its production and solve it. Hence it will not affect the whole food industry of the same product.
- Health care support: Hospitals and other medical centers have to store a large number of patient records and need to ensure the privacy of those records. The medical data exchange within the hospital network can all be made easy and secure through the blockchain. Tracing the patient's medical history is made possible and it brings revolutionary changes in the health care system.
- Real estate: Buyers, sellers, agents or brokers can make the best use of blockchain as they involve very complex transactions in the field. They will be able to manage, automate and deal business transactions and establishes good relations independent of any third party. Accurate price, efficient property management, and secure rental agreements are easily possible with blockchain. No need for long and tedious waiting.
- Automobile industry: A vehicle’s mileage data, engine’s usage history, repair, and maintenance history can all be tracked using blockchain. Hence the buyer or the concerned people can access the details regarding the vehicle. Blockchain ensures accuracy in all transactions. When blockchain is implemented, everything can be automated; the mechanics, the service person, the insurance provider etc will all be connected with blockchain.
- Copyright tracking: When blockchain is implemented, no issues regarding the duplication of the work by the artists, musicians, or such groups are possible , who produce unique works. Blockchain helps avoid unauthorized or illegal file sharing and thereby prevent the work in reaching the dishonest hands. With blockchain the creative work will be copyrighted at the moment it was created. Thus the intellectual property can also be protected with blockchain.
- Supply chains: Blockchain, the distributed ledger technology has a lot to do for the supply chain systems. Supply chains have become much complicated as they have to deal with multiple levels from packing of the product to delivery and payment. Each stage has to be managed well. Blockchain helps to lessen this complication. Blockchain ensures a dispute-free transaction as everything is shared with everyone and cannot be changed. Thus ensuring the transparency which is important and improves the efficiency.
Why ICOs fall down and pave the way for Enterprises?
ICO’s have been a common word for talk among the techies. But recent surveys point to a big fall of ICO’s. Due to various reasons, investing in ICO’s have become risky. Many often failed to choose the good crypto project. The other reason is that the token loses its value in the market. The investors who blindly invest in ICO’s thus meets the loss. Here at this point Blockchain emerges more powerfully and the enterprises find this a great opportunity to grow with blockchain.
Apart from the traditional blockchain technology, many new enterprises are coming up with the enterprise blockchain implementation which is tailored for their business needs.