Business July 23, 2019 Last updated July 22nd, 2019 73 Reads share

How Enterprises are Leveraging the Potential of Blockchain?

Enterprises are Leveraging the Potential of BlockchainImage Credit: Deposit Photos

Blockchain has been a breakthrough technology that has sparked innovation in the industrial sector. As per the stats goes for last year, 95% of companies across different industries were investing in blockchain tech projects. The shift has been transitional and there has been a massive adoption since last year to 2019 where the pilot projects have been moving from tech stage to end-users. 

Blockchain has always been synonymous with Fintech and Banking industry, there have been presumptions about the adoption of this technology restricted to finance and banking. But that’s not true, Blockchain as a technology has been flared up for different sectors including Healthcare, Logistics, Automobiles, and Retail.  

In this blog, I am going to talk about the predominant power of blockchain impacting enterprises in full circle?


Most Fortune 500 companies have been exploring Blockchain benefits in their business operations and security. 2019 has been the year of Blockchain Enterprises when major giants like Airbnb, Daimler, Rakuten, and several others acquired blockchain-related startups, while the investment arms of Jaguar Land Rover, JetBlue, Verizon, and others made blockchain-related strategic investments. 

The market turnover and investment chain have created curiosity around the blockchain principle and enterprises have been looking forward to delving deep down to the crux of blockchain and looking for the blockchain development companies to generate business value in volumes.

Further, in 2019, we would see enterprise-level distributed ledger technology emerging on the market space:

 

1. Enterprise Ready Blockchain:

 


Enterprises have always been looking forward to innovation and strategy while developing a product of software for consumerism. Tech giants such as Amazon, IBM, and Oracle have been offering enterprise-grade blockchain solutions. 

R3, an international blockchain consortium plans to unveil its platform Enterprise Corda, later this year. 

The open-source blockchain software, enterprise solutions offer better scalability, privacy, security and additional protocol changes that make them more attractive to the private sector.

The major business appeal of enterprise-grade DLT has been the uncanny collaboration opportunities not just within bigger companies but within cross-company platforms as well. 

A popular example has been seen in the form of major food suppliers like Nestle, Walmart, and Unilever, etc are coming together to work with IBM to create a global food tracing system on the blockchain. The global food tracing system would help in reaching complete visibility into the origins of potentially hazardous goods and rapidly trace the source of contamination. 

Such collaboration would benefit everyone around the business with better interoperability and faster adoption. 

2. Interoperability has improved significantly:

Blockchain is a mesh of interconnected distributed ledgers but due to the lack of connectivity mechanisms between these ledgers, the major adoption for blockchain has fall flat. But there have been companies who are working on presenting viable ways for establishing connections between different ledgers.

Ripple has released an Interledger –  a mid-wave arbitrary protocol that can connect different types of ledgers like distributed, traditional and centralized. The main goal of Interledger is to improve interoperability between financial institutions.  

Customer Data Privacy has been one of the point points for enterprises as they must constantly upgrade their systems to remain in compliance with existing regulations. By leveraging blockchain, businesses can actually reduce their data ownership. Customer Information stored on the distributed ledger can’t easily tamper as users have to grant access or permission to access the data.  Thus, in turn, it will allow enterprises to remain compliant with less effort and better security.

The above two pointers have clearly explained the potential of Blockchain for Enterprises. 

But before taking the big leap, let’s discuss a few strategic considerations before adopting blockchain:

As an enterprise owner, there are few questions that you must ask before taking your final call on enterprise-grade blockchain application:

  • What levels of speed, scalability, security, and privacy do we need?
  • Should we use private “permission” blockchains or public ones?
  • Should we employ an enterprise-grade blockchain platform?
  • Should we join a consortium?

After the final introspection of juggling questions, and deciding on the initial parameters for your next enterprise-grade blockchain solution, let’s conclude the blog for now and see what’s the future of Blockchain will have in store for Enterprises in 2019?

The Future:

Though blockchain implementation is still in the nascent stage. There is a long way to go for blockchain implementation by enterprises who have been considering blockchain technology as an option to integrate into their existing business model. There have been challenges and considerations that we have to look after before delving deep down into the implementation phase. 

There has been a massive improvement since last year as this year we have seen Proof of Concept moving from the Pilot and test stage to the implementation phase. The future of blockchain might see the simplification and acceleration of modern blockchain services, the transition from pilot to full-blown blockchain production projects and an increase in demand for cybersecurity projects leveraging the development of quantum blockchain project.

One major barrier for enterprises implementing blockchain today is that it still isn’t something as easily accessible as a website or an app. The right way to achieve the benefits of blockchain technology to build it such that it’s actually usable, and the end-consumers wouldn’t need an expert to understand the stuff that goes around them.

In this blog, I have tried to mention the best possible future outcomes that blockchain beholds for enterprises. Blockchain is booming and the impact could be seen in many industries. Once, you have decided that you can go forward with blockchain, then there is no looking back for you as there are ample benefits that blockchain has to offer and it could certainly add up to the growth of enterprises in the longer run.

Block Chain – Deposit Photos

Ved Raj

Ved Raj

Ved Raj is a Business Consultant & strategic thought leader bridging the divide between technology and client satisfaction. With 12 years of knowledge, innovation and hands-on experience in providing consultations to Startups, ISVs & Agencies who need dedicated development & technology partners. His expertise is in blockchain development. Blogging is his passion & he shares his expertise here through ValueCoders.

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