What’s the future of Enterprise Blockchain?

Blockchain technology is new even after a decade of its introduction. The popularity of blockchain has been improving largely because of the successful adoption of its applications across different sectors. The foundation of distributed digital ledger technology brings many benefits by documenting records of all transactions involving data or money.

The records of transactions between any two parties could be stored easily with transparency, security, and immutability. However, the popularity of blockchain definitely calls our doubts regarding the future of blockchain. The following article tries to dive into understanding the future prospects associated with enterprise blockchain.

Blockchain technology Overview

Blockchain is one of the distributed ledger technologies which enables sharing of an immutable ledger among network participants. The ledger works in the documentation of transactions alongside tracking assets throughout a business network.

Tangible assets can refer to cash, a house, or a car. Intangible assets include examples of branding, copyrights, and patents. Blockchain is the future because it can help in tracking and trading almost anything of value on a virtual platform.

Businesses could build blockchain networks with different approaches. The public blockchain networks can allow any individual to access the network. Private blockchain networks have a specific organization governing the organization. Permissioned blockchain networks involved the need for participants to obtain permission for joining the network.

Overview of Enterprise Blockchain

An enterprise blockchain is a type of permissioned blockchain that can be used to streamline business processes at scales, such as tracking supply chain goods or settling global payments.

Enterprises have a set of needs and requirements that can’t be satisfied by public blockchains. Public blockchains allow any participant to read and write in a permissionless manner.

The participants in a private or hybrid blockchain are known from one organization or from multiple organizations. Enterprise blockchains are mainly private or hybrid (consortium) blockchains, rather than public blockchains. Some of the advantages are

• Scalability

With a smaller set of nodes and different consensus mechanisms, Hyperledger can run upto 1000 TPS vs Ethereum’s 7 TPS.

• Trusted members

All the network participants are known accountable, decreasing the risks of network attacks

• Privacy

Enterprises cannot afford to have all their data available to the public and competitors, so only trusted members can access and write data.

• No cryptocurrency

In a network where all participants are known, there is no reward requirement for cryptocurrencies.

Future of Enterprise Blockchain

The world sees a radical shift in almost every field, starting from governance to manufacturing. People were restricted to the confines of their homes, and global corporate organizations had to run their operations remotely. At the same time, the drive for digital transformation also gained strength, thereby calling for the adoption of blockchain technology.

• The Financial sector would lead in Blockchain

The banking and finance industries do not need radical disturbance of existing processes for adopting the technology. Financial institutions are readily accepting the use of blockchain in finance for conventional banking operations. According to a recent study, distributed ledger technologies along with blockchain can help in reducing the costs for financial service providers by almost $15 billion to $20 billion by 2022. In addition, some experts predicted that the banking industry would use blockchain for deriving a business value of over $ 1 billion by 2022.

• Demand for Enterprise blockchain expertise

As the world recognizes the potential of blockchain technology, enterprises would need professionals with the right skills and knowledge. However, the popularity of blockchain as a technology has not affected the supply of blockchain talent. Since the technology is comparatively new with limited awareness, it is difficult to find a lot of blockchain engineers. Therefore the enterprise blockchain future definitely holds some career opportunities for professionals.

• Blockchain — IoT connection

Combining other technologies with blockchain can help us in achieving many promising steps. Blockchain can offer credible data for informing and strengthening algorithms of adjacent technologies. In addition, the technology can also ensure data security alongside a detailed audit of each step in the decision making process.

Some experts reveal that around 35 percent of IoT deployments would enable blockchain services by 2025. This combined prediction for blockchain and IoT could be amplified in the future with blockchain technology offering a secure and scalable framework to ease communication among IoT devices. Furthermore, blockchain can also enable smart devices for executing automated micro-transactions with better speed and cost-efficiency.

Conclusion

It is clear that blockchain trends for the future are focused on different themes, working towards continuous value for users. On the other hand, the enterprise perspective on the blockchain would have a hard influence on the future of blockchain. Moreover, the future prospects for the technology rely heavily on innovation and could present promising value for enterprises.

As enterprise blockchain evolves, it will become more scalable and capable of integrating both private and public blockchains. Despite the early stage, blockchain will be a disruptive technology that will transform various industries in the coming future, bringing $3 trillion of market value by 2030.

Gyan Solutions is a blockchain development firm with expertise in the field of enterprise blockchain. We are implementing cutting-edge blockchain technologies and reshaping the fintech world.

If you’ve any query regarding the project, contact us today.