Blockchain Is Addressing Enterprise Problems, Here’s How?
Bitcoin was launched in 2009 and it generated quite a buzz. Now in 2018, blockchain is creating ripples in enterprise applications. In October 2017, around 24% of the companies were looking for potential enterprise blockchain applications and 16% companies purchased the blockchain solutions already.
New figures are even more promising. From freight, oil, gas, online voting to food, there are innumerable applications of enterprise blockchain.
Yes, the term enterprise blockchain is getting more and more traction because of the potential it holds.
Why Enterprises Interested in Blockchain Solutions?
- Improved transparency
- Customer becomes more loyal, no data leaks
- Cost and time reduction for transactions
- Less chances of fraud, since blockchain is decentralized
- Better product and process security
The above-said capabilities have division horizontally in industry applications. Use cases for different industry verticals vary. Some of the horizontal applications include supply chain management, product authenticity, data sharing, system introspection, audit and process verification and product lifecycles.
Now let’s see some of the vertical applications such as, finance and insurance – transaction settlement, health - food provenance and personal health records and more.
Security and privacy of customer data
Enterprises concern for the security and privacy of customer data and that is the hurdle in the scalability of blockchain. And for their business processes, the enterprises are overprotective about their intellectual property.
Enterprises mostly don’t want their data public. That means, they are more into private or permissioned blockchain. Companies don’t let anyone access their processes – only visible to authorized users. That is the reason why companies adopt private and in the end hybrid cloud architectures as the best blockchain solution.
Enterprise blockchain scalability
IBM and US Food and Drug Administration (FDA) are working on scalable health data. Blockchain enterprise will improve transparency of data and trust of a patient. Though the collaboration started in 2017, but ever since they did clinical trials and started off with oncology data. So, the results are satisfying.
Real estate involves sellers, brokers, agents, etc. this means the process becomes risky and too slow. Decentralized nature of blockchain prevent any fraud as it offers smart contracts where there is no third party intrusion.
Private and permissioned blockchain has eliminated the fear of leaking out of secrets as now the private blockchain can offer way more scrutiny.