By now, people are starting to see cryptocurrency as more than just a virtual form of money. Aside from small-scale traders and investors, companies worldwide are using digital currencies for transactional and operational purposes.
Cryptocurrency is enabled and organized by blockchains, which are databases that record transactions of sales, transfers, and purchases, distributed across a wide network of computers. However, while all blockchains function essentially as ledgers, they differ on levels of privacy and control.
For instance, an enterprise blockchain is a permissioned system better suited for large companies than public blockchains like Bitcoin. This is because the visibility of shared information can be limited to a chosen group. Think of an enterprise blockchain as a verified and well-encrypted shared Google Drive with access restricted and agreed upon by all members of a network.
An Enterprise with blockchain technology can enhance the integrity, transparency, scalability, and security of a corporation’s data. Plus, they can boost accountability, convenience of use, and control, thus improving the efficiency and flow of an organization’s operations.
Below, we outlined how enterprise blockchain can help various industries. Before that, let’s tackle its classifications and key benefits.
Private vs. Consortium
An enterprise blockchain can be classified as either private or consortium.
Accordingly, a private blockchain is restricted and permissioned, distributed only within a closed network. This type of blockchain is typically utilized within a business where only specific members, such as executives, participate in blockchain. It is great for organizations and firms who wish to use blockchain technology internally.
On the other hand, consortium blockchain is ideally suited for organizational collaboration. In this system, two or more parties can jointly set the network rules, allowing each participant to contribute. The main advantages of this type are its scalability and strong security.
The Key Benefits of Enterprise Blockchain
Blockchain solutions can be highly beneficial for businesses in different industries. Here are some of its general advantages:
1. Improve transparency of data
Each node in the network is known, and activities can be traced back to it since an enterprise blockchain keeps a history of all transactions. Hence, when data is tampered with, the other network members can identify who made the changes and where exactly it is altered.
2. Strengthen security
Since an enterprise blockchain is permissioned, it can only be accessed by users who have been granted entry. The network’s owners can decide who will and not be permitted to use it. Restricting access helps keep confidential information from leaking or from being modified by unauthorized parties.
3. Streamline day-to-day operations
Blockchain technology is handy in improving process management. Companies can use it to develop a digital workflow that enables process control through direct and uncomplicated job sequencing that maintains transparency.
4. Enhance the company’s image
An enterprise blockchain protects not only a company’s data but its customers’, as well. The network creates a continuous record of data that allows clients to track every transaction back to the first event. By upholding data integrity, companies can win the trust and loyalty of their customers.
Industries That Can Benefit from Blockchain Technology
Banking institutions can use blockchain to create a secure, immutable record of sensitive financial transactions and activities. An enterprise blockchain can also make it easier for customers to send money abroad.
Meanwhile, banks can automate processes and decrease the number of mediators typically needed in transactions. By making processes more efficient, customers can make transfers on the same day or the next.
Moreover, they can reduce the fees of these transfers by eliminating the need for their employees to sort out transactions manually. Lower cost is always a win-win situation for both companies and their customers.
2. Manufacturing and Packaging
When products become popular, counterfeit versions also spread like wildfire. Sadly, many consumers struggle to distinguish between real and fake goods.
A blockchain can address this concern by storing information about the authenticity of a brand in a network that consumers can access using a QR code. Because counterfeiters cannot replicate a blockchain-backed QR code in the same way they can copy a logo, the company is digitally protected.
Since blockchain is highly secure, it’s perfect for accounting and auditing firms. An enterprise blockchain significantly reduces the likelihood of human error and ensures the integrity of all data. Furthermore, as stated, nobody can revise the records once they are locked—not even the owners of the account records.
4. Real Property
The efficient nature of blockchain can be helpful in the real estate industry, where transactions are frequent and usually urgent. An enterprise blockchain can expedite property sales by verifying finances instantaneously. It can also decrease the possibility of fraud thanks to its strong encryption. Plus, it provides transparency for the agent, buyer, and seller in every step of the home purchasing process.
5. Warehousing and Transportation
Since blockchain functions as a tamper-proof ledger, it can be used for tasks like real-time tracking of goods being transported from different points throughout the supply chain.
Entries on a blockchain can be made to plot events and steps. From receiving products at a port to distributing them to their assigned shipping containers, their movement can be tracked in detail, with tracking data available for future reference.
6. Medical Care
Having access to accurate and up-to-date patient data is crucial for healthcare professionals. Blockchain is ideal for recording and organizing general information such as a patient’s gender, age, vital signs, and immunization history.
On their own, these basic details are not enough to identify an individual, so they can be stored on a blockchain to be shared and accessed by medical workers without violating the patient’s privacy.
Since specialized healthcare devices are becoming part of the norm and linked to a patient’s medical history, a blockchain can be utilized to connect those gadgets with their data. This will enable devices to store the data generated on a medical facility’s blockchain and attach it to personal health records.
A Society Running on Blockchain Technology
For the past years, numerous businesses have benefited from enterprise blockchain’s secure and scalable nature. If you’re considering using it for your business, it’s important to research first or consult a subject matter expert. Moreover, attending Bitcoin conferences, conventions, or signing up for training courses can further expand your knowledge of blockchain technology.
Remember, not all blockchains are created equal, so it’s crucial to identify the right type of network for your company before integrating it into your daily operations.
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