Blockchain can be considered a growing technology in the financial and digital world, which allows users to decentralize Peer-to-peer exchange has provided The main reason for the emergence of such technology is to simplify and increase the speed of financial transactions. One of these types of blockchains is the enterprise blockchain, which is designed and used for a wide range of businesses. For this reason, we decided to check how this blockchain works and its benefits.
Read more What is blockchain?
Introduction of enterprise blockchain
Enterprise Blockchain can be one of the types of networks permissioned blockchain knew This technology is used for processes such as transaction settlement, resource tracking, internal and external information exchange. Enterprise blockchain actually records and stores encrypted entries in separate blocks in a ledger.
Unlike public blockchains such as Bitcoin where all users can view information, Enterprise Blockchain is designed for use by companies and institutions. This technology allows different companies and institutions to limit access and only allow certain people to edit information. Due to the high security in this network, companies such as Intel, Meta, IBM, etc. are currently using this technology in their operations.
Advantages of enterprise blockchain
Now that we understand what Enterprise Blockchain is, it is better to examine its benefits. Due to its various features, blockchain provides a variety of facilities to organizations that each organization can use the network they want depending on their needs. In the following, we mention some of the most important features of this blockchain.
Accountability
Active nodes in the network record all the transactions done, so they must be accountable for every activity they do.
Scalability
These networks can process more transactions in a specified time unit than public networks.
Determination of authorized access (Permissioned)
One of the unique features of this type of blockchain is the ability to create permission to access users and the ability to determine the owner and developer of the network.
secure
Data is secured by encryption, encryption and other technologies to prevent fraud and hacking.
Immutable
In the enterprise blockchain, users cannot manipulate and change verified records.
Token Driven
Tokens are the means of information and financial exchanges in these networks.
distributed
By copying the ledger to different nodes, it is possible to distribute information across a network.
Introducing enterprise blockchain provider platforms
Blockchain platforms allow businesses to design and create their own enterprise blockchain based on their needs and according to the purpose they are pursuing, using the main network code. Some of the most important platforms that allow companies to design Enterprise Blockchain are:
Ethereum
An open source platform that is used to improve and facilitate payment processes and speed up and simplify information exchanges. There are two types of networks in these platforms that businesses can use based on their needs. The main or unlicensed network and the private network for which access must be specified. Companies such as Taco Bell, Coca-Cola, Nike and Walmart are among the companies that use this network.
Hyperledger
Hyperledger is a modular platform that allows organizations to build a strong blockchain ecosystem. This large, open-source network greatly simplifies the build process by removing many inefficient layers. Hyperledger performs transactions in a peer-to-peer network that ensures their security and transparency. Intel and SAP Ariba can be mentioned among the companies that are currently using this network.
Chrome
Chrome is an open source platform that can be used to generate enterprise blockchain in various sectors such as real estate, supply chain, digital currency, etc. Organizations can use this platform to design and implement their desired private or public network on Ethereum platform.
Corda
An industry-leading open source consortium that supports the DLT network, allowing organizations to conduct transactions on a secure private network. One of the most important advantages of Korda is the support of smart contracts, high security and the use of ABFT (Asynchronous Byzantine Error) technology. These features have made big banks like HSBC and Bank of America use Korda to create their own enterprise blockchain.
Types of enterprise blockchain
In general, enterprise blockchains can be divided into three main categories. The criteria for this division Security and level Decentralization Is. As a result, businesses choose one of these three items based on their needs.
Private blockchain (permission)
These blockchains are closed networks where only users specified by the organization can access its information. Private blockchain uses a central node to confirm transactions, which makes them vulnerable to hacking. In this system, if the central node is attacked, the whole system will suffer. Of course, this system also has advantages, the most important of which are security and verification speed.
hybrid blockchain
Hybrid blockchain can be considered as a combination of private and public network, while maintaining the advantages of two blockchains while solving their drawbacks. This type of network allows the developer to make some features available to the public and some features only to specific users. In this network, the data cannot be changed without the permission of other users, that is why its integrity is very high, which also increases the security of the network.
Blockchain Consortium
Consortia are very similar to public blockchains; Because they use a decentralized and peer-to-peer structure. A copy of the distributed ledger is provided to all members, which prevents any entity or individual from infiltrating the system. This network can be considered as one of the private networks; Because the owner and developer determine who can access the network. Due to the mentioned features, this system is used for secure communication between different organizations.
Reasons for the importance of enterprise blockchain
This system helps organizations and institutions to significantly increase transparency, security and efficiency in their organization. On the other hand, the expenses of the organization increase significantly by using the organizational blockchain. That is why many organizations prefer to use this system.
What is an enterprise blockchain? Introduction of Enterprise Blockchain for the first time on Wallex blog. appeared.
