Blockchain has an enormous potential to be implemented in all areas of our lives, effectively improving a series of long-existing processes. Since its introduction in 2008, blockchain technology has been used in all types of companies, from global corporations to middle-sized businesses, which are now getting more and more opportunities in creating ready-made tools and solutions based on blockchain. So which blockchain systems can be used for enterprise solutions and what are their most famous use cases? Let’s dive in and find out!
#1. Ethereum / Quorum
While Ethereum is one of the biggest enterprise-ready public blockchains, it also allows implementation of permissioned blockchains on top of it. One of the most famous use cases – J.P. Morgan’s Quorum, where Proof of Work is replaced with two alternatives, Raft and Istanbul BFT. Both of them are very efficient in terms of consortium blockchains and provide transaction finality, also giving its users authentication for nodes and private transactions between participants.
The strongest point of Quorum is its connection with Ethereum and its large support of developer and user tools. Additionally, Ethereum is built as an open-source platform that allows developers to build their own decentralized apps, also known as “Dapps.” Considering the powerful backers within the Enterprise Ethereum Alliance and the recent release of EEA Specification 1.0, the enterprise-ready Ethereum solutions are a space to watch in the future.
Corda is another enterprise-grade blockchain with a focus mainly on financial operations. R3, the company that created Corda, has recently launched Corda Enterprise, which adds an additional security layer called Blockchain Application Firewall.
Corda’s focus on financial operations is its advantage and disadvantage at the same time. One of its controversial features is the fact that contracts are modeled on traditional commercial contracts, and while it’s ideal for mapping real-world financial operations, it can complicate the application’s coding model.
Additionally, R3 has been also accused of a conservative banking attitude for holding back key code from its public open source version.
#3. Hyperledger Fabric
Black Insurance, a digital insurance company on blockchain, has chosen Hyperledger Fabric because of its modularity, tool support, and maturity. However, Black Insurance platform also interfaces with the public Ethereum chain, allowing to combine the advantages of both worlds, which could ultimately become a role model for future multi-blockchain solutions.
With all the possibilities that blockchain technology provides, it has an opportunity to drastically improve any company’s operations. The implementation of enterprise blockchain technology will lead to reduced costs, higher company earnings and more comfortable work environments. In order to meet the goals, every company or project requires a custom blockchain technology solution, tailored specifically to the customer’s needs.