How will Blockchain Solve the Enterprise Problems?

How will Blockchain Solve the Enterprise Problems?

Blockchain allows appointing a group of participants in the network, who are given express authority to provide validation for each and every transaction.

Building an enterprise consists of searching for the right people, getting them to work together to create value and negotiating for the remuneration. An enterprise wanting to exploit blockchain technology might be reluctant to share their core business techniques or fuel on a public ledger like trade secrets, data or proprietary software programs.

With the advent of Ethereum smart contracts, one way to accomplish this is by implementing public blockchain with an access layer on top of it which gives birth to the term "permissioned blockchain". Public and permissioned blockchain are not radically different rather there is just an extra access layer in the latter, this layer is responsible for restricting the non-participants to access the network or participate in consensus mechanism or allowing them to write smart contracts.

The reason for this is because the transaction costs for contracting individuals, freelancers or a team for a short period is much more than the transaction costs inside the company limiting a company to go outside in search for talented and skilled individuals or small enterprises.

A solution to this could be to create a smart contract for every project or alt blockchains depending upon the number and type of projects with the team having access to their respective projects according to the rules written in the smart contract. This will not only help enterprises to shrink their size but will also expose them to a vast pool of talent out there in this beautiful world of people. All of this will happen because smart contracts will reduce transaction costs significantly.

Enterprise blockchain networks need to have high performance in order to reach consensus on various business processes quickly and efficiently

Pools or individuals hosting blockchain apps or decentralized applications contribute their computational power to every app running on the network but this mechanism might slow our enterprise application, therefore, it needs to be run on a number of dedicated nodes. These nodes could be the workstations with a pre-configured amount of computational power to run the E-DaaP (Enterprise - Data as a Platform). One can perform value stream mapping to utilize available c-power.  

Efficient coordination across different functions or departments in an enterprise is vital to creating value. Blockchain network will help in real-time monitoring of records, data or progress available to everyone participating in the network. Team members could digitally verify the required documents, data-models or reports by signing them with their respective private keys to proceed further without any bottleneck.

Wimoxez Editor's

Data, Insights and Intelligence media platform and bring the best resources to explore valuable technologies which will shape tomorrow.

wimoxez: Data, Insights and Intelligence

Data, Insights and Intelligence media platform and bring the best resources to explore valuable technologies which will shape tomorrow.