What’s an Enterprise Blockchain

What Is an Enterprise Blockchain?

Enterprise blockchain is the use of distributed ledger technology for non-speculative business purposes. Tailored for the needs of enterprises, these chains may be private or public. While virtually any business can use blockchain, specific industries are more likely to benefit than others, for example, industries that deal with issues of identity or IP security, such as insurance or legal firms, or companies that work with supply chains. 

Most businesses prefer to use a private blockchain environment for their needs. There are several advantages to this, including privacy, reliable transaction speeds and low transaction costs - things that public blockchains cannot guarantee. In fact, many public chains may even be cost-prohibitive for businesses that require high transaction volumes. On the other hand, public blockchains, like Ethereum, give businesses the chance to use widely available dApps and token protocols. 

Blockchain technology has a lot to offer modern businesses, especially in consortiums or collaborative industries. Distributed ledgers reduce the vulnerabilities and costs from data silos, and are inherently secure, offering a level of protection that other digital systems can’t match. At the same time, blockchains are easily auditable, keeping companies compliant and transparent. This transparency and record-keeping also help management monitor data flow. 

Finally, enterprises can also make use of all the other benefits that come with blockchains, such as access to digitalization/tokenization tools, digital asset management, and programmatic barter systems. As business becomes increasingly global and digital, blockchain can help companies safely and efficiently scale and cross the physical/digital divide.