How to Choose an Enterprise Blockchain Platform?

Top 5 Blockchain Platforms for Enterprise Use

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How Is Enterprise Blockchain Any Different?

Blockchain technology provides organizations with a secure and transparent way to execute transactions through a cost-effective infrastructure. A blockchain applies to many companies belonging to multiple industries — not just financial services. For instance, a company may integrate their systems into a blockchain for added security and efficiency.

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Source: Jean-Marc Seigneur, Université de Genève, 2019

Why Use an Enterprise Blockchain Platform?

To date, many companies are still wondering whether they should implement blockchain or not. For some organizations, it may seem very costly and even complicated to start developing a new blockchain from scratch. Luckily, there are many blockchain platforms available with different functionalities that assess particular needs.

  • Added efficiency: Through smart contracts, it is possible to process transactions quickly, with added efficiency compared to cloud platforms, and less costly by reducing administrative fees.
  • Improved security: The immutability and encryption capabilities of blockchain can reduce data manipulation, human error, and even cyber frauds. Blockchains use a “hash,” a code created by a mathematical function that transforms blocks of data into lines of code. Hash codes make a blockchain very difficult to hack!
  • Transparency: It is possible to keep a transparent and near real-time registry of data that can improve the trust and traceability of processes, for example, in a supply chain.
  • Enhanced auditability: A permissioned blockchain would allow an organization to control access and authorizations across the network, increasing accountability among the team, and facilitating auditability.

Choosing an Enterprise Blockchain Platform

As mentioned previously, every blockchain platform is different, so you must spend some time understanding and identifying which one is the most suitable for your organization. For instance, you must take into consideration aspects such as the language used for software development, pricing, and consensus mechanism, and what kind of network it employs.

1. EOS

Launched by block.one in 2018, EOS or EOSIO is an open-source blockchain protocol that uses a consensus model known as Delegated Proof-of-Stake, where computers do not compete over computational power to solve algorithms.

2. Ethereum

Developed by Vitalk Buterin, Ethereum is a blockchain platform founded in 2014 that offers flexibility and adaptability for multiple industries. It appeared shortly after Bitcoin but introduced new concepts such as smart contracts and Dapps (decentralized apps). Buterin built Ethereum as a public blockchain for B2C applications; hence its permissionless ledger may become somehow tricky for enterprise use.

3. Hyperledger Fabric

This platform was launched in 2016 by Linux Foundation, Digital Asset, and IBM. Hyperledger Fabric is an open-source blockchain with modular, scalable, and secure features aimed at industrial size solutions. A modular architecture would enable the developers to plug additional components such as ordering or membership services.

4. Quorum

Quorum, launched in 2016 by financial institution J.P. Morgan, is an Ethereum-based open-source blockchain platform for cross-industry solutions. Enterprise-focused, this platform acts as a permissioned network that supports public and private transactions that require complete data security.

5. Corda

Corda is an open-source platform launched in 2015 by enterprise blockchain software firm R3. Corda allows the execution of smart contracts for multiple industries, but mainly for the financial sector. It integrates a firewall that permits incoming connections only from Corda nodes and uses a strict privacy model that prevents unauthorized access to the blockchain.

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Source: Jean-Marc Seigneur, Université de Genève, 2019

Conclusion

These are some of the blockchain platforms widely used for enterprise solutions. Each one has different features that would make them ideal, depending on the industry focus and specific solution, resources needed to adapt the platform to operations or security requirements inside the organization.

  • Transparency: How relevant is it for the organization to share transparent and reliable information?
  • Cost-efficiency: Would the organization see a significant reduction in costs by either eliminating the middleman with smart contracts or by simplifying the data sharing process?
  • Quick adoption: Can your team make use of their experience with programming languages, or do they need to learn a new one?
  • Speed or throughput: How quickly does your solution need to be? Are you a high-frequency trading company, or can you afford 12 min block confirmations?

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