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Blockchain technology is the hottest thing since the internet and everybody in the digital world wants a piece of this cake.
If you do not already know what Blockchain is; it is a decentralized ledger where records are kept and updated with the Blockchain community having access to this information and a consensus of the authenticity of all records.
Types of Blockchain
There are two types of Blockchain:
Public Blockchain
Private Blockchain
Both are decentralized, peer-to-peer networks, with every member of the Blockchain having a copy of a shared 'append-only' ledger of digitally-signed transactions. The key distinction between these two types of Blockchain lies in "participation." Essentially, a public Blockchain can be accessed, maintained by the general public with everyone having authority to execute the consensus protocol (as long as they have a key). Whereas, with private Blockchains, such access and control are restricted to a group of players in any particular private Blockchain.
Private Blockchain: The Bottom Line
Private Blockchains are essentially permissioned, i.e., there is a requirement for an invitation which is validated by the network (or a set of rules defined by the network). Enterprises have a preference for these permissioned networks when setting up a private Blockchain.
The access permission (i.e., access control mechanism) is a crucial part of private Blockchains, and they come in varying forms. Permission of new entrants into the Blockchain can be decided by existing participants, a regulatory authority could be responsible for issuing licenses to new participants or a consortium could be responsible for deciding on new entrants.
Essentially, when a new participant joins a private Blockchain network, such participant is mandated to maintain the Blockchain in a decentralized fashion.
Exploring Private Blockchain Solutions Development
The emergence of Blockchain technology has seen a wide range of industries looking to leverage the technology via custom Blockchain innovations and implementations to solve a variety of problems in respective industries.
Enterprises favor developing private Blockchain solutions due to the massive prospects and rapid development of permissioned Blockchain technology.
As reiterated by CHEX's CEO, Eugene Lopin, "A private Blockchain is hardly different from a traditional database." While many might translate this as a private Blockchain being a "glorified database," however, in an event where the Blockchain starts adding public nodes, it becomes a much bigger deal.
An open Blockchain is the best approach to attaining a trustless ledger, i.e. with a broader range of decentralized network adoption; the network performs better. With Blockchain technology's potential being continually explored, it is only a matter of time before every phase of human enterprise is directly or indirectly impacted on by permissioned Blockchain networks.
Enterprise-class Blockchain solutions have impressed in terms of improved data quality, overall efficiency in processes, improved turnaround time as well as increased trust among participants in the network's ecosystem.
Factors Behind Consumable Custom Blockchain Development
Essentially, enterprise-grade Blockchain solutions are aimed at creating a consumable technology. Before creating private Blockchain solutions for businesses, there are a few issues to take cognizance of. Let's explore:
Audits and Logs
This is important to comply with regulated systems, and statutory authority set standards regarding fraud analysis, non-repudiation, technology root cause analysis etcetera
Enterprise Authentication
A distinctive feature that sets private, enterprise-class Blockchain from public Blockchains is the fact that participants in the network have well-defined roles. Thus, participants need to be identified and tracked.
Monitoring
This is essential to be in compliance with set regulations and widely accepted IT practices in relations to capacity planning, high availability, fault identification and pattern recognition.
Integration
This includes the integration of the Blockchain solution with incumbent SoR (System of Record) to aid existing and incumbent systems. Also, to leverage Blockchain as a system for transaction processing system to secure an enterprise's System of Record (SoR).
Reporting
Generating connectors for existing System of Record) to delegate regulatory demands and reporting is important until such a time when the Blockchain solution and the enterprise software acquainted.
The Future of Private Blockchain for Enterprises
Blockchain technology is arguably the biggest thing since the advent of the internet; with a majority of industries leveraging or looking to leverage Blockchain solutions. The financial industry is one that has taken a major interest in Blockchain integrations.
Blockchain technology is yet to reach its full potential with corporations and startups continually exploring new use cases for Blockchain technology. It is expected that Blockchain would potentially revolutionize the global finance ecosystem.
Some of the future possibilities facilitated by Blockchain-based innovations and implementations are:
Adoption of Blockchain-based digital assets (cryptocurrency) by central banks.
Reduction of cyber-crime and identity theft via Blockchain-based identity authentication.
Adoption of Blockchain-based trading platforms
Enhanced transparency and robustness in the post-trade environment.
A dominance of national economies by cryptocurrency (Bitcoin and altcoins).
Leveraging Blockchain technology in developing countries to aid social welfare.
Conclusion
The potential of Blockchain technology is limitless as corporations, consortiums, and startups coming up with new Blockchain-based industry solutions and continuing their exploration of new use cases of the technology.
To get ahead of industry competitors, you need to leverage blockchain technology and implement enterprise-grade Blockchain implementations and solutions in your businesses.
Uniwebb software is dedicated to helping you tap into the endless, revolutionary possibilities that Blockchain technology has to offer in the different industries. Our team of expert Blockchain developers and consultants is devoted to identifying and analyzing every potential Blockchain use case for your business and providing the best enterprise-grade Blockchain implementations and solutions for your business.
Get in touch with our expert consultants today via mail at [email protected] and harness our mastery in developing private Blockchain solutions for substantiating your product ideas, building a prototype, and designing a Blockchain in accordance to your requirements.
