Through continuous development and improvement, blockchain has reached a stage in its maturity where it can be utilized across various sectors. Today the industries that benefit from this innovative technology continue to increase, both traditional and newer sectors. Businesses of all sizes can implement blockchain into their work processes and receive an increment in their productivity and results.
But what are the enterprise blockchain use cases? Big companies too have been putting to use this technology, modernizing their way of work and contributing to the adoption of blockchain.
In this article, we’ll take a more detailed look at the blockchain enterprise use cases – how the technology can be utilized for different purposes and which industries can take the biggest advantage of it.
If you’re curious whether your enterprise needs to resort to this approach and in what ways it may be helpful, this article can serve as a start for gathering more information for your decision.
What Is Enterprise Blockchain?
In order to explore the enterprise blockchain use cases, we need to take a few steps back and cover what blockchain is and what is different about the enterprise kind.
In the now distant 2009, Satoshi Nakamoto introduced the first cryptocurrency and alongside it, blockchain technology. A blockchain is a type of distributed ledger that holds records, commonly referred to as blocks, that are linked together by cryptographic technology. Each block contains information about the previous one, forming a chain.
There are two particularly significant things that separate this technology from traditional databases. First, the information on the blockchain can't be altered easily. Once recorded, a person would have to disturb the whole chain if they want to edit a single block. This creates a high level of security.
Second, the responsibility for monitoring the processes on a blockchain is shared, making the technology decentralized. On public blockchains, like the ones introduced by Bitcoin, users from all over the world oversee the completion of tasks. This ensures equal rights among individuals and gives bigger transparency of the technology.
This is where enterprise blockchain differs. Since the introduction of the technology, it managed to outgrow its initial use case and disperse across traditional and innovative fields. Big companies started using it as well, changing the model slightly to fit their needs but still utilizing its basic benefits.
Unlike public blockchains, enterprise blockchains aren’t monitored by random users across the world but by the employees at the organisation where they’ve been implemented.
Inside an organisation that uses enterprise blockchain, the employees have various levels of access rights to ensure the safety of stored information. Often the decisions on this type of blockchain are up to the administrator or a notary. This way enterprises benefit from the safe and transparent technology while enhancing the security of their data even more.
Exploring Enterprise Blockchain Use Cases
Now you know about the basics of blockchain technology and how it differs for enterprise purposes. Let's discover the enterprise blockchain use cases.
There are several uses of this technology inside big companies and businesses. They include:
Data storage;
Transactions;
Tracking of shipments;
Application development;
Smart contracts.
One of the most frequent enterprise blockchain use cases is that as data storage. As already established, the information recorded on the network can't be easily altered. This means that even sensitive customer data can be stored on blockchains and ensure its security for both users and companies that utilize it.
The technology was introduced as a place for financial transactions and this can also be counted as one of the enterprise blockchain use cases. Not only cryptocurrency transactions, but fiat financial transactions can be initiated as this type of network can scale enough to be faster than traditional banking services and often times, cheaper. That's why companies can benefit from making financial services considerably more efficient through it.
Another of the enterprise blockchain use cases is for shipment and supply chain tracking. The innovative approach facilitates the overseeing of goods for both businesses and clients. This allows companies to make their processes easier in-house and offer their customers a better experience.
Application development and smart contracts are two other enterprise blockchain use cases. Every business needs to be up-to-date with technology changes, adapting to digital transformation. However, for enterprises, it's even more crucial, as these established companies must implement new technologies into their work constantly to be reliable for their large customer base. Blockchain applications and smart contracts are among the most innovative blockchain enterprise use cases because they automate and improve many processes for companies.
What Are the Enterprise Blockchain Use Cases in Different Industries?
After exploring the enterprise blockchain use cases, it won't come as a surprise that according to research, the market for this type of blockchain will grow by over 50% in the next 7 years. The rapid adoption of the technology by different sectors will lead to its growth from $4.9 billion in 2021 to over $200 billion in 2030.
These numbers sound more than promising and showcase the positive trend of blockchain usage by big companies. Sectors like
Banking and finance;
Supply chain management;
Healthcare;
Real estate;
Government services
have contributed to the rise of blockchain enterprise use cases. Companies within these fields actively use the technology for the purposes we mentioned already.
Enterprises benefit from improved services when it comes to storing sensitive information, traceability of goods and information, transactions, and faster digitalisation of processes when they use blockchain. The combination of the advantages of blockchain with the enhanced features of enterprise blockchains delivers reliable solutions for companies across the mentioned sectors and beyond.
Is It Difficult for an Enterprise to Implement Blockchain?
Blockchain technology may seem intimidating even for the most technologically-advanced enteprises, have they not used it before. Indeed, it won't be as easy to integrate an enterprise blockchain in a company as it is to switch from paperwork to online spreadsheets for recording data.
The development of an enterprise blockchain is a complex process – a reliable blockchain platform must be identified and then the network must be built to comply with all specific needs of the company.
There are enterprise blockchain development companies that specialise in this matter and can create working and effective solutions for any enterprise.
INDUSTRIA has adept expertise in enterprise blockchain. Companies can entrust the whole process – from project ideation to deployment and governance, to their team and receive an effective and ready-to-use solution. INDUSTRIA offers a personalised approach to each enterprise, evaluating its goals and needs, and delivers an optimal solution through the open-source blockchain platform Corda. Thanks to it, customers of the company can benefit from highly functional blockchains with intuitive UX design.
Every enterprise that contacts INDUSTRIA, no matter what industry they work in, can take advantage of blockchain consulting and advisory, blockchain rapid prototype development, and the development of blockchain and DLT. Through the services of the company, clients are able to receive enhanced efficiency and seamless interactions through enterprise blockchain.
This serves as an answer to any enterprise worker wondering if it would be difficult to implement blockchain into their company. If you try to do it without any experience – yes, it will be. But if you trust experts like INDUSTRIA, soon you’ll wonder why it took your company so long to adopt the technology.
Reviewing Enterprise Blockchain Use Cases: Is This the Future for Companies?
After going through the enterprise blockchain use cases and the industries where they can be applied, it can be said with certainty that this technology is very beneficial for businesses. It can improve and digitalise processes, raising the quality of services for both employees and customers alike.
However, the biggest benefit of using blockchain for enterprise isn't the digitalisation, but how it's achieved. The technology offers a more secure, scalable, and transparent way for enterprises to deal with information and transaction. It upgades various operations and enhances their speed and safety.
If an enterprise relies on experts like INDUSTRIA to build them a blockchain, they can take advantage of the full potential of this type of network. Companies within all fields can move forward with technological advancement and facilitate their work processes in the meantime.
The continuous enterprise blockchain adoption and the rising number of use cases give a positive outlook for the future of the technology in business. Judging by the reviewed forecasted numbers, this trend will not only sustain in the coming years but also lead to further growth. That's why companies should work on implementing the technology and start benefiting from the enterprise blockchain use cases as soon as possible, in order to keep up with the developments
About INDUSTRIA
INDUSTRIA is a global technology consulting, development, and ventures company with expertise in the field of enterprise blockchain, confidential computing, process automation, and digital experience. As one of the official partners of R3, we are implementing cutting-edge blockchain technologies and reshaping the fintech world. At INDUSTRIA, we are focused on providing permissioned blockchain solutions, such as Central Bank Digital Currencies, Electronic Bill of Lading, and Smart Contracts. Our solutions apply to a wide range of industries and use cases to empower and modernise society.
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