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BLOCKCHAIN | BUSINESS | CLOUD | IOT |
An increasing number of companies are making use of blockchain technology today. In fact, according to a survey carried out by the Juniper Research, it looks like, 57% of the entrepreneurs said that they look forward to incorporating the blockchain technology sooner or later. At the same time, only 9% of the companies chose ‘No’. The rest of the companies were not sure, although they were willing to explore it further before settling for a decision.
Considering the fact that the blockchain technology is getting increasingly popular among entrepreneurs and enterprises of all sizes globally, the adoption of blockchain would be inevitable for every company. After all, it would soon turn into a big requirement. Hence, entrepreneurs will have to focus on enterprise blockchain training in order to stay in the competition anyway. Otherwise, they will simply be left out.
Why are companies adopting the blockchain technology?
There are primarily two distinct features that make blockchain so desirable for businesses. These traits are:
Let us take the example of Google. When you search for a term on the Google server, you pretty much send a query that returns the information to you. This is the prime way in which the internet works. However, this also means that the server must be functioning 24/7 otherwise, the system would go down. As a result of this, everyone connected to the server will take a hit. Atop that, there are a number of security concerns with this model. However, decentralization solves these issues.
Decentralization refers to a totally different architecture in which the entire workload of the server is distributed among its participants. These participants carry an equal level of privilege. In other words, the server is not centrally controlled. Rather, it is distributed.
Immutability in the blockchain language refers to the fact that once you have entered something into the ledger, it cannot be modified or tampered.
The implications that which this particular feature of the blockchain could have been huge.
This may simply nip off a big number of cases of embezzlement as each and every employee knows that the company accounts cannot be fiddled with. This high level of security is yet another factor that makes blockchain so popular among entrepreneurs, to a level at which an increasing number of young businesses are adopting this technology.
Simply put, it is completely impossible for the data in a blockchain to be modified.
What major features do enterprise blockchains have?
The major features of the enterprise level blockchains include:
A very high performance. By adopting an architectural approach that makes use of asynchronous flows, faster consensus protocols, parallelization, and compartments for different tasks, enterprise-level blockchains are able to process 10000 to 100000 transactions per second.
They also offer a very high resilience, recovering from the downtime as quickly as possible.
Enterprise level blockchains all require permission to enter. As a result of this, employees who want to enter into the network are easily vetted. This ensures the level of privacy that which every entrepreneur desires.