Each and every day we are hearing some or other news regarding new developments in blockchain technology. Someday new platform emerges and the other day we hear some global corporate adopting blockchain into their enterprise. Blockchain has driven various industries onto the path of scalability and created value for the products. While enterprises have recognized the potential of this technology and currently there are over 500 plus companies that are researching continuously over various blockchain platforms.
What is Enterprise Blockchain?
The word Enterprise Blockchain emerged organically and is often used loosely often among various places. Enterprise Blockchain, in other instances, is used to refer to all such cases in which Blockchain technology is developed to meet one or more functional criteria for large-scale use cases. The role of enterprise blockchain is to include features like enhanced transaction capacity, privacy features, or certain other features to suit the various needs of businesses.
Top use cases of blockchain in the enterprise
Finance and banking sector
Blockchain has been utilized in the financial industry way greater than other contemporary sectors and this had been possible due to the rise of blockchain for enterprise solutions. There are multiple platforms of blockchain that are working to streamline the issues in cross-border payment mechanisms like Quorum and Ripple which are adopted by financial institutions like banks and other corporates.
Apart from that, the processes of KYC have been automated by the implementation of blockchain, where the manual work like conducting background checks to disburse funds has been made easier.
Supply chain and logistics
Blockchain has the potential to reform and revamp the supply chain and logistics completely by bringing efficiency, accountability, and transparency to the next level. In this age of globalization, the consumer has every right to know about the source of a product and how it gets certified by authorities. Blockchain collects this information on a real-time basis for food safety while excluding any manual involvement to minimize the costs for suppliers and consumers.
Media and entertainment industry
Blockchain is out to revolutionize the music streaming industry by letting original artists have their share of payment through blockchain-based micropayments. The elimination of media managers and companies those purchase rights can result in a better fan following for the artists. We have heard about the scarcity of concert tickets for artists and many times such scarcity is created to reap more profits by jacking up the prices of tickets. Blockchain with the help of smart contracts can offer complete transparency and curb such malpractices by ticketing vendors.
Healthcare sector
In the healthcare industry, there have been issues with accessing legit health records of patients on a timely basis. There have been instances where the patient needs to do certain tests again when he changes a doctor, as they cite getting certain details outdated under some pretext.
Blockchain has already addressed such requirements where all patient details through Electronic Health Records (EHR) are immediately shared with the healthcare provider through a decentralized network.
Insurance sector
Blockchain can play an important role in the insurance sector, as it involves verifying certain conditions and reach to a conclusion. There have been umpteen instances of where there has been fraud in the insurance sector due to faulty mechanisms of fact-checking and funds were disbursed that cost millions.
Smart contracts can interact with other sources through the decentralized network of blockchain to verify the mentioned clauses in the insurance. Blockchain along with the deployment of Smart Contracts has revolutionized the fund reimbursement that can happen automatically.
Conclusion
Blockchain is being adopted by a large section of enterprises across various sectors, so we can easily foresee that blockchain in the enterprise is there to stay, but only engaging in rigorous testing can be the deciding factor. The continuous evolutions in Enterprise Blockchain will have already integrated with the aspects of the public as well as private blockchains. Blockchain will undoubtedly be a disruptive technology in 2023, that will be implemented on a more massive scale than ever says a senior blockchain developer at Rejolut.
Nevertheless, blockchain technology is still at its initial stage, as we can see a lot of innovations happening in this arena, as large numbers of companies are pooling in their resources along with the efforts of developers.
