Blockchain gained a lot of momentum last year as many surveys found that a good majority of mobile app development companies across various industries had invested in blockchain integrated projects. Experts expect enterprise blockchain to monopolize real-world projects in just a few years.
As a matter of fact, enterprise blockchain is predicted to claim a significant fraction of the $500 billion+ global enterprise software market.
The blockchain technology is finally being taken by businesses seriously. IBM reportedly works with over 100 enterprises on blockchain implementations. Many other companies are stepping forward to invest in the technology for its impressive business results. The technology is changing things for the better evidently. But all of its benefits can only be reaped after properly building and effectively deploying enterprise blockchain solutions; which is easier said than done.
But for what it’s worth, enterprises should seriously consider deploying blockchain solutions for more than one reason but only after understanding where it fits in an enterprise ecosystem.
The Role of Blockchain in an Organization
The technology can be a great asset in an enterprise ecosystem – augmenting cyber-security fortifications and seamlessly filling gaps to solve a variety of enterprise problems.
Here are a few ways where the presence of blockchain in an organization can make a notable difference.
Peer-to-Peer Network Decentralization – Many organizations still believe in centralizing everything from compliances to communication. By integrating a blockchain decentralization mechanism into their ecosystem, many aspects including communication can become permission-based on top of outlining the entire system with an unhackable layer of security.
Privacy – Data theft is a major concern for many enterprises today, particularly to those that invested in mobile app development. Many such enterprises would gladly invest in a robust solution that can secure their mobile apps considering the damage such cyber-crimes can do to their business and its future.
This concern eventually led many developers to explore the potential of blockchain’s immutable ledgers. With blockchain, data will be stored in immutable ledgers or blocks that cannot be manipulated in anyway i.e. data once recorded cannot be changed. This means improved privacy for mobile users as they can rest assured that their personal data are safe and secure in a decentralized network.
Interoperability – Even as technology advanced, many organizations still find it challenging and often impossible to connect between the various systems they utilize. The advent of blockchain ended up sidelining most of the roadblocks associated with systems interoperability in an organization; primarily by establishing a connection between ledgers.
For instance, a company named Ripple introduced what they call the Interledger Protocol for the Financial industry which uses interledgers to store aggregate transaction data off of a public blockchain via connectors in order to transfer money between private systems in the Ripple Network.
Many tech firms have already started launching interledgers that enhance systems interoperability in organizations.
Predictable Opex – Enterprise mobile app development companies generally prefer a predictable operational expenditure (Opex) strategy. The requirements to build a complete app on public/private blockchain platforms also influence the operational expenditure of such organizations to a certain extent.
This is why many enterprises often doubt investing in blockchain; whether they will be able to handle the change in Opex. In reality, custom blockchain solutions can be implemented on cost-effective platforms available for stable, predictable subscription fees.
Efficiency and Speed – Every organization will have internal processes that are time-consuming and prone to human errors. Some of those process may require third-party mediation. By investing in blockchain, organizations can effectively streamline and automate such processes where associated transactions are completed faster and more efficiently.
In such a system, record keeping would be through a single digital ledger which is shared among authorized personnel. This considerably reduces clutter. With shared access to these data, the parties involved won’t need assistance from intermediaries to understand scenarios and make optimal decisions. This obviously results in faster and more secure settlements; thus contributing to improved operational efficiency and speed.
Bringing Blockchain into Your Enterprise
This blog and almost every blockchain-associated blog you can find on the web would certainly help you realize that embracing an existing blockchain setup or investing in a custom blockchain solution can deliver unexpected benefits to not only businesses but also their suppliers, vendors, partners and customers. An optimal implementation of blockchain is best accomplished with the help of a specialized team of blockchain experts or an experienced technology company with proven blockchain expertise.
If you are looking for help with blockchain implementation, we can help. AOT software engineers possess the skills and expertise to build robust blockchain solutions that can help your business realize its goals faster.