EXPLAINER – Decoding the enterprise blockchain and its impact on businesses
Global business economy looks set to play and benefit from blockchain-based applications. From what is understood, enterprise blockchain has the potential to redefine the way finance works for various business operations.
According to Next Move Strategy Consulting, a management consulting firm, the enterprise blockchain market is expected to reach $246 billion by 2030, with a 54.5% compound annual growth rate (CAGR) between 2022-30. The firm further stated that demand for cryptocurrencies is considered a factor in making enterprise blockchain attractive to investors. “I believe enterprise blockchain is critical because it offers businesses transparency, security and efficiency. By using blockchain, businesses can store data without intermediaries, reducing the risk of fraud and increasing efficiency,” said Shrikant Bhalerao, co-founder and CEO, Seracle, a blockchain cloud, to FE Blockchain.
Market Behavior has shown that enterprise blockchain can help create an immutable ledger for tracking product distribution channels. Experts believe that this technology can help increase potential customers based on supply chain management. Insights from ServerMania, an infrastructure-oriented company, mentioned that enterprise blockchain can help bring in features such as accountability, scalability, immutability, token-backed security, among others. It has been shown that the use of smart contracts through enterprise blockchain can help businesses avoid human involvement and third-party influence, helping to expand agreement verification methods.
“I believe this technology allows for the recording of steps on the blockchain, providing a record that customers can use to verify the authenticity of purchased products. By increasing trust and loyalty, this system can ensure accountability and transparency throughout the supply chain,” highlighted Alankar Saxena, co-founder and CTO, Mudrex, a crypto investment platform.
Reportedly, companies such as Hindustan Unilever, Kotak Mahindra Bank, Tech Mahindra, among others, have adopted blockchain-based enterprise solutions. Blockchains such as Ethereum, Hyperledger, Quorum, among others, offer blockchain-oriented enterprise services for various platforms, in sectors such as real estate, supply chains and digital currency. Furthermore, future predictions indicate that enterprise blockchain’s data management techniques can increase the return on investment (ROI) for large organizations.
“As the blockchain industry evolves, technologies must be interoperable. Enterprise blockchain can help in this field. Concerns about blockchain’s environmental impact require sustainable solutions. Enterprise’s resource requirements and consensus procedures can make it a suitable blockchain application for sustainability,” concluded Rajagopal Menon, Vice President, WazirX, a cryptocurrency exchange.
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