Businesses are becoming heavily reliant on technology, so they need a secure network and operate without intermediaries. Here Ethereum comes to their rescue. Ethereum is a public, open-source, blockchain-based distributed software platform launched by Vitalik Buterin in 2015. It allows users to build and deploy decentralized applications (dApps) through smart contracts. Ethereum can be used as both a private and a public blockchain.
Ethereum is the second-largest cryptocurrency platform after Bitcoin in terms of market capitalization. It is accessible anywhere in the world and has its own cryptocurrency called Ether. Ether is used by people all over the world to make payments.
Understanding What Enterprises Need
Enterprises need to embrace emerging technologies for incorporating new business models. They need a secure platform that could help them manage a large volume of sensitive data, which can improve business network accountability and operational efficiency. In a nutshell, the enterprise needs can be categorized as follows:
- Easy data allocation & management
- Faster deployment
- Permissioned networks
- Secure transactions
- Performance & scalability
Leveraging Ethereum for Enterprise Advantage
Ethereum works like a distributed ledger that allows transactions among enterprises. The unique programmability of the Ethereum blockchain makes enterprise networks strong. It is used in many industries such as banking, financial services, healthcare, supply chain, etc. Ethereum can be leveraged in many ways by enterprises:
- Easy Data Allocation & Management: Ethereum’s smart contract functionality and decentralized system make data allocation much easier. It enables network participants to manage their systems with their private data and mediate transactions without a central authority.
- Faster Deployment: Ethereum integrates all-in-one software-as-a-service (SaaS) platforms like Hyperledger Besu and Kaleido, which allow enterprises to deploy and manage private blockchain networks easily. Thus, making it convenient for enterprises to keep cooperation consistent among them.
- Permissioned Networks: Ethereum uses permissioned networks to control network access, data storage, and private transactions. For example, Hyperledger Besu and Kaleido’s Blockchain Business Cloud enable enterprises to form Ethereum-based private/permissioned blockchain networks in which privileged nodes act as regulators or gatekeepers.
- Secure Transactions: Ethereum’s secure cryptographic allows enterprises to exchange private value-making transactions. The privacy in Ethereum can be achieved by forming private consortia with private transaction layers. Added layers of privacy help businesses to benefit from the resilient mainnet of Ethereum. Ethereum is the most hack-resistant network to date.
- Performance & Scalability: Ethereum is designed to sustain scalability within an enterprise. The Proof of Authority consensus enables private consortia networks built on Ethereum to outperform the public mainnet. This facilitates hundreds of transactions per second or more depending on network activity.
Future of Enterprise Ethereum
Gone are the days when creating a permissioned blockchain network was considered time-consuming and expensive. Ethereum’s interoperability with the public mainnet will offer enterprises global reach, extreme resilience, and high integrity. It will also enable enterprises to have the lowest cost business model.
With Ethereum, enterprises can perform customizable private transactions while working together to build shared, secure, and future-proofed IT infrastructure, as per ETH News. It offers enterprises free access to their SaaS platforms to configure a custom blockchain environment that will lead to more innovation. Ethereum’s blockchain protocol comes with a dozen applications across various categories that could be technologically beneficial for enterprise businesses.
As an affordable, open, and go-to blockchain protocol for enterprises, Ethereum has achieved real-world adoption in the enterprise world. Enterprise Ethereum Alliance, a blockchain consortium, is one such effort toward Ethereum enterprise adoption. The alliance has 450 enterprise business members with corporates like Microsoft, JPMorgan Chase, Accenture, Intel, Cisco, and others.Developers at Ethereum are continuously working on making its blockchain’s protocol better and more secure. Simply put, enterprises can use and customize Ethereum to their network needs with increased privacy and controlled permissions as well as secure and faster transactions. You can find out more on Ethereum from our other pages.