What Is an Enterprise Blockchain?
An “enterprise blockchain” is a type of permissioned blockchain that can be used to streamline business processes at scale, such as track supply chain goods or settle global payments.
Corporations believe this type suits their needs better than a public blockchain network, such as Bitcoin, because the visibility of their data can be restricted to a select group of people.
While there are different types of blockchains, they are all essentially digital records of financial transactions and data that are shared among a group of entities. They also use cryptography to make it difficult for malicious agents to manipulate the history of previous transactions.
Facebook, IBM, JPMorgan, Walmart and Intel are just some of the big companies exploring enterprise blockchains and how this modern technology can be leveraged to improve transparency and optimize existing business operations.
Enterprise blockchain FAQs
How is an enterprise blockchain different from other types?
A vast majority of enterprise blockchains are “permissioned blockchains,” meaning companies have direct control over them. For instance, they can block transactions that do not comply with their rules, or if law enforcement asks them to do so.
This is one of the biggest differences that sets permissioned ledgers aside from public ones like the one Bitcoin is built on. Public blockchains exist outside the control of any one company or government and are resistant to censorship. This is why bitcoin and other cryptocurrencies have been used successfully to circumvent international sanctions and even combat domestic cases of extortion.
While companies aren’t keen on this aspect, many have determined that they might be able to use the underlying technology to revolutionize payments and other areas of business.
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