Now, many people might think of the higher availability of different blockchain projects as a favorable factor. On the contrary, the massive portfolio of blockchain projects 2022 can be confusing for users. Do you want to opt for public blockchain projects that utilizes Ethereum? Or, do you want to utilize functionalities of private blockchain projects such as Fabric or Corda that have a better potential for revolutionizing the blockchain landscape? A blockchain project list can help you get rid of all your confusions and make the right choice when it comes to blockchain development.

On the other hand, some users or enterprises might be open to possibilities of switching to newly introduced blockchain projects. However, you are most likely to lose your direction along the way if you don’t have the right guidance. The following discussion outlines some of the notable alternatives that can be crucial for transforming your blockchain project ideas into reality.

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Top Blockchain Project Ideas for 2022

With the industry leaders taking initiatives from the front, many blockchain project ideas are slowly witnessing the light of the day. New blockchain-based projects are popping up for resolving the inefficiencies noted in the existing world. So, without wasting any further time, let us dive right into the list of best blockchain projects 2022.

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1. AP Moller-Maersk

An outline of the best blockchain project list would obviously point out to TradeLens, the enterprise blockchain of AP Moller-Maersk. The shipping and logistics giant based in Denmark, leverages its blockchain, TradeLens, for the digitalization of supply chain information. Following its launch in August 2018, TradeLens has emerged as one of the best blockchain project ideas in recent times.

It has been successful in onboarding almost 50% of container ships all over the world. TradeLens processed around 1 billion shipments, 12 million documents, and around 30 million containers in 2020 alone. The numbers of 2020 for TradeLens surpassed more than double the estimates of the previous year. Furthermore, Maersk has also collaborated with Microsoft for marine insurance processing by leveraging blockchain technology. 

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2. Baidu

China is one of the prominent regions in the world showcasing promising growth in the domain of blockchain innovation. The Chinese search engine, Baidu, alongside its associated fintech venture, Du Xiaoman Financial, has brought over 20 blockchain solutions together. The most notable mention among the blockchain project ideas introduced by Baidu and Du Xiaoman Financial refers to Libra Chain.

Presently, Libra Chain works as the infrastructure for three internet courts in China. The courts deal primarily with copyrights and e-commerce disputes by leveraging virtual litigation. Under the leadership of Wei Xiao, Libra Chain has been successful in supporting the filing of over 35 million pieces of electronic evidence at the Beijing Internet Court. 

3. Boeing

Another big enterprise blockchain that makes an entry among top blockchain project ideas in 2022 refers to SkyGrid of Boeing. The HorizonX venture arm of Boeing has invested considerable efforts in developing SkyGrid. It serves as a blockchain-powered air traffic control system for tracking and communicating with drones. Most important of all, SkyGrid has been successful in achieving the approval of the FAA for offering low-altitude authorization to drone pilots.

In addition, SkyGrid is also available as a free app on iPad. SkyGrid develops a permanent record of data for helping with package delivery and industrial inspections. By leveraging the power of blockchain platforms such as Hyperledger Fabric and Go Direct, SkyGrid holds the potential for powering autonomous flying taxis in the future. 

4. Credit Suisse

The capabilities of Credit Suisse to use Paxos Settlement Service clearly indicate another promising entry among blockchain project ideas. The major banking player, based in Switzerland, is also capitalizing on the capabilities of Enterprise Ethereum alongside Paxos Settlement Service. Credit Suisse utilizes the Paxos Settlement Service for settling US-listed stock trades with the Instinet of broker-dealer Nomura.

The blockchain technology offered by the Swiss banking giant could help participants with the direct settlement of trades with each other. As a result, it can reduce the intervention of conventional intermediaries thereby speeding up the settlement. 

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5. Honeywell

Honeywell has also emerged as one of the pioneers of enterprise blockchain technology alongside other top names in the tech domain. It is a renowned industrial conglomerate, has successfully migrated over 2 million aviation quality documents to a blockchain ledger platform. Honeywell has capitalized on the capabilities of Hyperledger Fabric for achieving the successful migration of aviation quality documents.

As a result, it can ensure the complete availability of aviation quality documents to its customer base. Honeywell also runs the blockchain-powered marketplace named GoDirect Trade. GoDirect Trade lists around $4 billion in used aviation components and has been successful in attracting over 10,000 users.

The year 2022 will bring more opportunities in the Blockchain Ecosystem. Here’s the List of Top Companies Using Blockchain Technology.

6. IBM Corporation

IBM was one of the first major enterprises to focus on blockchain project ideas on a large scale. With the IBM Blockchain already making news across various circles, IBM has introduced the new Digital Health Pass application. The Digital Health Pass application helps organizations in verifying the COVID-19 test of an individual alongside their temperature results.

Customers such as stadium operators could select their own criteria for using the Digital Health Pass application. For example, stadium operators could select the criteria of whether a person was vaccinated. The Digital Health Pass project depends on Hyperledger Fabric and the IBM Blockchain. 

7. ING Group 

ING Group qualifies as one of the first banks to adopt blockchain technology. Presently, it utilizes blockchain platforms such as Hyperledger Fabric, Corda, Hyperledger Indy, Ethereum, and Quorum for leading a group of financial organizations. Together with other financial institutions, ING Group spearheads the authentication of digital-assets while ensuring compliance with global standards against money laundering.

They recently launched a project called Bulletproof, which is a better iteration of zero-knowledge proofs. It’s an extension, and it allows better data security and privacy within any distributed ledger technology. In reality, Bünz et al at Stanford, Blockstream and UCL worked with ING to launch this project for a better ZKP implementation.

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8. Microsoft

The world’s leading tech giant, Microsoft is also not far behind when it comes to blockchain project ideas. Microsoft has partnered with EY for developing one of its notable blockchain applications by leveraging Ethereum and Quorum blockchains.

The blockchain application features the capabilities for managing content rights and royalties. Game publishers such as Ubisoft and Xbox were the foremost users of the new blockchain system of Microsoft. In comparison to traditional processing, the new blockchain system of Microsoft for making automatic royalty payments. 

9. Novartis

Novartis has taken the leading stance in blockchain project development in the pharma sector. As one of the leading pharma companies, Novartis is a prominent member of an EU-based blockchain consortium focused on targeting outdated or incorrect information related to prescription inserts. Novartis partnered with Merck and the Polytechnic University of Madrid for coming up with one of the unique blockchain project ideas in the pharma sector – PharmaLedger.

The blockchain-based application of Novartis helps in scanning drug packages alongside making real-time requests to manufacturers for updated information. Patients can also access the information through scan codes. The PharmaLedger consortium is also looking for innovative uses of blockchain for fighting against counterfeit and black-market medications.

10. Samsung

The IT branch of Samsung i.e. Samsung SDS has developed various blockchain projects for local hospitals, airports, and governments. Samsung is capable of making the most of the Nexledger blockchain platform to mark its presence in the blockchain ecosystem. Among the different blockchain projects of Samsung, the foremost entry refers to a one-stop medical claims processing service. The service enables patients for submitting claims at a hospital reception center or through a mobile or at a kiosk. 

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11. Swisscom

Switzerland-based telecom giant, Swisscom, is also one of the prominent players experimenting with new blockchain project ideas. Presently, Swisscom has around 11 blockchain applications that are at different stages of development. Swisscom utilizes notable enterprise blockchain platforms such as Hyperledger Fabric, Hyperledger Indy, Hyperledger Ares, and Corda.

One of their most significant blockchain projects is the platform Swisscom Blockchain. This project offers various products such as Electronic seal, node as a service, and Swiss Trust Chain. All of these products are geared towards Swiss companies and the public sector to offer a better blockchain infrastructure for application development.

12. Tencent

Based in China, Tencent is also a significant player in the domain of new blockchain projects. The most crucial advantage for Tencent as a developer of new blockchain project ideas is the blockchain it has developed. The blockchain developed by Tencent helps the tax authority of Shenzhen to issues around 10 million invoices. Furthermore, Tencent has also established WeBank, which offers a unique blockchain platform known as FISCO BCOS or Be Credible, Open & Source. Financial Blockchain Shenzhen Consortium (FISCO) has a member of more than 100 Chinese companies.

The interesting highlight about the blockchain project of Tencent is that over 2000 enterprises use FISCO BCOS. In addition, it also features WeIdentity, which has helped in processing over 17 million border crossings between mainland China and Macao. The other blockchain project of Tencent, WeSign, helps in reducing the arbitration processing time. As a result, it finds applications in Chinese courtrooms for recording various pieces of evidence. 

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13. Visa

The array of blockchain project ideas in the present times also brings the name of Visa to mind. The vast network of Visa access points, including around 70 million merchant locations serves as its foremost strength. Central banks are gradually turning their focus towards minting digital currencies. So, Visa is trying to capitalize on extensive R&D for ensuring the safe flow of digital money beyond its margins.

One of the notable projects of Visa is “Visa B2B Connect.” It uses blockchain infrastructure from Chain to offer a better financial solution in cross-border payments. In reality, this project can offer a cost-effective, secure, transparent, and fast way to process all global payments.

Visa has already applied for 159 blockchain-based patents for different uses. Some of the notable examples of the uses of Visa blockchain projects include the use of biometrics for verifying an individual’s identity and improving the security of transactions. Visa has recently declared an associated with US Dollar Coin or USDC, a stable coin for increasing the speed of business-to-business payments. 

14. MetLife

MetLife is working on a bunch of blockchain project ideas, and one of them is Vitana. Recently, MetLife’s Singapore based technology research facility LumenLab released a whitepaper for the Vitana project.  It’s a project geared towards parametric insurance.

In reality, this project is focused on blockchain for insurance and plans to use the technology for other insurance features. At the moment, this project is focusing on gestational diabetes mellitus that happens in pregnant women. It’s a very harmful disease and needs further financial assistance in terminating it.

Thus, MetLife is using Vitana to offer insurance specifically for pregnant women to help them battle this condition if it arises.

15. Walmart

Discussions on blockchain project ideas could never miss out on the Food Traceability Initiative of Walmart. The retail giant employs the blockchain-based Food Traceability Initiative for detecting contamination alongside other issues for food safety. It has the capability of tracking almost 500 different items such as meat, fresh leafy greens, seafood, and coffee.

In the previous year, Walmart supported the FDA in six different food safety investigations. Interestingly, the Food Traceability Initiative blockchain application of Walmart enabled access to detailed information regarding the original source of contamination within an hour. Furthermore, Walmart plans to execute a pilot test with the US Customs and Border Protection for tracking imported goods. 

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16. BHP

The Australian mining biggie is also a significant entry among players innovating with new blockchain project ideas. BHP is leveraging blockchain for the digitization of various operations. Some of the notable operations under the scope of BHP’s blockchain transformation include verification of supplier identities and tracking ESG or environment, social and corporate governance attributes. One of the biggest blockchain projects used by BHP is MineHub. Using the platform the company has been successful in executing the first iron ore trade on the blockchain with China Baowu Steel in 2020.

17. Shell

Shell is working on a blockchain project where it’s developing a decentralized digital passport system. This is one of the few blockchain project ideas they are planning to work on at present. In this project, the company will authenticate all parts, equipment and products, creating a system of data streams where each data is safely processed and preserved.

We don’t know with which company Shell is working on this project, but they are redefining the way their supply chain works.

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18. Daimler

Daimler is one of the biggest automotive multinational corporations that manufacture luxury cars like Mercedes-Benz. Now, collaborating with Circulor, they are working on a blockchain project that will track the CO2 emission in their Cobalt supply chain process. The primary target is to focus on transparency and possible solutions to reduce the transmission of CO2. More so, they also want to track any amount of secondary material that may come with their Cobalt mining.

This is one of the projects that take an environment-friendly approach to eliminate CO2 or at least reduce the greenhouse effect for good.

19. HSBC

HSBC is undoubtedly one of the notable players in the financial domain with a vision for futuristic blockchain project ideas. The London-based bank leverages blockchain for improving the efficiency of its foreign-exchange flows throughout its global branches. As of recent reports, the blockchain ledger of HSBC has helped in settlement of almost 1.9 million trades with a nominal value of around $1.7 trillion.

But one of the prominent projects of HSBC is Digital Vault. It’s a blockchain-based platform that focuses on the digitalization of all transaction records of private placements. HSBC’s Securities Services unit (HSS) is behind this platform, and they want to ensure their investors can get access to data when the market is growing. More so, using Digital Vault, clients will get access to their private asset and the data such as real estate, debt or equity. Of course, everything is in digital form and fully secured.

20. LVMH

LVMH is a renowned luxury-goods conglomerate based in Paris. It is leveraging the features of blockchain for tracking products. Most important of all, the blockchain project of LVMH uses blockchain platform AURA for combating against counterfeiting of brands such as Bulgari and Louis Vuitton.

Interestingly, the blockchain platform AURA  has already registered almost 10 million luxury products. Developed with Microsoft and ConsenSys, the blockchain platform of LVMH establishes a new approach for combating counterfeit goods and safeguard brand integrity.   

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Why It’s Important to Take a Note of Blockchain Project Ideas

Now when we have gone through the different favorable alternatives in best blockchain projects 2022, it is important to look for reasons to do the same. Many people assume that blockchain technology is the key ingredient that would determine the future of the world of finance. Blockchain project ideas can be extended beyond the world of finance, largely on the basis of blockchain capabilities for cost reduction and limited processing times.

At the same time, the transparency benefits associated with blockchain also promote its adoption across various industries. Previously we published the list of open-source Blockchain projects, with some of the leading sectors favoring blockchain integration including automobile, tech manufacturing and banking.

Additionally, big players in the tech industry such as IBM and Amazon have come up with blockchain solutions tailored for direct as well as indirect customers. Amazon gives unique blockchain extension services on Amazon Web. At the same time, IBM has developed the IBM blockchain.

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Which Blockchain Project Ideas did You Like the Most?      

On a concluding note, it is clearly evident that blockchain project ideas for 2022 feature many promising mentions. However, many tools could not make it to this list, while some are still in the development stages. The gradually increasing interest in blockchain is one of the reasons for emphasizing blockchain projects in present times. Most important of all, blockchain is open source in nature, and it is possible to find out blockchain projects that fit your organization’s transformation goals.

In addition, many blockchain projects are changing the conventional assumptions about blockchain applications. Rather than just providing platforms for exchanging or mining cryptocurrency, blockchain projects are turning attention towards predictions and information. The future of blockchain and blockchain professionals is so bright.

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Blockchain technology has been around for quite some time now, still actively being in the spotlight. Even though there are some mixed feelings toward this technology, yet no one can entirely underestimate its role in the global economic landscape.

The technology first came into the spotlight through bitcoin, a much popular cryptocurrency. Sadly, now it’s become too much overrated and volatile compared to other cryptocurrencies. But what Bitcoin brought to our attention is the blockchain technology itself.

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List of Top Blockchain Features

Blockchain technology isn’t just a backup network for cryptocurrencies, but it offers a lot more. So, what are the key blockchain features that makes it so irresistible? Why is it gaining so much popularity? Let’s dive in a little deeper into the features of blockchain in this guide to answer these questions. Let’s start with the quick Blockchain infographic!

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1. Immutability

There are some exciting blockchain features but among them “Immutability” is undoubtedly one of the key features of blockchain technology. But why is this technology uncorrupted? Let’s start with a connecting blockchain with immutability.

Immutability means something that can’t be changed or altered. This is one of the top blockchain features that help to ensure that the technology will remain as it is – a permanent, unalterable network. But how does it maintain that way?

Blockchain technology works slightly different than the typical banking system. Instead of relying on centralized authorities, it ensures the blockchain features through a collection of nodes.

Every node on the system has a copy of the digital ledger. To add a transaction every node needs to check its validity. If the majority thinks it’s valid, then it’s added to the ledger. This promotes transparency and makes it corruption-proof.

So, without the consent from the majority of nodes, no one can add any transaction blocks to the ledger.

Another fact, that backs up the list of key blockchain features is that, once the transaction blocks get added on the ledger, no one can just go back and change it. Thus, any user on the network won’t be able to edit, delete or update it.

Also Check: Blockchain Fundamentals Presentation

How does It Fight Corruption?

We know how every year there’s a massive amount of money that gets hacked through our regular channels. Many people spend Trillions of money to protect their business from any external hacks. However, we always forget to count the internal cybersecurity risks that come from corrupted people and authorities.

In many cases, there’s always an internal link for these hacks to know about all the security measures, so in the end, we pay the price for our trust. As you all know banks aren’t that trustable now and the global economy needs a trustless environment to fully overcome this issue.

So, when it comes to a corruption-free environment, you can easily assume that blockchain can definitely change a lot of these scenarios.

If businesses start to integrate blockchain technology to maintain their internal networking system, no one would be able to hack into it or alter or even steal information.

Public blockchains are a perfect example of this. Everyone in the public blockchain can see the transactions, so it is super transparent. On the other hand, private or federated blockchain could be best for enterprises that want to remain transparent among staff and protect their sensitive information along the way from public view.

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2. Decentralized

The network is decentralized meaning it doesn’t have any governing authority or a single person looking after the framework. Rather a group of nodes maintains the network making it decentralized.

This is one of the key features of blockchain technology that works perfectly. Let me make it simpler. Blockchain puts us users in a straightforward position. As the system doesn’t require any governing authority, we can directly access it from the web and store our assets there.

You can store anything starting from cryptocurrencies, important documents, contracts or other valuable digital assets. And with the help of blockchain, you’ll have direct control over them using your private key. So, you see the decentralized structure is giving the common people their power and rights back on their assets.

Also Read: Decentralized Vs. Centralized: A Detailed Comparison

Why it’s So Useful?

Now let’s see how this blockchain feature is truly making changes –

• Less Failure: Everything in the blockchain is fully organized, and as it doesn’t depend on human calculations it’s highly fault-tolerant. So, accidental failures of this system are not a usual output.
• User Control: With decentralization, users now have control over their properties. They don’t have to rely on any third party to maintain their assets. All of them can do it simultaneously by themselves.
• Less Prone to Breakdown: As decentralized is one of the key features of blockchain technology, it can survive any malicious attack. This is because attacking the system is more expensive for hackers and not an easy solution. So, it’s less likely to breakdown.
• No Third-Party: Decentralized nature of the technology makes it a system that doesn’t rely on third-party companies; No third-party, no added risk.
• Zero Scams: As the system runs on algorithms, there is no chance for people to scam you out of anything. No one can utilize blockchain for their personal gains.
• Transparency: The decentralized nature of technology creates a transparent profile of every participant. Every change on the blockchain is viewable and makes it more concrete.
• Authentic Nature: This nature of the system makes it a unique kind of system for every kind of person. And hackers will have a hard time cracking it.

3. Enhanced Security

As it gets rid of the need for a central authority, no one can just simply change any characteristics of the network for their benefit. Using encryption ensures another layer of security for the system.

But how does it offer so much security compared to already existing techs?

Well, it’s extremely secure because it offers a special disguise – Cryptography.

Added with decentralization, cryptography lays another layer of protection for users. Cryptography is a rather complex mathematical algorithm that acts as a firewall for attacks.

Every information on the blockchain is hashed cryptographically. In simple terms, the information on the network hides the true nature of the data. For this process, any input data gets through a mathematical algorithm that produces a different kind of value, but the length is always fixed.

You could think of it as a unique identification for every data. All the blocks in the ledger come with a unique hash of its own and contain the hash of the previous block. So, changing or trying to tamper with the data will mean changing all the hash IDs. And that’s kind of impossible.

You’ll have a private key to access the data but will have a public key to make transactions.

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Hashing is Irreversible!

Hashing is quite complex, and it’s impossible to alter or reverse it. No one can take a public key and come up with a private key. Also, a single change in the input could lead to a completely different ID, so small changes aren’t a luxury in the system.

If someone wants to corrupt the network, he/she would have to alter every data stored on every node in the network. There could be millions and millions of people, where everyone has the same copy of the ledger. Accessing and hacking millions of computers is next to impossible and costly.

That’s why it’s one of the best blockchain features. As it’s too hard to bypass, you won’t have to worry about hackers taking all your digital assets from you.

Read More: Newbie’s Guide: Private Key Vs Public Key – How They Work?

4. Distributed Ledgers

Usually, a public ledger will provide every information about a transaction and the participant. It’s all out in the open, nowhere to hide. Although the case for private or federated blockchain is a bit different. But still, in those cases, many people can see what really goes on in the ledger.

That’s because the ledger on the network is maintained by all other users on the system. This distributed computational power across the computers to ensure a better outcome.

This is the reason it’s considered one of the blockchain essential features. The result will always be a higher efficient ledger system that can take on the traditional ones.

Also Read: What is Distributed Ledger? Beginners Guide

Why It’s One of the Blockchain Important Features?

• No Malicious Changes: Distributed ledger responds really well to any suspicious activity or tamper. As no one can change the ledger and everything updates real fast, tracking what’s happening in the ledger is quite easy with all these nodes.
• Ownership of Verification: Here, nodes act as verifiers of the ledger. If a user wants to add a new block others would have to verify the transaction and then give the green signal. This provides the user with fair participation.
• No Extra Favors: No one on the network can get any special favors from the network. Everyone has to go through the usual channels and then add their blocks. It’s not like you have more power so you’ll get more privileges.
• Managership: To make the blockchain features work, every active node has to maintain the ledger and participate for validation.
• Quick Response: As I said earlier, removing the intermediates quickens the system response. Any change in the ledger is updated in minutes or even seconds!

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5. Consensus

Every blockchain thrives because of the consensus algorithms. The architecture is cleverly designed, and consensus algorithms are at the core of this architecture. Every blockchain has a consensus to help the network make decisions.

In simple terms, the consensus is a decision-making process for the group of nodes active on the network. Here, the nodes can come to an agreement quickly and relatively faster. When millions of nodes are validating a transaction, a consensus is absolutely necessary for a system to run smoothly. You could think of it as kind of a voting system, where the majority wins, and the minority has to support it.

The consensus is responsible for the network being trustless. Nodes might not trust each other, but they can trust the algorithms that run at the core of it. That’s why every decision on the network is a winning scenario for the blockchain. It’s one of the benefits of blockchain features.

There are lots of different consensus algorithms for blockchains over the globe. Each has its own unique way to make decisions and perfecting previously introduces mistakes. The architecture creates a realm of fairness on the web.

However, to keep the decentralization going every blockchain must have a consensus algorithm, or else the core value of it is lost.

Read More: PoW Vs. PoS: A Comparison Between Two Blockchain Consensus Algorithms

6. Faster Settlement

Traditional banking systems are quite slow. Sometimes it can take days to process a transaction after finalizing all settlements. It also can be corrupted quite easily. Blockchain offers a faster settlement compared to traditional banking systems. This way a user can transfer money relatively faster, which saves a lot of time in the long run.

These blockchain features make life easier for foreign workers and help to understand Why Blockchain is Important. Many people travel to another country in search of a better life and job and leave families behind. However, sending money to their families overseas takes a lot of time and could become fatal in times of need.

Now, blockchains are way too fast, and they can easily use it to send money to their loved ones. Another fun fact is the smart contract system. This can allow making faster settlements for any kind of contract. This is one of the best benefits of blockchain features to this day. And with the third party out of the way, people can send money with a minimal fee. Seems intriguing, right?

This way blockchain will impact the international trades too!

So, why shouldn’t you use blockchain technology? Although there are some cases where the network struggles to support too many users and faster settlement isn’t possible. Even so, many are improving this scenario, and we’ll soon see a better take on the issue.

Want to know more about the working of Blockchain? Read our previous article to understand How Blockchain works.

Blockchain Features: Concluding Remarks

Blockchain technology isn’t just another hype that people forget after a few days. With all its blockchain features and applications, we can safely assume that it’s here to stay. All the blockchain important features are making a whole another level of impact on the web.

And why wouldn’t it? It’s infused with all sorts of new techs. Although blockchain is giving rise to a lot of controversies, still if people can utilize the ideology behind all benefits of blockchain they can make a brighter and shinier future for everyone. Not to mention, Blockchain can change the world.

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The post 6 Key Blockchain Features You Need to Know Now appeared first on 101 Blockchains.

The crypto community is more than eager to invest in NFTs such as unique digital assets, songs, images, collectibles, GIFs, or Memes. More so, they are voraciously buying various non-fungible tokens creating a new form of digital assets industry from the last few months.

Well, just in February, there are more than $300 million in sales, and the NFT marketplaces are surely making a huge profit on top of other people’s work. Even newer platforms are gaining massive traction from selling these NFTs.

But all of these sales make you wonder what is the most expensive NFTs on the market now? In this guide, we will make a list of the top 10 most expensive NFTs and help you understand why these have a high price.

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What Are Non-Fungible Tokens?

Let’s understand what non-fungible tokens are before moving towards the list of the top 10 most expensive NFTs. Non-fungible tokens are a form of digital token that is unique in nature. They can be anything, starting from an audio clip to paintings or video games. Mostly these are a form of collectibles that are very unique in nature, and you can’t interchange it with another token like you can with other cryptos.

For example, a painting of Mona Lisa is a one-of-a-kind painting in the world, and there is only one authentic piece. Thus, as you can see why this painting will hold value. Therefore, even if you take a photo or buy a replica, it won’t be the one and original painting.

This type of unique nature of this token gives it value. But it also needs to be associated with media, which means not just anyone can sell NFTs at a high price point. You need to have a fanbase or an admirer of your work to be renowned to buy and sell NFTs. Thus, when you are buying the non-fungible tokens, you will get ownership of that asset and can sell it later on. Anyhow, let’s move on to the list of the top 10 most expensive NFTs now.

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Top 10 Most Expensive NFTs

1. Everydays: the First 5000 Days – $69.3 million

Even before last year, the artist known as Beeple was not that much popular as you would seem. However, in 2021, he sold one of the most expensive NFT artwork on the market. The artwork is named “Everydays: the First 5000 Days.” The more interesting part is that this auction took place at an auction house called Christie’s.

Image Source: Beeple

The bidding actually started out at $100, but it soon started to go higher and higher, and ultimately it was sold at a price of $69.3 million! You just be thinking that’s a lot of money for some digital artwork. Well, with the technological revolution, isn’t it obvious that we will soon move on to digital paintings rather than physical paintings.

Anyhow, this artwork was a compilation of the first 5000 digital arts of Beeple. In reality, when Beeple started making digital arts, he did not miss even a single day starting from May 2007. Therefore, the compilation has a lot of varying styles, contents, and mediums. Some of the very first ones were definitely not up to the mark; still, the value increases immensely as a collective. And that why this is one of the most expensive NFT ever sold so far. This is surely one of the valuable non-fungible tokens in 2021.

2. CryptoPunk #3100 – $7.58 Million

CryptoPunks is a new kind of creation of the NFT world. Actually, these are the very first NFTs created on the market, and after the boom of NFTs, now many of them are selling at millions! And that’s why CryptoPunk #3100 is also on our list, as it’s the second most expensive NFT ever sold.

Image Source: Larva Labs

In reality, this CryptoPunk is one of the rare ones, and it belongs to the group of 9 Aliens. You see, CryptoPunks only has 10,000 punks in store. More so, among them, only 9 are Aliens. So, you see, these 9 are some of the rarest collections they have. These tokens are also ERC-20 token so they follow ERC standards.

The character has blue-greenish skin, and it also comes with an accessory. In this case, it’s a headband, and only 406 punks have this accessory. More so, as it only comes with a single accessory, which is also rare, and only 333 punks have a single accessory. So, based on the type, accessories, and accessory counts, this punk is super rare. That’s why it was sold at a price of $7.58 million.

3. CryptoPunk #7804 – $7.57 Million

Another CryptoPunk is on our top 10 most expensive NFTs list with $7.57 million. The Punk #7804 is another Alien, and this time it comes with three accessories. More so, the accessories include Cap Forward, Small Shades, and a Pipe. Apparently, only 254 punks come with Cap Forward, 378 punks come with Pipe, and 317 punks come with small shades. But basically, the pricing is due to the fact that Alien punks are extremely rare.

Image Source: Larva Labs

Dylan Field first got the punk back in when the company first started to give away the 10,000 CryptoPunks. In reality, he owns the startup Figma, which is based on technology designs. But why did he buy that punk? Well, he saw the potential for this Ethereum based NFT, which led him to make the purchase back in 2018.

4. Crossroads – $6.6 Million

Crossroads is another most expensive NFTs on our list. This is another artwork from Beeple, and this sale happened just days before the massive sale of Everydays. More so, the artist sold this piece in Nifty Gateway. Also, this is not a compilation like Everydays, but it’s a single piece of artwork. Therefore, the evaluation of this piece makes it even more expensive.

Image Source: Beeple/NiftyGateway

Well, the artwork is somewhat a political gamble and a response to the presidential election happening in 2020. The fun fact is that the artist made two versions of this – one was for if Trump would win, and another one was for If Trump would lose. And based on the outcome of the election, the video would change.

Want to understand the difference between fungible and non-fungible tokens? Here’s a guide to fungible vs. non-fungible tokens that focuses on their differences.

5. The first Tweet – $2.9 Million

Next, on our list of most expensive NFTs in 2021, we have the very first tweet. In reality, the CEO and founder Jack Dorsey tweeted the very first tweet after setting up Twitter back in 2006. The tweet read, “just setting up my twttr.” And later on, he sold this tweet as an NFT for a hefty amount of money – $2.9 million! Well, judging by the massive popularity of the social media platform Twitter, it’s not a shocker that the very first tweet will get this much attention. This is definitely a new from of asset tokenization.

Anyhow, the founder sold this tweet to Oracle CEO Sina Estav, who believes it’s as much as important as buying the Mona Lisa. More so, the CEO sold this tweet on Valuables, which is an online auction platform. According to the platform’s rules, they will take a 5% cut from the selling price. Although the post will stay on Twitter, the owner of that piece is now Sina.

6. CryptoPunk #6965 – $1.54 Million

Image Source: Larva Labs

Another punk is on our list as one of the most expensive NFTs in 2021. As we said earlier, every single CryptoPunk comes with its unique characteristics and attributes. Therefore, this punk is no different than that. Well, here, CryptoPunk #6965 is one of the Ape species. It also comes with a Fedora as an accessory. More so, only 186 punks have Fedoras, and there are only 24 Ape punks. That’s why the price is $1.54 million! However, these are not ERC-721 tokens but similar to ERC-20 token.

7. Axie Infinity Genesis Land – $1.5 Million

If you are into virtual games, then you know how in-game items can cost a lot of money. However, this Ethereum based virtual game called Axie Infinity may have taken it to the next level. In reality, Genesis Land is extremely rare within the game, and it has a high price. But a community member just bought nine Genesis blocks at a whopping $1.5 million! Thus, making it one of the most expensive NFTs in 2021.

Image Source: Axie Infinity

At the time of the selling, it was worth 888.25 Ether; however, the value has increased drastically as the price of Ether has also increased over the few months.

8. CryptoPunk #4156 – $1.25 Million

Image Source: Larva Labs

On our list, next, we have the most expensive NFT ever sold on the market, and it’s CryptoPunk #4156. That’s right, another CryptoPunk is on our list again. This time it’s also another Ape punk, and this time it also comes with an accessory – a blue bandana. Among the 10,000 punks, only 481 punks have this feature. And now it belongs to the Ethereum address 0xf476cd for $1.25 million. However, buying CryptoPunks will need Ethereum Gas, so remember that if you want to invest in some CryptoPunks as well.

9. Not Forgotten, But Gone – $1 Million

Image Source: WhIsBe/NiftyGateway

Do you want to buy a rotating gummy bear video clip for millions? Well, this is what happened in Nifty Gateway NFT sales. An artist called WhIsBe was the creator of this artwork. Apparently, he features various gummy bears in many creative forms. More so, it’s a 16-second video of a rotating golden gummy bear skeleton, and it’s called “Not Forgotten, But Gone.” The artist sold this piece for $1 million.

Enroll Now: Ethereum Development Fundamentals Course

10. Metarift- $904.41K

Image Source: Pak/MakersPlace

It’s another Satoshi situation here as no one knows who is the designer of this artwork. Well, the artist goes by the name Pak, but no one knows the real identity. Apparently, Pak is very popular in the digital art ecosystem, and due to the mysterious nature, the piece was sold at $904.41K. The NFT art features some spherical objects, and they are rotating in various directions, and they are clustered together. There are other various NFTs use cases like this, it’s not only limited to art!

Conclusion

NFT marketplace is taking a massive boom over the last few months, and definitely, 2021 is the year for NFTs. Just right after 2021 started, many of the NFTs started to go for millions. It might seem a bit crazy to some people, but it’s a different form of token, and in this age of digital revolution, NFTs fit in perfectly.

Now that you know the most expensive NFTs on the market, you can also try your luck. However, do remember these tokens are powered by blockchain technology, and so this is the perfect time to educate yourself about it. So, we suggest starting with our blockchain courses to learn more about the technology.

The post List of 10 Most Expensive NFTs Ever Sold appeared first on 101 Blockchains.

Even though blockchain was initially considered suitable for the Banking sectors only, it has started disrupting other industries as well. So, now we have a lot of solutions that are in the pilot phase or already in use in the enterprise.

Enroll Now: Free Blockchain Course

Top 50 Companies Using Blockchain Technology

Are you wondering which companies are using blockchain? You don’t need to look further because we have a list of 50 companies that are using blockchain in many ways. So, let’s see what these companies are!

Bank and Finance

• BBVA

BBVA is one of the companies with blockchain technology using it for the banking sector. Red Electrica Corporation and BBVA recently completed a syndicated loan using this wonderful technology. Apparently, MUFG, BNP Paribas, and BBVA granted the deal of €150m. More so, the loan reached in record speed from BBVA’s blockchain platform.

At present, the company is more than optimistic about using technology for future projects as well.

• Intesa Sanpaolo

Banca Intesa Sanpaolo – an Italian banking conglomerate is using blockchain technology for validating trading data. Deloitte, Eternity Wall, and the bank started to test out the technology recently. More so, they are using the OpenTimestamps protocol that uses Bitcoin to power the system.

Anyhow, the core contributor Peter Todd of Bitcoin, is behind the technology. Let’s move on to the companies with blockchain technology in the next part.

• Barclays

U.K.’s second-largest bank is Barclays and one of the companies with blockchain technology. In reality, they are using blockchain technology for streamlining fund transfers and KYC (Know-Your-Customer) processes. More so, they even filed for patents against these two features so, it’s easy to say that they are surely working on the technology.

• HSBC

The bank HSBC is planning to the blockchain-based platform by the end of March 2020. More so, they will shift from their traditional paper-based records to fully digital and decentralized Vault platform. Thus, their investors can now finally track their money in real-time. More so, it will have private features as well.

Let’s move on to the companies with blockchain technology in the next part.

• Visa

Visa is one of the companies with blockchain technology that did come a long way in the niche. Previously in 2016, they introduced a blockchain platform that would deal with business-to-business payment services.

However, it took them time to make the project live. By the end of 2019, they wanted to cover 90 markets that the businesses can payments to.

Wondering how these companies are using Blockchain? Go through the Blockchain Business Strategy and get ready to start with Blockchain.

Supply Chain

• De Beers

DE Beers is another one of the companies using blockchain in supply chain. To Help regulate their supply chain management system, they came up with a blockchain platform called Tracr. More so, on this platform, you can track any size of diamonds from the mining site to the retail store.

It’s actually a great way to prove that the diamonds coming from DeBeers is 100% real.

• Unilever

Unilever is also on the companies using blockchain in supply chain list. In reality, Unilever is currently using tech to manage its tea industry. With the help of technology, they will track all of their transactions in the supply chain.

More so, they can also track the suppliers in order to maintain the quality in every step of the way.

• Walmart

Walmart has been a blockchain enthusiast for a very long time. In reality, the company is using IBM’s supply chain technology – Hyperledger Fabric platform to back up their supply chain process. Moreover, they also plan to track their foods right from their farmers and offer their customers to check the provenance before they buy an item.

• Anheuser Busch InBev

Anheuser Busch InBev is one of the largest brewer companies using blockchain in supply chain. Along with BanQu, they want to increase the overall transparency of their systems. Anyhow, it will actually trace and increase the transparency of their Cassava crop chain. Thus, it will also empower over 2000 farmers in Zambia.

• Ford

Ford is another popular company that is using unique technology. In reality, IBM is working with them, and together they plan to track its raw materials like cobalt from the suppliers. They want to make sure that they are getting an authentic product to maintain their quality. As soon the cobalt is mined, they will get on the ledger, and Ford can track where it’s going from there.

Also Read: Private vs Public Blockchain: Which is the Better?

Healthcare

• Change Healthcare

Change Healthcare is one of the large companies using blockchain technology. In reality, they are working on Intelligent Healthcare Network that uses Hyperledger Fabric to power it. Anyhow, the platform will help them manage patient claims and the status of the claim in real-time. Thus, the system can easily audit, develop, and promote trust among users.

• FDA

FDA is also working on healthcare solutions using blockchain technology. As a result, they are currently using Hyperledger to power a platform that would secure healthcare data. But why, though? Well, patients have very little control when it comes to their confidential information. But with this platform, they can safeguard clinical trials, genomic data, and even Electronic Medical Records (EMR).

Also Read: Use Cases and Applications of Blockchain for Healthcare

• DHL

DHL is another one of the large companies using blockchain technology. Along with Accenture, they’re working on a proof of concept that would trace pharmaceuticals from the origin point to the consumer. As a result, companies can finally get rid of any tampering or counterfeit drug issues that they face every single day.

• Centers for Disease Control and Prevention

Centers for Disease Control and Prevention company is here to leverage new technologies for improving the overall health of American citizens. That’s why they’re working with IBM for developing an encrypted ledger system that would help them record all Electronic Health Records (EHR), without ever compromising any security.

• Pfizer

Pfizer is yet another one of the large companies using blockchain technology. Biogen and Pfizer led organization Clinical Supply Blockchain Working Group (CSBWG), just completed proof of concept for tracking records and managing the digital inventory of pharmaceutical products.

In reality, the group also comes with other players such as GlaxoSmithKline, Merck, AstraZeneca, and Deloitte.

Read Now: What’s the Difference between Blockchain and Distributed Ledger?

Insurance

• AIA Group

AIA Group is also one of the large companies using blockchain for insurance purposes. In reality, the company launched a project for bancassurance solutions with other partnered banks. This platform will harness the power of blockchain and help share documentations and policy data in real-time in a secure channel.

According to them, it’s one of a kind solution in the market.

• MetLife

Another one of the large companies using blockchain technology is MetLife. Actually, LumenLab is MetLife’s Singapore based incubator company, and they are collaborating with NTUC Income and Singapore Press Holdings (SPH) for creating Lifechain.

Using this platform, you can help your loved ones to determine if the deceased had insurance or not, and when in need, automatically it will file for an insurance claim.

• Prudential Financial

Prudential Financial is one of the public companies using blockchain technology for insurance. The company plans to use the tech for ensuring there are no fraudulent activities in insurances, and all the customers get a better service and can prove their documentations without any hassle.

Anyhow, the company will work with other insurance companies as well to develop the solution. Anyhow, it’s also working on a platform that can offer buy and sell goods, tracking along with filing for insurance from the same platform.

• AIG

The company American International Group or AIG is one of the public companies using blockchain technology. At present, they are partners with the International Business Machines Corp for developing a smart insurance platform. With the help of the platform, they can finally cover all the complex international insurance problems.

• Aegon

Aegon is also on the list of public companies using blockchain technology. Actually, they are part of the initiative B3i that uses the R3 Corda platform to back up their insurance platform. Moreover, there are fourteen insurers and reinsurers in the group as well.

Anyhow, the solution is capable of handling all the workload of insurance or reinsurance processes from one place.

Read our previous blog to learn How to Implement Blockchain.

Energy

• Shell

Shell is one of the energy companies using blockchain technology for the energy sector. Along with Sinochem Energy Technology Co Ltd and Macquarie, Shell is planning to use blockchain for crude oil trading.

More so, they have been exploring the tech before for oil industries. Anyhow, with the help of the platform, it’s easy to track the products along with promoting transparency and preventing fraud.

• Siemens

Siemens is also another company that is investing in blockchain for energy. More so, the company recently declared that they want to bring innovation to the energy sector. Anyhow, they are also planning to expand the solution to Power generation Services as well.

With this, they plan to make more sustainable energy systems.

• TenneT

The demand for electricity is increasing, but the supply still remains very low. As a result, it’s hard to supply power to consumers continuously. TenneT is one of the energy companies using blockchain technology. The company plans to use Hyperledger Fabric to track the usage of electricity.

It also offers a solution by using stored power to back up the demand shortage.

• Abu Dhabi National Oil Company

ADNOC or Abu Dhabi National Oil Company is another addition to the energy companies using the blockchain technology list. In reality, they are using the technology to increase transparency throughout their companies and will eventually expand to supply chain management as well.

• Chile’s National Energy Commission

Chile’s National Energy Commission is going to use an Ethereum based network for recording all their energy sectors data. As there are a lot of discrepancies in the energy sector, it’ll be wiser to have an immutable record that no one can alter.

However, they are more than eager to use the public Ethereum platform for this.

Trade

• Mizuho

Mizuho is on the big companies using the blockchain technology list for the Trade sector. In reality, the bank completed its very first trade finance transaction with higher accuracy. According to them, they didn’t face any issues sharing confidential data and documents on the platform with other parties.

Anyhow, they plan to continue using the platform in the future as well.

• ANZ

ANZ is one of the big companies using blockchain technology as well. Along with the other 6 members, the company formed a consortium for the trade sectors. Anyhow, the Hong Kong Monetary Authority is leading the project so far, and the goal is to process every single document and make them digital. More so, the platform also plans to get rid of any duplicated data and provide only one true data for any document.

• Scotiabank

Scotiabank is using Alphapoint’s platform for the trade sector. Although they already send out trial trading documents to test how the platform works. At present, they are still continuing, so it’s safe to say the project did a good job. The project will help you to digitize your assets, manage trading paperwork, and many more.

• SEB

SEB is also in the trading niche with blockchain. More so, they are using CGI’s Trade360 platform for handling all of their regulations and transactions. The best part is that the platform is fully capable of handling the financial aspects of trading and offers a robust architecture as well.

• People’s Bank of China

People’s Bank of China is looking for blockchain solutions for the sake of the trade business. Anyhow, the platform they are working on will have an ecosystem where companies can engage in cross-border trading at ease in the Hong Kong, Macau bay Area, and Guangdong at ease.

IoT

• Maersk

Along with IBM, Maersk is working with blockchain technology to streamline their supply chain management. But to do that, they are using blockchain-based IoT systems to get transparency in the platform. Using IoT devices, every single process will be online and connected to the platform. So, it’ll be easy to track their conditions.

• Commonwealth Bank

Another cool example in the IoT blockchain sector is the commonwealth bank. They are using the distributed ledger to get rid of two major issues global trade and sharing assets. Anyhow, IoT integrating into the blockchain system helps them track all the processes of global trading in real-time.

Let’s check out who is using blockchain in the next part!

• Van Dorp

Van Dorp is also using the tech for the IoT sector. In reality, they are collaborating with Timeseries to start a smart home project where every smart home device will be connected to the blockchain platform.

As blockchain is secured, the smart home devices would have full security while communicating with each other.

• Smart Electric Power Alliance

Another awesome solution in the IoT industry is the project SEPA is working on. Using IoT devices and blockchain, they plan to secure the power grinds and offer clean energy for education, research, and many more. Basically, as the IoT devices are vulnerable, they are using the technology to secure it.

• McKesson

This IoT based project is for the healthcare sector as well. MediLedger’s solution includes many pharmaceuticals companies, along with wholesalers as well. Among them, McKesson, AmerisourceBergen, and Pfizer stand out the most. As the IoT devices will track the products, they are coupling it with blockchain to offer high security.

Let’s check out who is using blockchain in the next part!

Also Check: Practical Use Cases of Blockchain

Travel

• Singapore Airlines

Blockchain is taking over the travel industry as well. Singapore Airlines is already using the technology to offer loyalty-based offers for their customers. Anyhow, they are using KrisPay to offer promotions for their loyal customers. So, the customers can sign up for the program and download their app from the play store.

• UAE’s National Airline

The national airline of UAE, Etihad Airways, is partners with Winding Tree. Winding Tree is actually a travel platform that offers various features and uses distributed ledger technology to power the system.

Anyhow, the airline wants to use the platform to explore opportunities that can increase their customer reach and make Abu Dhabi an exotic destination.

• Lufthansa

Lufthansa Industry Solutions is one of the major players in the travel industry. And to harness the true potential of blockchain, they started the initiative Blockchain for Aviation (BC4A). Here, they are planning to include participants such as aircraft manufacturers, logistics providers, MRO service providers, software developers, and many more.

Let’s move onto the next company in this what companies are using blockchain technology guide.

• Delta Airlines

Delta Airlines is far behind in the race of blockchain. Recently, they stated that they are working on blockchain technology backed chatbots that can offer consumers the benefits they want. More so, using this chatbot, the company can free up their customer service agents and focus more on high-end issues of their customers.

• British Airways

British Airways is working with the startup VChain to streamline their security checkup processes. In reality, security checkup processes take a lot of time and resources. Sometimes it can even delay flights, which is a big hassle for both the Airlines and the customers.

Thus, using the tech, they can ensure a faster output.

Let’s move onto the next company in this what companies are using blockchain technology guide.

Read Now: What is a Private Blockchain?

Real Estate

• Brookfield Asset Management

It’s one of the big companies using blockchain technology. Brookfield Asset Management is one of the very well-known companies in the world. In reality, they have more interest in blockchain and plans to integrate it as a part of their systems. Using the tech, they plan to reduce transaction costs and automate contacts.

• Link REIT, Hongkong

Allinfra and Link REIT, Hongkong is partnering up for working in a blockchain project for the real estate sectors. Basically, they will work on the pilot project to check out how blockchain can help the real estate sector. Anyhow, they plan to introduce a sustainable infrastructure backed by blockchain.

• JLL

JLL is another one of the big companies using blockchain technology. They are currently using it in Spanish commercial real estate valuation. According to them, they can use this tool in construction and financing the real estate sector and even sell and rent properties. Mainly the initiative came from JLL Japan.

• Westfield

Westfield is using blockchain for real estate bank guarantees. It’s mainly for the people who are leaseholders in the retail markets. Anyhow, Westfield’s live project will last eight-week, and they will determine if the technology works for them or not. However, they are more than optimistic that it will help them to issue commercial leases easily.

• Coldwell Banker

Another one of the big companies using blockchain technology is Coldwell Banker. At present, they are an active client of the company Propy. Basically, Coldwell is using the platform to list sellers and agents, along with offering transactions as well. More so, with this platform, they can secure all their transactions and contracts without any issues.

Not aware about the different types of Blockchain Technology? Here’s a complete guide on the Types of Blockchain.

Government

• Government of Dubai

The government of Dubai is aiming for the first-ever smart city in the world by 2021. For that, they formed the Smart Dubai governmental office and working with a series of technology companies to streamline their smart city’s future plan. And to do that, they are also using blockchain as well.

More so, they already have few sectors using the tech and plans to include it in other sectors as well.

• Seoul Metropolitan Government

The Seoul Metropolitan Government is going to establish its blockchain-based administrative system. More so, along with the project, the residents of the city will have S-coin that they can use for public services. Additionally, they can also redeem these coins for rewards as well. They can also pay taxes and participate in public opinions through the platform.

• Lantmäteriet

Lantmäteriet is Sweden’s land registry authority, and it is now working with banks and businesses for a blockchain pilot project. According to them, purchasing a property is very time consuming, and with blockchain, it can save resources and time both. More so, all the documents would be in digital formats leaving no paper trails.

• Uganda National Drug Authority

Uganda National Drug Authority is working with MediConnect to deal with their country’s counterfeit drug problems. According to them, the project will track all the drugs from the pharmaceutical companies to ensure that no one can steal or replace them with fake ones.

• Monetary Authority of Singapore

Monetary Authority of Singapore is leading a blockchain-based project that offers payments in different currencies across the same network. Working with Temasek and J.P. Morgan, the MAS plans to improve the overall cost efficiencies of business throughout the country. At present, they are still testing it out for industrial applications.

Also Check Blockchain Technology Presentation and have a detailed overview of the Blockchain Technology

Winding Up

Blockchain is truly a disruptive force that no one can tame. It’s already disrupting a lot of industries, and soon, it will disrupt every single marketplace in the world. At present, the companies using blockchain technology are actually securing their place in the changing ecosystem.

In reality, it’s evident that companies still face a higher issue if they avoid investing in the tech. So, if you haven’t adopted a blockchain solution for your enterprise till now, it’s high time you looked into the blockchain.

If you are a beginner and planning to start a career in blockchain, there are many opportunities for you in the industry. So, enroll in the Free Enterprise Blockchain Fundamentals Course and lay the foundation for a bright career!

The post List of Top 50 Companies Using Blockchain Technology appeared first on 101 Blockchains.

New technologies continue to revise the ways of conducting conventional transactions. Enterprises, as well as individual users, can utilize technology for simpler execution of transactions that could have been difficult in a conventional manner. The best example of the benefits of Blockchain Technology for enterprises is evident in the form of digital transformation.

Organizations could use digital technologies for modifying their traditional business operations, such as accounting and bookkeeping. The primary advantages for businesses in such cases include cost-effectiveness and optimal use of resources. One of the notable revolutionary technologies in recent times is the Blockchain Technology.

The following discussion aims to outline a detailed guide on the recommended career path in Blockchain technology. Readers could find a basic overview of a career in Blockchain technology along with the benefits of the same. In addition, the discussion would outline the various career options you could explore as a certified expert in Blockchain.

However, the most promising highlight of the discussion would be the information about the basic details of the Blockchain certified expert certification. Then, readers could find out an outline of best practices to start learning Blockchain technology and prepare for the expert certification exam.

Growing Use of Blockchain Technology

The growing use of Blockchain technology has created substantial interest in the role of a certified expert in Blockchain. Blockchain technology has gained a formidable reputation following the introduction of virtual currency, Bitcoin, in 2009. Since then, Blockchain technology has garnered adequate recognition with continuously expanding areas of its application in today’s era.

Therefore, many individuals want to start a career in Blockchain, considering the long term promises that the Blockchain technology holds. So, there has been a substantial rise in the number of Blockchain certified expert jobs in recent times. However, many candidates don’t have an idea about where to start with their career in Blockchain.

Also Read: How to Become a Blockchain Specialist?

What is Blockchain Technology?

Before we move towards the ways to become a certified expert in Blockchain, it is important to reflect on Blockchain technology itself first. As discussed already, the first instance when Blockchain became explicitly visible to the world was in 2009 with the introduction of Bitcoin. Therefore, many people confuse Blockchain technology with Bitcoin.

On the contrary, Blockchain is actually a credible digital ledger or a distributed database, maintaining track of various transactions. In addition, Blockchain can be programmed for recording financial transactions as well as other valuable and sensitive information. To put it simply, Blockchain technology is actually an encoded, distributed database with the capability for recording data, just like computerized records of exchanges, contracts, and transactions.

Blockchain technology is presently a helpful alternative for the safe transfer of items such as contracts, property, and financial transactions. The interesting fact about Blockchain is that there is no need for any third-party intermediaries such as banks or government agencies. Therefore, Blockchain technology presents numerous promising advantages for the economic sector.

Will the Blockchain Technology Stay?

Many readers might still have doubts regarding the feasibility of a career in Blockchain technology. The actual potential of Blockchain technology is one of the foremost doubts for anyone about to embark on a Blockchain expert career path. However, the distributed ledger database has completely changed the game with the applications of Blockchain Technology becoming increasingly prominent across different sectors.

Blockchain technology is promoting transparency in health and manufacturing organizations. In addition, it is also successful in the reduction of fraud for enterprise applications, especially financial systems. As the demand for a shared economy gains momentum, Blockchain innovation can effectively reduce the need for centralized control.

Furthermore, Blockchain also provides considerable simplicity in the processes for accessing information. Some of the notable features such as trust, privacy, reliability, and immutability also showcase the potential of Blockchain technology.

Also Read: Key Blockchain Features

Reasons to Choose a Career in Blockchain

So, Blockchain technology has a lot of features presenting credible advantages for enterprises. Is that enough for you to start thinking about becoming a certified Blockchain expert? You might wonder about the benefits you can gain from a career in Blockchain. Here are the important reasons for which you should not hesitate to devote your time and efforts to a career in Blockchain.

• Promising Salary Estimates

The foremost factor that can drive your interest in Blockchain expert certification exam preparation is the promise of better pay. A career in Blockchain technology automatically entails a hefty salary package. The majority of salaries for Blockchain-related job roles ranges between $50,000 and $130,000. Furthermore, interns in the field of Blockchain technology could also get promising financial incentives that can foster their motivation for a career in Blockchain.

• Better Employment Opportunities

With the tag of a ‘certified expert in Blockchain’, you wouldn’t face many difficulties in being hired by an enterprise. Since Blockchain is a relatively new technology, the skill gap is enormous. Enterprises are creating new employee job roles tailored to their requirements of Blockchain technology. Therefore, Blockchain specialists are most likely to be hired faster by enterprises in comparison to conventional roles.

• Chance to Become a Part of a Global Tech Revolution

The sheer amount of opportunities with new technology like Blockchain is also another prominent reason to pursue a career in Blockchain. As time passes, Blockchain technology would go through many changes, and professionals working on Blockchain could develop globally recognized solutions. So, in the long run, a career path in Blockchain technology could also bring some unique achievements for candidates. Most important of all, the proposition of being a part of a global revolution is a plausible benefit no one wants to miss.

Enroll Now: CEBP Training Course and Certification

• Access to Exclusive Job Roles

The next important benefit of being a certified Blockchain expert is access to better job positions. Blockchain experts can start their careers with top executive spots in an organization that also imply additional benefits. You can gain better social status with the exclusive Blockchain job roles. Therefore, it would be unreasonable to let go of a career in Blockchain that can bring so many benefits for you.

• Opportunity to Work in Enterprise Environments

One of the significant benefits in Blockchain certified expert jobs is the enterprise environment you will be working in. Qualified Blockchain experts can work with high-end professionals and get the explicit benefits of networking. You would work in a team environment for addressing certain strategic objectives for enterprises.

In addition, enterprises adopting high-end technologies could help in improving your hands-on experience. Over the long term, you would have reliable, professional contacts, adaptability to an enterprise environment, and hands-on experience in skills required for Blockchain experts. Therefore, the enterprise environment can provide adequate scope for your professional development in your Blockchain career.

• Job Security

The final yet most formidable reason to become a certified expert in Blockchain is the sustainable nature of the technology. Blockchain is definitely here to stay, and its applications across various sectors, including government agencies, prove the same. Therefore, it is all just a matter of time before every enterprise would ditch the centralized models for Blockchain technology. So, you could have the best assurance for future-proof job security with a career in Blockchain technology.

Career Options in Blockchain

Now, it is important for all aspiring candidates to find out the various available career opportunities in Blockchain technology. Let us take a brief overview of each role for a detailed impression of your options in a Blockchain certified expert career path.

• Blockchain Developer

Blockchain developers are basically programmers with skills for creating applications for Blockchain. The Blockchain developers with expertise in helping companies gain the most benefits from the Blockchain platform are in high demand. Individuals in this role need higher attention to detail. Generally, Blockchain developers have comprehensive hands-on experience in working with Python, JavaScript, and C++ programming languages.

Read Now: Reasons to Become a Blockchain Developer

• Blockchain Solution Architect

The next important job role for a certified Blockchain expert is that of a Blockchain solution architect. The Blockchain solution architect is responsible for designing Blockchain solution components and then assigning and connecting the components together. Blockchain solution architects generally have to work in collaboration with developers, UX designers, IT operations, and network administrators involved in the development of optimized Blockchain solutions.

• Blockchain Project Manager

The role of a Blockchain Project Manager is one of the most comprehensive among other Blockchain-related job roles. Blockchain Project Manager is responsible for connecting Blockchain projects with the experts capable of developing Blockchain solutions. The work of Blockchain project managers requires the skills of a conventional cloud project manager.

In addition, Blockchain project managers must have comprehensive knowledge of Blockchain technology. Furthermore, Blockchain project managers also require excellent communication abilities. Effective communication is a crucial requirement for Blockchain project managers for addressing non-technical workers, obtaining resources from higher authorities, and the introduction of new useful updates.

• Blockchain UX Designer

As the adoption of Blockchain across various industries increases continuously, a certified expert in Blockchain could also opt for the role of a Blockchain UX Designer. The user interfaces for Blockchain technology is one of the prominent concerns for various industries adopting the technology.

The Blockchain UX designer or Blockchain designer has to create an engaging and trustworthy interface for regular users. The important skills required for the role of a Blockchain UX designer include attention to detail and creativity. In addition, Blockchain designers are also expected to be highly resilient and hardworking because they have to spend many hours working on effective designs.

• Blockchain Quality Engineer

The role of quality assurance in any development environment is unquestionable. A quality assurance engineer is responsible for testing a project and verifying that all specifications match the desired quality. The responsibility of a Blockchain quality engineer is to ensure that all operations in the Blockchain development environment follow all quality standards. The duties of Blockchain quality engineers involve testing and automation of different frameworks for Blockchain.

Blockchain quality engineers have an additional focus on detail due to the sensitive nature of their responsibilities. As a matter of fact, the actions of a Blockchain quality engineer have a strong influence on other members of a project. In addition, Blockchain quality engineers must have good communication skills for the effective maintenance of productive work relationships.

• Blockchain Consultant

One of the most demanded and highly respected roles in Blockchain is the Blockchain consultant. When you gain significant experience in your role, you can get ahead for the Blockchain consultant role. Businesses nowadays look for blockchain consultants to optimize their businesses using blockchain technology. As a Blockchain consultant, you can give valuable suggestions to the organizations on implementing blockchain technology.

Blockchain consultants stay updated with the latest trends of blockchain technology and thus help organizations with essential updates. Analyzing and updating existing Blockchain applications to make them better are the responsibilities of a Blockchain consultant. However, evaluating applications for the new technologies and documenting new solutions by maintaining the existing ones, are also the responsibilities of a Blockchain consultant.

• Blockchain Legal Professional

The role of a Blockchain legal professional is also gaining notable recognition in recent times. As a certified Blockchain expert in the role of a Blockchain legal professional, you have to provide recommendations on the considerations you must take into account during investment in Blockchain technology. Enterprises are doubtful about the consequences of their actions and management of finances with the adoption of Blockchain technology.

In addition, organizations are also concerned about the management of their identity in the context of Blockchain technology. A Blockchain legal professional helps enterprises achieve thorough compliance with legal benchmarks for using Blockchain technology. Blockchain legal professionals have effective communication skills and promising command over international law. Furthermore, the applications of Blockchain technology across borders also require Blockchain legal professionals to have mastery over universal languages.

• Other Blockchain-related Roles

Apart from the above specific roles for a certified expert in Blockchain, there are many other fundamental roles related to Blockchain. In order to utilize the capabilities of Blockchain for a career in a specific role, you have to understand its benefits, use cases, and key capabilities required for the role. Some of the additional Blockchain-related job roles include accountants, marketers, managers, public relations, analysts, crypto brokers, ICO advisors, and crypto journalists.

New to Blockchain? Learn the fundamentals of Blockchain with our Enterprise Blockchains Fundamentals Training Course. Enroll Now for FREE!

Path to Become a Certified Expert in Blockchain

So, what is the proven route for establishing your career in Blockchain? The answer to this question is clearly evident in the Blockchain expert certification. The Blockchain Expert Certification (Certified Enterprise Blockchain Professional) is a reliable instrument to prove your skills and understanding of Blockchain technology. In addition, the certification also showcases the ability of candidates to use their skills and knowledge for the implementation of Blockchain applications.

The Certified Enterprise Blockchain Professional is a 4 weeks program with flexible learning where you need to spend only 3-4 hours per day. Once you get ready with the various domains of the CEBP certification exam, you will find interactive exercises with a bonus hands-on assignments. Once done with the learning phase of the course, it’s time to evaluate your Blockchain expertise with a set of questions i.e. take the official certification exam. After that, you become a Certified Enterprise Blockchain Professional i.e. Blockchain Certified Expert, and receive CEBP certification for your Blockchain skills.

Let’s have a look at the domains of the Certified Enterprise Blockchain Professional (CEBP) certification:

Domain 1: Blockchain Technology Fundamentals

The important topics in the first domain of CEBP Blockchain expert certification exam are as follows,

• Blockchain Basics
• Proof of Work
• How the Chain of Blocks is Created
• Public and Private Blockchains
• Smart Contracts

Domain 2: Enterprise Blockchain Platforms 

The second domain of the CEBP Blockchain expert certification includes the following topics,

• Ethereum Fundamentals
• Hyperledger Fabric Fundamentals 
• Corda Fundamentals

Domain 3: Blockchain in Trade Finance

The next domain of the CEBP Blockchain expert certification deals with the following topics,

• Crypto Assets and Cryptocurrencies
• Ripple Fundamentals
• Trade Finance on Blockchain

Domain 4: Blockchain Applications

A Blockchain certification exam without a focus on the blockchain applications can be practically unreasonable. The important topics covered in this domain are as follows,

• Supply Chain Management on Blockchain – Fundamentals
• Supply Chain Management on Blockchain – Use Cases
• Blockchain Digital Transformation

The Certified Enterprise Blockchain Professional certification exam also focuses on skills, technologies, and approaches for the creation of your own Blockchain solutions.

Domain 5: Use Cases

The CEBP certification exam would also cover the use cases of Blockchain technology in different industries. The notable use cases include the following, with blockchain for

• Automobiles
• Financial industry
• Supply chain
• Healthcare
• Cybersecurity
• Manufacturing

Candidates need to pay $397 for the complete CEBP program including a training course, interactive exercises, and additional hands-on assignments with an official certification exam for the evaluation of skills. Along with this, you also get the bonus material and personal guidance to get ahead in your blockchain career.

Furthermore, the certification exam would also enable you to implement your skills in Blockchain applications, thereby contributing to your professional readiness. Most important of all, you could also develop your own Blockchain enterprise with the knowledge acquired through your preparations for the exam.

Blockchain use cases explain the applications of Blockchain in different domains. To know more, check out our previous article that covers the Applications of Blockchain.

Tips to Become a Certified Expert in Blockchain

The details about the certified Blockchain expert certification exam and the advantages of a career in Blockchain technology must have motivated you to prepare for the certification exam right away. However, you need to know that you are starting from scratch in the Blockchain ecosystem.

Therefore, you would need to prepare the foundation for achieving eligibility to appear for the Blockchain expert certification exam. So, here are some of the helpful preparation tips that are crucial before following any preparation guide for the Blockchain certified expert exam.

• Begin with the Fundamentals

Start your preparations with an overview of the basics of Blockchain technology. This step is highly critical, especially for beginners, because it is impractical for anybody to dive right into the technical aspects of Blockchain technology without any awareness of fundamentals.

Your primary objective, in this case, should be to learn about the fundamentals of Blockchain technology with its working and history. Candidates must take an in-depth look at the Blockchain glossary for understanding the proper definition of every term related to Blockchain.

• Understand Different Blockchain Platforms

Candidates for the certified Blockchain expert certification exam should also develop a comprehensive understanding of the working of different Blockchain platforms such as Ethereum, Hyperledger Fabric, and Corda. All the Blockchain platforms don’t work in a single way, and it is highly important to figure out the common pattern.

This is a crucial requirement for all technical as well as non-technical Blockchain job roles. For example, Blockchain-related marketing or legal roles would require a formidable grasp over the Blockchain platform for presenting the solution to clients.

• Develop Business Acumen

Business acumen is also a formidable requisite to prepare for the Blockchain expert certificate exam. Candidates need to develop a higher business perspective for using Blockchain technology to address issues in an enterprise environment.

A Blockchain expert would need a thorough overview of the interplay between different teams for maintaining effective coordination. This skill is an essential requirement for candidates appearing for the Blockchain expert certificate exam for addressing questions related to the use cases of Blockchain technology.

• Know about Other Decentralized and Distributed Ledgers

Blockchain is one type of distributed ledger, and Blockchain expert certified exam preparation requires knowledge of decentralized and distributed ledgers. Therefore, you should try to look up other distributed ledgers and learn about them.

This step can help in identifying the strengths of other distribution platforms and use them to improve the Blockchain technology. In addition, you would get ideal insights for your Blockchain career path through a technical overview of decentralized and distributed ledgers.

• Observe Enterprise Business Processes

Another promising step for your preparation for certified Blockchain expert certification is to learn about enterprise business processes. This step can help you in gaining fluency in hands-on use of Blockchain technology.

Knowledge of enterprise business processes such as distribution, logistics, procurement, and treasury operations can develop your business acumen. Since the certification exam requires a high-level business perspective of using Blockchain, knowledge, and experience in enterprise business processes can help you considerably.

To observe and understand the Enterprise business processes, it is recommended to go for the Certified Enterprise Blockchain Professional (CEBP) certification. Enroll now and start learning to get your hands on the CEBP certification.

• Stay Simple and Focused

Among the many preparation steps for different Blockchain certified expert jobs, simplicity is often overlooked. Candidates should always aim at fabricating solutions without complexities. You need to understand that Blockchain technology is comparatively new for the average user, and simple features can drive better adoption.

Therefore, you must prepare for achieving simple solutions that can provide the maximum output. In addition, candidates must develop skills for using their business acumen to create solutions for addressing future obstacles for the company.

• Participate in Blockchain Communities

The final yet most credible method to prepare for the certified Blockchain expert certification exam is Blockchain community participation. When you join different credible and renowned Blockchain communities such as forums, you gain access to industry expertise.

Many high-end professionals in these communities can help you overcome all doubts you encounter during your preparations. Furthermore, you can also work on the non-technical skills required for Blockchain expert professionals.

Are You Ready to Become a Blockchain Expert?

So, now you should make the decision and start preparing for the certified Blockchain expert exam. The average salary of a Blockchain Expert is around $150,000 to $175,000 per year that may even cross the number of $200,000 with certification, skills, and experience. Yes, as you gain experience in different designations and roles, you can improve your chances of commanding better salaries. The promises with a career in Blockchain technology definitely seem favorable.

On the other hand, the efforts required for establishing a career in Blockchain could be very intensive. However, you could rely on trustworthy preparation guides and training courses for simplifying your preparation journey. In addition, you must also aim at continuous professional development in the Blockchain ecosystem for achieving the best career outcomes.

So, are you aspiring to become a certified expert in Blockchain? Advance your skills and get the blockchain certification to validate your skills. Enroll now into the Certified Enterprise Blockchain Professional program and get ahead!

The post How to Become Certified Expert in Blockchain? appeared first on 101 Blockchains.

If you are following the blockchain technology landscape, then you will see a trend of positive articles and information about blockchain. Almost every publication is selling the term to drive the blockchain adoption among enterprise users, learners, and developers.

However, that’s only the half side of blockchain technology. Just like any other technology, it does come with its own drawbacks, i.e., disadvantages.

The trends also speak for themselves. Companies are looking for blockchain talent as it demands soars.

In this article, we will explore those disadvantages and understand blockchain technology in a much better way.

If you are reading the article, you already know the advantages of blockchain. It is immutable, transparent, secure, and decentralized. The features are revolutionary for sure as they can be used for multiple use-cases and industries.

But, to make sure that we all are on the same page, let me start with a very basic definition of blockchain.

Want to become a certified enterprise blockchain professional? Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

What is Blockchain?

Blockchain is a distributed ledger technology which improves on the centralized-based solutions in different ways. It consists of peers connected in a distributed network where each peer has a copy of the ledger. To validate the transactions between those peers, the network utilizes a consensus algorithm.

Sounds complicated? Let’s try to simplify it below.

Let’s take three people. Each of these people is an individual with their own identity. While each individual is capable of working on its own, they need a centralized authority when doing transactions between them. For example, if one tries to send money to another, it will have to go through a centralized bank or payment gateway.

Now, in the case of a decentralized network, if John tries to send money to Alice, they can do it by themselves without relying on a centralized entity. Here, each of the individual people acts as their own bank. They do not have to rely on a centralized entity to complete the transaction and that itself opens up a wide range of use-cases.

If you want to learn more, then you should check out our detailed beginner’s guide on blockchain: Blockchain For Beginners: Getting Started Guide

Let’s learn about the disadvantages of blockchain technology.

Also Read: Beginner’s Guide: What is Consensus Algorithm?

What are the Disadvantages of Blockchain Technology?

Blockchain technology is going to change the world around us. However, to understand what it has to offer, we need to understand its disadvantages as well. In this section, we will go through all the points below.

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Watch This Video To Know About Top Disadvantages of Blockchain Right Now!

1. Blockchain is not a Distributed Computing System

Blockchain is a network that relies on nodes to function properly. The quality of the nodes determines the quality of the blockchain. For example, Bitcoin’s blockchain is strong and incentivizes the nodes to participate in the network. However, the same cannot be true for a blockchain network that does not incentivize the nodes.

This means that it is not a distributed computing system where the network doesn’t depend on the involvement and participation of the nodes. In comparison, a distributed computing system works to ensure that they verify the transactions according to the rules, ensure that they record the transactions, and also make sure that they have the transactional history for each transaction. Each of these actions is similar to that of blockchain, but there is a lack of synergy, mutual assistance, and paralleling for each one of them.

Clearly, blockchain might be a distributed network, but it lacks the features that make a distributed computing system so beneficial for the corporations.

Read More: List of Top 50 Companies Using Blockchain Technology

2. Scalability Is An Issue

Blockchains are not scalable as their counterpart centralized system. If you have used the Bitcoin network, then you would know that the transactions are completed depending on the network congestion. This problem is related to scalability issues with blockchain networks. In simple words, the more people or nodes join the network, the chances of slowing down is more!

However, there has been an increasing change in how blockchain technology works. With the right evolution of the technology, scalability options are being integrated with the Bitcoin network as well. The solution is to do transactions off-blockchain and only use blockchain to store and access information.

Other than that, there are also new ways of solving scalability, including permissioned networks or using a different architectural blockchain solution such as Corda.

However, all these solutions are still not at par with the centralized systems. If you compare Bitcoin and VISA transaction speed, you will find a huge difference between them. Right now, Bitcoin can only do 4.6 transactions per second. In comparison, VISA can do a whooping 1700 transactions per second. This means that in a day, it can do 150 million transactions per second.

Lastly, we can say that blockchain might not be still well-equipped for real-world applications. It still needs significant improvement before it can be adopted in day-to-day life.

Read Now: Blockchain Scalability Problem And Some Promising Solutions

3. Some Blockchain Solutions Consume Too Much Energy

Blockchain technology got introduced with Bitcoin. It uses the Proof-of-Work consensus algorithm that relied on the miners to do the hard work. The miners are incentivized to solve complex mathematical problems. The high energy consumption is what makes these complex mathematical problems not so ideal for the real-world.

Every time the ledger is updated with a new transaction, the miners need to solve the problems which means spending a lot of energy. However, not all blockchain solutions work in the same manner. There are other consensus algorithms that have solved the problem. For example, permissioned or private networks do not have these problems as the number of nodes within the network is limited. Also, as there is no need for global consensus, they use efficient consensus methods to reach consensus.

But, if you take the most popular blockchain network, Bitcoin, the problem still persists that needs to be solved.

In short, permissioned networks are efficient when it comes to energy consumption whereas public networks can consume a lot of energy to remain operational.

Also Read: PoW Vs. PoS: A Comparison Between Two Blockchain Consensus Algorithms

4. Blockchain Cannot Go Back — Data is Immutable

Data immutability has always been one of the biggest disadvantages of the blockchain. It is clear that multiple systems benefit from it including supply chain, financial systems, and so on. However, if you take how networks work, you should understand that this immutability can only be present if the network nodes are distributed fairly.

What I mean to say is that a blockchain network can be controlled by an entity if he owns 50% or more of the nodes — making it vulnerable.

Another problem that it suffers from is the data once written cannot be removed. Every person on the earth has the right to privacy. However, if the same person utilizes a digital platform that runs on blockchain technology, then he will be unable to remove its trace from the system when he doesn’t want it there. In simple words, there is no way, he can remove his trace, leaving privacy rights into pieces.

5. Blockchains are Sometimes Inefficient

Right now, there are multiple blockchain technologies out there. If you pick up the most popular ones including the blockchain technology used by Bitcoin, you will find a lot of inefficiencies within the system. This is one of the big disadvantages of blockchain.

First of all, when I tried to set up the bitcoin miner on my system, I quickly found out that the ledger can easily cross 100’s of GBs. It was not efficient in data storage which can lead to storage problems for multiple nodes who want to become part of the network.

Clearly, there needs to be a better way to handle this as whenever the data is updated, nodes need to replicate it. Moreover, the size of the blockchain grows with more transactions and nodes. If it continues to grow, then the whole network is slowed down. This is not ideal for commercial blockchains where it is essential for the network to be fast and secure at the same time.

Slowly inefficiencies are being improved with the help of other blockchain solutions. Bitcoin is also trying to solve inefficiencies with the help of lightning networks.

Enroll Now: Free Blockchain Fundamentals Course

6. Not Completely Secure

Blockchain technology is more secure than other platforms. However, this doesn’t mean that it is not completely secure. There are different ways the blockchain network can be compromised. Let’s go through them below one by one to make more sense out of it.

1. 51% attack: In the 51% attack, if an entity can control 51% or more of the network nodes, then it can result in control of the network. By doing so, they can modify the data in the ledger and also do double-spending. This is possible on networks where the control of miners or nodes are possible. This means that private networks are more likely to be safe from 51% attacks, whereas public ones are more vulnerable to this.
2. Double-spending: Double-spending is yet another problem with the current blockchain technology. To prevent double-spending the blockchain network deploys different consensus algorithms including Proof-of-Stake, Proof-of-Work, and so on. Double spending is only possible on networks with a vulnerability to the 51% attack.
3. DDoS’s attack: In a DDoS attack, the nodes are bombarded with similar requests, congesting the network and bringing it down.
4. Cryptographic cracking: Another way the blockchain technology is not secure is that the cryptographic solution that it utilizes. Quantum algorithms or computing are more than capable of breaking cryptographic cracking. However, blockchain solutions are now implementing quantum-proof cryptographic algorithms.

7. Users Are Their Own Bank: Private Keys

To make blockchain decentralized, it is important to give individuals the ability to act as their own bank. However, this also leads to another problem.

To access the assets or the information stored by the user in the blockchain, they need private keys. It is generated during the wallet creation process, and it is the responsibility of the user to take proper note of it. They also need to make sure that they do not share it with anyone else. If they fail to do so, their wallet is in danger. Also, if they lose the private key, they will lose access to the wallet forever. The reliance on users makes it as one of the disadvantages of blockchain.

So, if you as a user who forgets its private key, are eventually logged out of their wallet and no one can get it back. This is a serious drawback as not all users are tech-savvy and have more chances to make mistakes. If there is a centralized authority that takes care of it, then it defeats the purpose of decentralization.

Read More: Newbie’s Guide: Private Key Vs Public Key – How They Work?

8. Cost And Implementation Struggle

The underlying cost of implementing blockchain technology is huge. Even though most of the blockchain solutions including Hyperledger are open source, they require a lot of investment from the organization that is willing to pursue it.

There are costs associated with hiring developers, managing a team that excels at different aspects of blockchain technology, licensing costs if you opt for a paid blockchain solution, and so on.

You also need to take care of the maintenance cost associated with the solution. For enterprise blockchain projects, the cost can go over a million dollars as well.

So for businesses who like the idea of blockchain, but do not have the funds or budget to carry out, might need to wait more before they can jump into the blockchain bandwagon.

Not sure how to build a career in enterprise blockchains? Enroll Now: How to Build Your Career in Enterprise Blockchains

9. Expertise Knowledge

Implementing and managing a blockchain project is hard. It requires thorough knowledge from the business to go through the whole process.

They need to hire multiple experts in the blockchain field that leads to the problem and hence it is counted as one of the disadvantages of blockchain.

Not only that they also need to train their existing professionals on how to utilize blockchain and then ensure that the management team can understand the complexities and outcomes of a blockchain-powered business.

This way, they can understand their requirements and help transform their business processes to utilize blockchain.

Not to mention, if you find blockchain developers and specialists, they are harder to find and will cost more compared to traditional developers due to their demand and supply ratio.

If you are eager to learn about Blockchain use-cases then you can check out the articles listed below.

• 12+ Practical Blockchain Use-Cases 2020
• 10+ Must Know Enterprise Blockchain Use Cases

10. Maturity

Blockchain technology is only a decade old. This means that it is a new technology that requires time to mature. If you take the different consortium into account, you will notice multiple players trying to solve the decentralized problem with their unique solution.

For example, we have Corda, Hyperledger, Enterprise Ethereum, Ripple, and so on! All-in-all, there is still a lot of time left before the blockchain technology matures and businesses will have less hesitation to adopt blockchain technology.

Like any other new technology, maturity is another problem that blockchain has to solve, and hence it is one of the disadvantages of blockchain.

Blockchains are also not getting matured in a long time for now. There is still a lot to go before we can see changes in standardizing blockchain technology. Right now, there are too diverse solutions that aim to solve the core problems, but are not working together to standardize it.

11. Interoperability

Another disadvantage that blockchain technology suffers from is interoperability. As mentioned in the last point, there are multiple types of blockchain networks which work differently, trying to solve the DLT problem in their own unique way. This leads to interoperability issues where these chains are not able to communicate effectively.

The interoperability issue also persists when it comes to traditional systems and systems using blockchain technology.

Read Now: Distributed Ledger Technology: Where Technological Revolution Starts

12. Legacy Systems

Not all businesses have changed from legacy systems. There are still many organizations that rely on legacy systems to run their business. However, if they want to adopt blockchain technology, they need to completely get rid of their systems and change to blockchain technology — which is not feasible for every business out there.

Conclusion

This leads us to the end of our disadvantages of blockchain technology. There is no doubt that blockchain technology has its own cons and all the points that we discussed above.

There are newer blockchain solutions that offer better solutions compared to the first generation of blockchain technology. For example, Ethereum solved the inefficiencies by shifting to a better blockchain technology solution where there is a way of automation using smart contracts. It also adopted Proof-of-Stake (PoS) which is somewhat more efficient than that of Proof-of-Work (PoW).

We also have Hyperledger – an open-source initiative by The Linux Foundation trying to unify the blockchain solutions under one big umbrella. This will improve the way how enterprises adopt blockchain technology including frameworks, tools, APIs, and so on.

So, what do you think about them? Comment below and let us know.

If you’re aspiring to start a career in Blockchain, we’ve brought a Free Blockchain Fundamentals Course for you. Enroll now and start your blockchain journey today!

The post Top Disadvantages of Blockchain Technology appeared first on 101 Blockchains.

Enterprise blockchains are empowering large industries with the same level of security, ease of use and control, fundamentally changing the course of their business.

They are here to stay, and many are already starting to embrace the new adoption. Even though they have their fair share of criticism, still many startups and vendors are continuing to develop it. This pushes the enterprise adoption forward way faster than expected. Well, who wouldn’t want to secure their position in the future blockchain market, right?

Want to become a certified enterprise blockchain professional? Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

Enterprise Blockchain: All You Need To Know

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That’s why we’ll be talking about enterprise blockchain in this guide to help you out better understand the whole concept. So, why wait? Let’s start the session!

Table of Contents

Chapter-1: What is Enterprise Blockchain?

Chapter-2: Features of the Blockchain Technology the Enterprise Can Utilize

Chapter-3: Different Types of Blockchain Technology for Enterprises

Chapter-4: Vendors That Provide BAAS

Chapter-5: Examples of Enterprise Blockchains

Chapter-6: What are the Use Cases of Enterprise Blockchain?

Chapter-7: Are There Any Implementation Challenges?

Chapter-8: What Is The Future?

Chapter-9: Final Words

Chapter-1: What is Enterprise Blockchain?

Enterprise blockchain is a blockchain network that can be integrated and utilized for enterprise-level purposes. These blockchain technologies are specially equipped to deal with enterprise level organizational demands.

Utilizing blockchain in a corporate environment is blooming at a rapid rate. New projects will soon dominate this sector of the industry. Enterprise blockchain platform will disrupt the typical ways and will take over a big chunk of a portion of the global enterprise marketplace.

What is Enterprise Blockchain?

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And why not, blockchain is fully capable of handling organizational level demands. The long blockchain history lets us know about its capabilities. With lots of blockchain projects happening all around us, it’s only a matter of time when the technology is perfected for a global utilization.

Many enterprises are using enterprise blockchain solution to boost their impact on consumers. A popular name such as IBM, Amazon is implementing various blockchain projects and also collaborating with already existed enterprise blockchain platform.

We’ll get to more of it later in the article. For now, let’s see how this new enterprise blockchain platform is revolutionizing.

What Is Boosting This Worldwide Blockchain Revolution?

The answer would be – API (Application Programming Interface) economy. API economy is rising tremendously, and many organizations are using this technology for the betterment of their business. Even though this technology is advancing at a greater rate, still it’s not possible to keep pace with the growth of the internet.

Nowadays enterprises need a tremendous amount of data management along with fast transactions worldwide to keep things going and growing. This creates a different kind of business challenges with security, transparency and complexity issue.

• Security: Centralized system of the enterprise architecture give a hacker an advantage to hack into certain users account, applications, and devices. It fails to provide the minimum security needed.
• Complexity: Any global enterprise needs to keep pace with various intermediaries and have harmony in the working environment among them. Managing it creates complex problems along with increased costing.
• Transparency: There isn’t any certain visibility point where the organizations could keep track of their services going to their customers. This increases counterfeit issues and induces a negative impact on the business.

With just only counterfeit the enterprises take a hit of more than $7.5B every year. And it’s just only in the U.S.A! Product suppliers across the globe have to pay interests up to 30%, which increases the overall consumer pricing. So, even though the manufacturer can make budget-friendly products in the end, the consumers can’t enjoy all the benefits.

In this typical catastrophic situation, blockchain technology can save the sinking economic ship. Integrating with these technology enterprises can regain the lost trust of their customers.

Data is the new currency now for the API growth, and with the help of enterprise blockchain solution, now organizations can finally breathe a sigh of relief.

Is The Opportunity Big?

If we recall the traditional ways, you’ll see institutions such as government, banks or corporation have always had a major role in managing the risk factors. Now, these organizations can finally use blockchain to get rid of the uncertainty, which will eventually cut down the costs.

This level of transformation will have a major effect on the overall world economy. The programmable economy is the future now. Enterprise blockchain solution will take over it, and it’s expected to grow up to $3T within 2030!

That’s an extraordinary number to reach within just a few more years.

Is Blockchain Enterprise Ready?

Many of the blockchain technology available is still on the immature phase. Even though the tech world isn’t unfamiliar with the whole concept still, major organizations aren’t quite sure how it works. It tends to grow still, and the enterprises are struggling to cover the primary challenges:

• Evaluating platforms, organizations are typically looking for a platform where all of their complex needs can be met.
• The blockchain is one kind of transformational network, but still, enterprises want something more defined, especially for industry purpose use cases.

Even though large enterprises want to build this network on their own, true value can be found if multiple blockchain networks work together.

Enterprise blockchains can be the right partner to fill in the gap between organizations and data management. There are many several projects already deployed, and enterprises are more eager to work with blockchain. Let’s jump to the next chapter to better understand the situation.

Chapter-2: Features of the Blockchain Technology the Enterprise Can Utilize

In this part, we’ll look into specific blockchain technology features that can be a great starting point for the enterprise. Enterprise blockchain solution could truly shine using all of these excellent features of the blockchain.

• Decentralized Nature Ensures Peer to Peer Network

It’s one of the most features that any enterprise blockchain platform could want for their company. Decentralization is a step further in the future that solves a lot of major centralized systems issues. Typically a normal structure for organizations is the client-server structure, which is quite outdated.

How Does The Client-Server Structure Work?

In a client-server network, there’s a centralized server for everyone’s use. Anyone who would connect to the server will have to send out a query to it to get additional information. This is exactly how the internet works these days. For example, maybe you want to search something using the Google, for that you will have to send a query to Google’s server and then it will come back with the results you wanted.

This relationship between the client (you) and the server is called the client-server network architecture. But there are some significant issues with this structure.

As everyone on the network is dependent solely on the server, if something goes wrong everyone will suffer equally. Maybe the server is down for some reason, everyone on the network then won’t be able to access it. And most importantly, the server will deal with lots of sensitive information of the clients.

If a hacker gets access to the server, he/she can easily get all the sensitive information from there. That’s why typical organizations that depend on this type of networking architecture have to spend a lot on anti-cyber-attack schemes to stop hacker at any cost.

Blockchains Decentralization Coming To the Rescue

The blockchain is decentralized in nature and doesn’t offer the typical client-server type of system. With the central authority out from the mix, now users can enjoy the benefits of peer-to-peer connection.

As there isn’t any central server, there isn’t any single point of failure issues. All the more, hacking into the system becomes much more difficult as the control remains on the clients of the network.

So, any enterprises can fully trust the system as it gets rid of all the negative aspects of the client-server system.

• Immutability Gets Rid of Corruption

What does immutability actually mean? As we are talking about blockchain, in that context, it means that once the block gets added to the ledger, no one can change or alter it. So, there is zero chance of anyone tampering with the information.

Can you see how much value this feature can give the organizations? Typically Enterprises have to deal with not only cyber-attacks but also internal corruption as well. Changing the data and utilizing it for your own benefit is one of the major corruption points.

But if they use this blockchain as the ledger system, no one will be able to change the value and use it for their own benefit. This gets rid of the corruption of these big industries.

But how does the blockchain do it? To have the immutability factor, the blockchain uses a special hash function that lets it use cryptography and encrypt the information in the block.

Hashing will always result in a finite number value. Whatever your input maybe be, it will always generate a fixed lengthen random number. It’s quite critical when you are dealing with loads of different lengths of information.

A new block in the blockchain will always contain the hash function of the previous block.

What Happens During an Attack?

Let’s imagine that someone is trying to change the information of a block. When he makes any changes to the block, the hash function of that block changes, therefore, changing the hash function of the next block in line that was storing its function. That will change that blocks data and hash, which will change other blocks as well.

This way the whole chain concept gets disrupted which isn’t possible in any way. That’s why it’s immutable, and no one can change the information without breaking the chain. The addition of zero knowledge proof with blockchain will make it more robust technology.

• Greater Transparency Increases Responsibility

Blockchain allows its users to enjoy all the benefits of transparency. When someone says blockchain is transparent what do you think they really mean? In public blockchain, anyone on the ledger can see other nodes transaction history. So, you might think it’s quite easy to know about what someone else is doing in the network.

This statement isn’t entirely true. Even though a person’s transaction history remains visible, his/her identity will remain hidden. This means that everyone will only be able to see the public address of that person instead of their name or other identification.

But that doesn’t mean anyone can hide in shadows, doing all their dirty work. If you can find out an enterprise’s public address on the network, you can easily look at up and see how they are transacting on the system. This way, these organizations are forced to be responsible and not to engage in any illegal activities.

Tracking Products

Enterprises can use this feature in another way. Typically offering products to the consumer doesn’t always have a 100% success rate. There are cases of counterfeits getting to the product during shipments and other processes.

To stop this the organization and the consumer can track their products until it reached their customer. In that way, even if something happens, you’ll quickly be able to figure out where and take actions accordingly.

Enterprises deal with transparency issues, and many consumers don’t rely on them blindly due to that. With blockchain technology, they can increase their transparency and attract more consumers being completely honest.

• Cheaper Costs Will Save Money

The Blockchain as a Service is quite cheaper to integrate, and many vendors provide it. These are quite cheap compared to other traditional approaches and can save a lot of money in the long run. Why?

Because if you want to develop your very own blockchain network you would need to handle more complex situations such as,

• Learning how the core technology works
• Developing it without any flaws or loopholes
• Hiring the right skilled team to develop and maintain it

In the long run, all of these make up more costing compared to BAAS solutions. Moreover, developing your own blockchain would divert you from your core enterprise goals. So, its best to go for the BAAS solutions instead.

There are several ways how blockchain can easily cut the costs of the enterprises.

First of all, enterprises use a typical client-server network as their internal server. This has some issues such as temperament, vulnerability issues. To deal with these companies spend a lot of money on security farms and software every year.

With blockchain, they will have everything just form one single source. So, there isn’t any extra money needed for getting security protocols.

Also, using these enterprises can now finally send and receive a large amount of money faster. They won’t have to depend on the third party institutions and wait for days to finalize a deal or get funding.

Cost Cutting For Financial Institutions

Financial institutions like Banks deal with a different type of issue. Every year they spend $1.6 billion just on their Know Your Customer regulations. This is becoming a burden on the financial enterprises.

With blockchain, they could easily get the information needed for the KYC regulations. Maybe you want to open a new account in a Bank. Your bank will them simply ask for the identification information, and you can send them directly using the platform. Once the process of KYC is completed, they can upload this information on their network.

If you want to open another account in another bank, instead of doing the whole process again, that bank can merely get the KYC information from your previous bank. It will save a lot of money in the long run.

Financial institutions can use blockchain for their internal branching compilation to get things streamlined smoothly. They can also lend their technology to other banks for future advancements. Also, Atomic swap in blockchain is just the right catch for financial enterprises.

• Faster Network Increases Efficiency

One of the best features of blockchain is a faster network. You can transact within minutes with this new kind of feature integrated into your enterprise system. Yes, there was some major issue with the previous blockchain technology such as when the network grew, the transaction slowed down drastically.

However, enterprise blockchain solution is more than capable of handling all sorts of enterprise demands. So, here the transaction rate won’t slow you down in any way.

In a typical banking system, it usually takes about two to six business days to gets a transaction processed. To make payments within a short amount of time is quite impossible. In any case, closing a major contract, or getting funding’s for a new project could delay just because the bank took too much time to process them.

But with blockchain, you will finally be able to transact within 20 seconds or less! This is truly a massive success rate in terms of saving money. Just imagine a big project where you are dealing with millions, and you will be able to send it within seconds! That’s a relatively faster output than the typical business ways, isn’t it?

Not only it will streamline the process, but it will also increase the overall efficiency of any enterprise businesses. The enterprises can also offer this facility to their customers and gain more popularity in the market.

Want to know more about Blockchain Technology? Try out our Blockchain Fundamentals Presentation and Join our Webinar course now!

Chapter-3: Different Types of Blockchain Technology for Enterprises

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There are tons of different types of blockchain technology for enterprises. If you don’t have any solid idea about them from the start, it might be difficult to make the right choice for your organizational needs. To help you out, we’ll be giving you an outline of different types of blockchain. Typically there are three kinds of blockchain technology.

General Classification –

• Private
• Public
• Federated

Private Blockchain

In private blockchains, a single organization will have authority over who can join and access the network. Think of it as a centralized-decentralized network.

Doesn’t sound so decentralized now, does it? Well, the core value of blockchain is still there, but you will have your governance with this one. The ledger here is not public property, so you won’t be able to get access to it without any authorization. Moreover, the governing enterprise can override any new blocks on the network, let along even delete them.

So, instead of a public ledger architecture, you’ll get a distributed ledger environment where the ledger might be shared with you.

Everything is similar to the typical blockchain network. Such as you will be dealing with cryptography while transacting, so every transaction will get added to the ledger going through cryptography. So, no one will know about your transaction.

So, in a sense, the basic purpose is still intact.

Ripple enterprise blockchain platform is one of the popular blockchain technology for this kind of use cases. However, Ripple offers a more structured network for enterprise-grade organizations only.

Want to become a certified enterprise blockchain architect? Enroll Now: Certified Enterprise Blockchain Architect (CEBA)

Features You Should Consider For Your Company

• Preserves Privacy

Private enterprise blockchain solution will always help to preserve your privacy by any means. Usually, big organizations have to deal with a lot of private information. If somehow they get leaked their competitors will severely take advantage of that. It will damage the sales and reputation of those organizations.

That’s why to preserve them private blockchain implementation can offer you the privacy you need. No one will be able to see your sensitive information, and you’ll be able to enjoy a sophisticated technology.

• Power Efficient Compared to the Public Blockchain

If we compare it to public blockchain energy consuming, private blockchains are always one step ahead. Public blockchain takes up a lot of power to perform the consensus protocol on the network. Usually, these platforms have rather power hungry consensus protocol, such as Proof of Work (PoW). However, not every public has the same level of power consumption.

On the other hand, public enterprise blockchain adoption doesn’t need a power hungry consensus mechanism to reach an agreement, but they mainly use some kind of voting mechanism to reach an agreement. That’s why it’s power efficient.

• Less Volatile Network

Private networks are less volatile architecture. As there is always a governing organization looking over the network, a chance of volatility is highly unlikely.

• Organizational Empowerment

What’s better than to have organizational empowerment? With private enterprise blockchain solution, you’ll be able to achieve exactly that! In public blockchains, there won’t be any authority over the ledger system, or you won’t be able to stop any node from participating. However, as you’ll get the sole power over this network, you’ll have a regulatory standards that other network might lack.

Public Blockchain

In a public blockchain, anyone is allowed to join and participate in the network. Everyone is allowed to see the ledger and participate in consensus.

So, if you are into the full decentralization scene, then you should definitely check out public enterprise blockchain adoption. The public version of blockchain was the first ever blockchain technology introduced. With Bitcoins entry in the tech world, other corporations tried to develop the same technology without the flaws of the mother technology.

In a public blockchain, you’ll get equal rights and would be able to join and participate in the consensus mechanism any time you want.

The best part of this enterprise blockchain adoption is that you’ll get a greater level of security than the private blockchain. How? Well, as there won’t be any organizations with sole authoritative power, no one would be able to delete your transaction from the ledger.

Also, the public ledger scheme lets everyone see what’s going on in the ledger. If someone is trying to any inconsistencies, everyone will be able to see it.

Features You Should Consider For Your Company

• Greater Transparency

First of all, no other enterprise blockchain adoption can offer this much transparency as public ones. As we said earlier the ledger is fully in front of everyone’s sight. Everyone has to participate in maintaining it and is shared across all the nodes.

So, you’ll be able to see just what is going on at any time you want. This is something the private blockchain lacks.

• True Decentralized Structure

The ledger is shared with everyone on the network. Every node will have their very own copy of the ledger. And together with the help of the consensus algorithms, they can update the ledger with greater fairness.

This distributive nature and equal rights give rise to truly decentralized enterprise blockchain adoption. Private Blockchains aren’t fully decentralized comparing it to public ones.

• User Empowerment

To use this kind of platform all, you’ll need an internet connection. Go on the network download the blockchain and your wallet, and you’re set to go. This means no evil corporation can stop you from getting all the benefits of this network. If we compare it to the private blockchain, you’ll see how the users on that network don’t get to enjoy all the freedom.

• Immutability

Once a transaction gets added to the ledger, no one will be able to alter it. Yes, that’s the most attractive feature of this type of enterprise blockchain platform. So, even if you try to hack into the system, you won’t be able to do any harm.

It offers a greater deal of immutability. But in private network, the governing organization could delete your transactions, and you won’t be able to do anything about it.

Private vs. Public Blockchain: Which One Should You Pick?

It actually depends on your requirements entirely. If you are a CEO of an organization and want to have an internal network system for only your employees, then private enterprise blockchain solution is the better call. Here, you’ll be able to give special authority access to your employees according to your ranks, and with cryptography, you’ll be secure enough to transact on the channel.

On the other hand, if you want an application type platform with transparency for consumers, then the public network should be your pick. This enterprise blockchain solution is equipped with all the facilities you need and your consumers would be able to trust your brand easily. Also, full honesty is always a great way to gain more popularity.

Federated Blockchain

You must be thinking how does the federated blockchain fit in this equation, right? Well, federated blockchain comes with the best of both private and public blockchain. However, you may find some major similarities with the private blockchain with this one.

With federated blockchain, you’ll get a decentralized private environment. What? Confused? In federated blockchain instead of one organization maintaining the network, there would be multiple organizations. The presence of multiple parties’ o the network establishes the decentralized structure of the public blockchain.

You could imagine this type of enterprise blockchain adoption to be at the center point of every organization linked to it. It would be a system where multiple organizations can interact with each other share information if needed.

Also, if any party tries to abuse the network other corporations can ban them from the network.

Features You Should Consider For Your Company

• Cost Cutting

Federated type enterprise blockchain will cut costs to a great extent. These blockchains are designed for industrial purposes and so coupling them with your existing ones is easier than public or private enterprise blockchain. So, this type of enterprise blockchain adoption would be the most efficient investments.

• Offers Lower Transaction Fees

Even though public blockchains seem to claim that they offer the lowest transactional costs, however in reality that’s not the case. When too many users get on the network, the network relatively slows down, and processing transactions become tough.

In that scenario, the transaction fees rise to a great extent. However, in federated blockchain that’s not the case. This enterprise blockchain is designed to sustain under pressure. So, the initial cost of the transaction won’t increase drastically here.

• Network Regulations

As several organizations are working together, there will be some type of rules for everyone to follow. This creates a balanced environment of public and private infrastructure. All the nodes on the network need to follow the regulations to get a part of the agreement process.

• No Criminal Access

Public blockchains are great, but they offer anonymity that the criminals can utilize gravely. The last thing you want right now is to provide a good communication ground for the criminals within your organization.

Every node on the network is familiar with other nodes, and this enforces the no criminal access. Criminals are utterly discouraged for the authentication process and will leave this enterprise blockchain adoption alone.

Permission-Level Classification –

According to the permission type, the blockchain can be characterized as two different kinds of entities. They are:

• Permissioned
• Permissionless

Permissioned Blockchains

This kind of enterprise blockchain adoption works in a closed environment. In this one, nodes won’t be able to get access to the network feely and see what’s on the ledger. Only selected nodes will be able to get an entry on the network.

Centralized organizations mostly prefer this type of enterprise blockchain, as they will be able to have power over the network. On the other hand, there is a permissioned public blockchain. These networks have a permissioned environment, but anyone who meets any specific criteria to join the network can fully see the ledger and make a transaction as they would do in public enterprise blockchain adoption.

But to get access, they need to have a certain qualification.

Features You Should Consider For Your Company

• Suited for Organizations

Permissioned enterprise blockchain is extremely suitable for organizational purposes. Big enterprises can have the full access they need, and they could select the internal environment themselves. Setting parameters for accessing the node will be up to them, and they can control any specific targeted audience for that.

• Transaction Rates are Low

Permissioned enterprise blockchain adoption offers the lowest level of transactional fee. Why? Well, it’s because as an internal server these networks won’t have to deal with a lot of audiences. Also, they don’t run on power consuming consensuses that ultimately slows down the public blockchain.

That’s why the transaction fees on this type of environment are close to being free. Many permissioned platforms offer zero transaction fees for their users.

• Isn’t Required to Have a Native Asset

Permissioned enterprise blockchain doesn’t necessarily need to have a native token or asset for their platform. Many enterprise-grade blockchains offer the platform as a modular system where you’ll be able to plug and play or create your own new asset.

This could use an existing one if needed, but to maintain the network they don’t have to completely rely on the native asset.

• Trusted Environment

To work with this environment, you would need to trust the nodes you’ll be sharing the network with. It’s kind of like organizations where everyone plays their own role and trusts other coworkers to do the same. This creates greater bonding among the working nodes.

Permissionless Blockchains

In this type of blockchain network, every node on the network can freely participate in the consensus process. There aren’t any restrictions on participation. Permissionless enterprise blockchain system lets every user have their very own address and continue interaction with the network freely.

Everyone here has permission to start a transaction and add values to the ledger. Obviously, organizations with a more open environment will love this type of enterprise blockchain adoption. There is also a different type of permissionless private blockchains.

In this type, nodes from an organization will have specific access to the ledger and then be able to freely transact with one another. There won’t be any defined set of rules. The only criteria would be to be connected to that organization as an employee or vendor to get access to the network.

Mainly the authority will determine your entrance, and after you’re in, you are completely free to do your bidding.

Features You Should Consider For Your Company

• More Power for the Nodes

If you are in love with full freedom, then you’ll love this kind of platform. Permissionless enterprise blockchain adoption is fully capable of giving the full power to the nodes rather than the organization. The organizations won’t be able to affect the outcome of their nodes, and they won’t be any strict policy to restrict users.

• Open Privacy Level for Everyone

No matter what kind of permissionless the environment you are in, you will always have an open privacy level. This increase the transparency within an organization that has been dealing with internal corruption. As anyone can see the ledger, the corrupted personal won’t be able to get away with their crimes.

All the nodes know each other, so a bad player will ultimately get caught.

• Free Participation in Voting or Consensus

Usually, in private blockchain, only selective nodes could participate in the voting or consensus protocol of the network. However, in permissionless, every participant on the network can participate in that.

• Trust-free Environment

Yes, organizations will know which node is which, but in this type of enterprise blockchain, you won’t have to establish trust among nodes. They are free to doubt others and call out bad actors whenever necessary. That’s why you get a trust-free environment with it.

Blockchain is a one kind of distributed ledger technology and there are many other kinds of DLTs suitable for enterprises. Make sure to check out their comparison too!

Comparison of Different Types of Blockchain Technology

Chapter-4: Vendors That Provide BAAS

Before we move onto vendors that provide BAAS, let’s take a look at what the whole concept of BAAS is all about.

What is Blockchain as a Service?

BAAS or Blockchain as a Service is a special kind of enterprise-grade blockchain solution that other customers can utilize to host, build, and own their developed decentralized apps, functions and other kinds of smart contracts.

But here the customers won’t be looking after the core infrastructure; rather the BAAS provider would monitor and maintain the network for them. It’s an utterly interesting approach to accelerate the growth of blockchain technology and also initiating a massive level of implementation.

The basic architecture of this new concept is similar to SaaS (Software as a Service) framework.

Nowadays many industrial giants are more than eager to learn about the blockchain technology and implement it into their existing framework. But the complex nature of the technology is making them think twice before taking a step. Also, the lack of adequate skillset in those industries become a hurdle for them to maintain the operational aspect of the network.

Multiple tech giants are offering these enterprise blockchain solution, along with small-time startups.

Want to know more about BaaS? Enroll Now: Getting Started with AWS Blockchain as a Service (BaaS)

How Do These Solutions Work?

The principle is quite simple really. The provider will set up the infrastructure if a customer requests one for a certain amount of fee. Once the customer makes the payment, the provider sets up the enterprise blockchain technology and starts to maintain the network. The BAAS provider will handle any kind of complex structure of the technology for the client.

The BAAS vendors that provide enterprise blockchain adoption for other big industries keep the artifacts running always. Other support schemes are also necessary if you want to prevent any event of hacking. They include proper allocation of resourceful hardware, offer high-end security protocols, manage bandwidth, and greater hosting requirements.

If you start using these BAAS services, you’ll be able to focus on your business more than enterprise blockchain implementation. So, you’ll always be benefited from using those services.

A Simpler Context

For example, think of BAAS providers as web hosting providers. If you want to start your own website and build your business to get hits every single day, you’ll need to host it on a server. Obviously, you can host or manage your own server rather than going for a provider.

But then you would have to hire staff to maintain and look after your hosting needs and ensure that no can break through your firewall. It all seems really exciting, but in the end, you’ll have more things to worry about on your plate, so you won’t be able to focus on your work.

That’s why getting the right solution for your website would be to host your website on a third party provider like HostGator or BlueHost. The providers will take care of your needs, and you won’t have to hire employees or worry about security.

In the same way, BAAS providers will give you their expertise, all you have to do is invest. BAAS might be a bigger step towards deeper enterprise blockchain implementation in different sectors in the industry. Instead of developing their own blockchain projects they can now just outsource them from these enterprise blockchain vendors.

Examples of Baas Vendors and Enterprise Blockchain Platforms

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BAAS Providers

1. Oracle

Giving you the most comprehensive DLT cloud platform, Oracle is developing a new kind of BAAS service for enterprise users. You’ll be able to join other organizations and deploy your enterprise blockchain implementation along with updating the ledger. With Oracle, you’ll be able to reliably share information with your business partners, suppliers and banking partners.

Oracle is offering the blockchain cloud service that would let you utilize all of the features above. The platform will run on composable architecture model, which will enable specific enterprise blockchain implementation goals for your business needs.

Every service they provide will get updated over time, so you won’t have to worry about keeping up with the competition. The core of the platform happens to have multiple layers along with many sub-services and interfaces for customizable plugins.

How Does It Work?

Oracle’s enterprise blockchain solution offers a network of nodes that validate and update the decentralized ledger along with responding to queries from the smart contracts. This vendor added the smart contract feature with the cloud service to boost the enterprise blockchain implementation.

Other external application would invoke the transaction process and start queries using the client’s REST API calls or SDKs, which will select the nodes to run the smart contracts.

After the consensus of the cloud service agrees on the transaction, it will get the group into data blocks. These blocks are cryptographically secured, and none can tamper with it. The service admins will be able to use the blockchain cloud service for their organization and configure it as they need.

People often confuse their services and thing that Oracle is trying to create a business network on their blockchain. But that’s not entirely true. They are only providing the platform to other customers who would like to establish enterprise blockchain implementation.

Key Properties of Blockchain Cloud Service

• Transparent and Shared: Every participant would be able to see consistency data. They would also be able to get the replication of updates along with getting access to them if they are authorized.
• Accurate and Undeniable: The consensus will depend on the decision of a subset of nodes on the blockchain, and after it gets validated, no can deny its existence.
• Unchangeable: Just like public blockchain, no can alter the transactions from the ledger.
• Encrypted: Every record or data on the network is encrypted so that it preserves the confidentiality of a company.

2. IBM

IBM is also providing world-class blockchain solutions for enterprise use. The IBM Blockchain platform is a one of a kind BAAS offering on IBM Cloud infrastructure. It’s one of the fully functional, integrated, enterprise-ready blockchain solution on the market. With this, it’ll be much easier for enterprise blockchain implementation as they can develop, govern and operate the platform.

The platform is accelerating the development of new blockchain projects collaborating with Hyperledger Fabric Architecture.

Whatever the demands or the use cases may be of your business, IBM’s solution will get you up and running in no time. It’s quite fast to integrate and will offer an immense level of privacy, performance, and security for your demanding environment.

Do you know what the best part is? You’ll get a wide range of membership plans to choose from. Each plan offers new features to cope up with your need. So, even if you are a small company or a larger enterprise, you can just select the one that goes with your budget. The starter plan is the most economical one, and it won’t limit your capabilities in any way.

The Blockchain Platform Features

• Developing New Apps

It offers a wide range of development environments for your applications. You can go for the shared, local or online environment. But you’ll need advanced tools too, right? Don’t worry, IBM has your back. Every setting is equipped with high-end development tools, so all you need to do is plug in and start creating new apps.

• Governmental Power

You can govern your platform after the enterprise blockchain implementation. A new set of activation tools are always available for transaction channels, smart contracts, members, and new networks. If you are working with multiple parties, you’ll get all their updates on your activities panel and as notifications.

• Highly Operational

The network is always on high performance, with seamless network access. You’ll get any new updates available instantly and wouldn’t need to upgrade your system for a long time. IBM will take care of everything else.

3. Amazon

Another great enterprise blockchain solution is Amazon Web Services (AWS). AWS provides one of the simplest ways for enterprise blockchain implementation. With Amazon’s solution, you will be able to build your very own scalable solutions and ensure the prominent growth of your company.

Amazon happens to offer every kind of solution for both centralized and decentralized network. If you want a centralized database structure, then AWS can provide you with a cryptographically, high performing ledger. So, you won’t need to deploy enterprise blockchain implementation in this one.

However, if you want a decentralized environment with verifiable capabilities, then AWS can offer you the best of the best blockchain solutions. All of the networks are fully managed, so you won’t have to hire more workforce to maintain the framework.

Every service is easy to set up and deploy; moreover, it’s super economical. AWS’s Blockchain Templates are the main ingredient of your blockchain need. Let’s see what this service actually offers.

AWS Blockchain Templates

This type of templates would allow you to create blockchain adoptions within a concise amount of time. With the help of AWS blockchain templates, you would finally be able to focus on your decentralized application development rather than setting up the network.

What’s The Benefit?

• Faster Deployment Time

It’ll take just a minute to deploy your blockchain network. You can try out Amazon ECS or ECS2 templates to jump-start your enterprise blockchain implementation.

• Choice Option

You’ll get two very popular frameworks to choose from your enterprise needs. Hyperledger Fabric and Ethereum offers a bit different outcomes, so it’s best first to check out what they are offering and then make the decision.

• Managing Tools

All the templates will give you managing equipment and using them you will be able to monitor the outcome and manage the whole network. These tools are best if you want to have an internal network of your company on the blockchain.

• Pay For What You Use

You’ll be only paying for the resources you’ll be using. There aren’t any additional hidden costs that might become a burden after getting all set-up.

4. Microsoft

The tech giant Microsoft has also joined the league of BAAS providers. With their new blockchain solution Azure you’ll be able to set up and run the platform within a day!

The best part is that Azure Blockchain Workbench just takes a few clicks to set up! This workbench is more suited for testing or developing new projects, rather than using just for a ledger system. The platform is designed in a specific way to ensure you need really less time to develop any new project.

Obviously, from Microsoft, you would expect the best of the best outcome and Azure will surely give you that.

Costing and time for development will reduce to a great extent for the prebuilt integrations on the Azure cloud platform. While setting up, you’ll get a wide range of blockchain tools at your disposal. All you need to do is choose the ones you need and start up your enterprise blockchain implementation. Every feature would only need a single click to configure, so it’s an easy easy task.

After that, comes the topology selection. If you choose the Dev/Test topology, you’ll get only one node (Virtual Machine), and you can start right after.

The single member topology is for single organizations only. With this, you’ll get multiple nodes across multiple sections for your production.

In multimember topology, you’ll be able to stimulate the production from multiple organizations. It kind of works like a consortium solution. Depending on the number of the nodes deployed, it’ll take you more or less than 15 minutes.

What Are The Features?

• Voice and SMS interfaces will ensure tracking of produced goods.
• The integration of the Internet of Things will be able to track down all your shipments and products or any other kind of documents.
• ERP systems will be able to manage core processes that will interact with the core participants.
• Faster deployment will enhance efficiency to a great extent.
• Low costs reduce the overall costing of deploying new business or changing the previous old network system of the organization.

5. Alibaba

The Alibaba Cloud solution is here to deploy your enterprise blockchain. This platform provides an enterprise-grade platform for all kinds of blockchain deployment. Alibaba Cloud Solution will get you closer to popular enterprise blockchain platform on the market.

Maybe you don’t have the time or energy to develop your very own blockchain, but with Alibaba, you can enjoy the luxury of operations, deployment, and maintenance. AI enterprises could certainly benefit a lot if they want to try out AI blockchain scheme.

Benefits of Alibaba Cloud BAAS

• Higher Security Protocol

Alibaba offers a new level of security strategies and has multi-tenant isolation, that’s why the security levels are huge.

• Greater Stability

As the interface offers a reliable data storage unit, scaling up isn’t an issue. It will be able to provide high-end performance even in hard times.

• Simple and Easy

Offers a load of enhanced administrative functionalities that will help you build your blockchain platform within a few clicks. So, it’s quite simple to handle.

• Open Ecosystem

The blockchain ecosystem is open and supports a wide range of applications and data. That’s why it’s a great option for enterprise blockchain implementation.

Is There Other Features?

• Advanced Technology: Alibaba cloud collaborates with Hyperledger Fabric, Quorum to provide you with those enterprise-grade services.
• Quick Mode: One-click deployment gets rid of any complex configurations for enterprise blockchain implementations.
• Managing Consortium: Develop consortiums, add new participants any time you want and it will help you manage all participants.
• Manage Organizations: Manage your own organization using the platform, get a clear view of everyone’s activity on the network.
• Security for Governance: Will provide CA certifications and build the technology on Intel SGX.
• Manage Chaincode: Alibaba will let you manage Chaincode such as smart contracts with multiple parties at once. With their comprehensive tracking system, keeping track of all smart contracts will be extremely easy.
• Application Access: The platform can go with the standard Fabric Client SDK. This environment will help you to integrate any type of application with the new blockchain network.

Curious to know more about Hyperledger Fabric? Enroll Now: Hyperledger Fabric Development Course – Intermediate Level

6. Baidu

Another awesome vendor that started their BAAS business is the Chinese web service and search engine Baidu. Most recently the company released their whitepaper on their newly developed blockchain platform – Xuper Chain.

Xuper Chain Network

Their brand new super chain platform is capable of handling any kind of enterprise needs. Baidu is apparently offering the most number of transactions per second – 10,000. But how does it support this huge amount of transactions every second? Well, they use a stereoscopic network and inter-chain parallel technology.

Other than this the platform is suitable for a whole lot of different scenarios and services.

According to them, this platform is capable of changing the supply chains, food safety, finances, IoT and many other sectors.

Xuper Chain Features

• Immense Security Level: Xuper Chain offers a relatively secured ecosystem; it will mostly deal with sensitive information such as product lineup, Intellectual Properties and many more. That’s why integrating this platform with your enterprise project could be the next big milestone for you.
• Management System: As an owner of an enterprise you would likely to be in charge of all things. To put in an administrative position the network offers you management access. With this access, you’ll be able to see every action in the network and ban bad performers whenever necessary.
• Pluggable Applications: Want to run any kind of applications on the network? Don’t worry, Xuper Chain will let you do the same thing. Just try out any pluggable apps on the network and add more feature to the whole scheme.

7. Huawei

Just recently Huawei started its journey of being one of the BAAS service providers in the market. They previously launched the service for commercial purposes in China on October 10^th. However, on November 15^th, they opened it up for global usage.

Huawei Cloud is now available on its global website and mainly for global developers’ and enterprises usage. The developers can use this cloud platform to develop, deploy and maintain the decentralized applications rather quickly within their budget.

Advantages of Huawei Cloud Platform

• Easy and Open for Everyone: This platform is built on the Hyperledger Fabric 1.1 along with Kubernetes, which features a simple configuration process, few minutes deploy time, and multi-angle.
• Efficient and Flexible: The unique part about this BAAS service is that it offers a wide range of consensus algorithms, that’s why it can reach transactions up to 5000 per second. Moreover, it comes with dynamic joining, flexible switching protocol, and physical resource management.
• Cost-Efficient: Deploying costs are too low for this BAAS service. Just pay for what you’ll be using and not for anything else. Other than this, you’ll also enjoy the lower value of O&M and auto-scaling options.
• Privacy Protection and Robust Security: Manage all your nodes, permission level and keys with ease form only one panel. Encrypting processes are multi-layered with privacy assurance. The cybersecurity infrastructure doesn’t let any external or internal hacking happen.
• Full Proof Authentication: Advanced level of authentication that ensures that only the selected nodes can enter the network. This way only you will have the sole power to give access to another node and prevent third-party nodes from ever entering.

8. Accenture

One of the practical forefront runner of blockchain creation is Accenture. Accenture showed a great level of interest right from the start of blockchain technology and why not? They both perfectly correlate with each other.

However, Accenture’s approach to this situation is a bit different than others. They focus mainly on the consultancy section, but they also have blockchain solutions made just for you. There are also other blockchain consulting firms on the market.

You will get a complete overview of the blockchain technology and how you could integrate it into your system. Moreover, figuring out the perfect way to launch and capturing the market would be a huge boost for your enterprise company.

What Do They Offer?

• Analyzing Strategies: Their skilled professionals will analyze all of the sectors and blockchain strategies to help you integrate the blockchain solution within a cost-effective range and deploy with ease.
• Applicability of Blockchain Platform: Obviously not every company can offer all the application with their enterprise blockchain adoption. So, you would need to know where to focus your target more, and Accenture would help you out with that.
• Advanced Training: Don’t know how to deal with blockchain solutions? Accenture’s BAAS would get in the business and train you for handling the new addition in no time.
• Development Environments: The environment platform will have all necessary blockchain toolset to help developers innovate new projects.
• Blockchain Solution Design and Implementation: Just let them what your requirements are. They will design a suitable model for you, and if you give them the green signal, they will help you to implement it as well.

Chapter-5: Examples of Enterprise Blockchains

There are many enterprises implementing blockchain. Let’s see some of the popular examples.

• Hyperledger

One of the major enterprise blockchain platform is Hyperledger. Linux is the founder of Hyperledger, and it started its journey back in 2016. Hyperledger is one of the well-known cross-industry open-sourced blockchain platform most suited for enterprise use cases.

One of the major aims is to provide enterprise-level distributed ledger technology across a wide selection. At present Hyperledger has done a massive amount of collaboration that grosses out to be more than 185. They are covering almost all potential sectors such as the Internet of Things, finance, supply chain, banking, technology, and manufacturing. This enterprise blockchain has eight different types of projects going at once, and from all of it, Hyperledger Fabric is well known for industrial usage.

As this enterprise blockchain has a modular architecture, you can finally enjoy plug-and-play feature with different membership attractions.

What Does It Offer?

IBM and Digital Asset is the original contributor of this permissioned enterprise blockchain. With a modular architecture, it provides a delineation of roles within the nodes on the network. You’ll also be able to enjoy configurable consensus protocols along with advanced smart contract processes.

However, you would need to provide authentication information on the network to get access to your account. The smart contract in this enterprise blockchain is called “Chaincode.” This one supports JavaScript and Go programming languages and separate Java for modular purposes. That’s why it’s more flexible in terms of other popular smart contracts out there.

Let’s see what potential offers they have as an enterprise blockchain:

Permissioned Blockchain System

This enterprise blockchain provides a permissioned framework where every participant will have a known identity. If you are dealing with data protection issues and need to have a known identity on the network, then it would be great to go on with this one.

Another fact about this type of enterprise blockchain is that they are geared to deal with loads of data push for organizations. Organizations need to deal with a lot of data on a daily basis and enterprise blockchain is more than capable of handling it.

High Scalability with Greater Performance

As we said earlier this enterprise blockchain deals with modular architecture. This architecture divides up the transaction process into three separate segments. In the first one, it would be dealing with logic processing and node agreement process. In the second stage, the ordering of transaction would start. At the very last step, the transaction will get verification.

This process increases the scalability and reduces the level of trust in the environment.

Need-To-Know Data Availability

Enterprises always deal with privacy issues. As they tend to be competitive revealing what they are dealing with could damage their reputation along with giving the competitor an advantage over them.

That’s why they need to have confidentiality for certain kind of documentation. Hyperledger Fabric allows data partitioning on the network. So using this enterprise blockchain organization could have special accessibility.

With a certain level of clearance, a node will be able to access them. So, people who need to know about them will be able to get them. It won’t be public property.

Rich Queries Languages

Businesses can’t understand the coding language, so querying the ledger would be a tough cookie for them. That’s why this enterprise blockchain offers a complete set of simple query language that the business can use to search through the ledger.

This feature gives a new level of opportunity for enterprises.

Modular Architecture

Any designer on the network would be able to plug in his/her preferable components and work on them. This gives a different edge to this enterprise blockchain platform. Now developers have the freedom to add any type of feature to their own project if the platform can’t back him up fully.

Safety Measurement for Sensitive Data

Enterprise blockchain will deal with lots of sensitive information. That’s why there need to be security measurements to provide safety for that information. The Hardware Security Module offers a unique set of keys for encryption and offers a higher level of security.

• Enterprise Ethereum Alliance

This is another one of the most mature enterprise blockchain platform out there. Vitalk Buterin is the founder of this wonderful enterprise-grade blockchain. This enterprise blockchain offers a robust level of functionality, and that’s why it’s widely used for many industrial use cases.

Ethereum is one of the largest used blockchain platforms out there. Just like Hyperledger Fabric, this enterprise blockchain worked on countless projects and enhancements.

On the other hand, Ethereum runs an enterprise consortium that’s dedicated for solely funding new enterprise-grade projects and collaborations. EEA enterprise blockchain has over 250+ members, and it’s a non-profit company.

On the other hand, these 250+ members connect them with more than 500 startups, technology vendors, enterprise, academics and many more. Even though it’s widely used you have to realize that this company is basically a permissionless blockchain. But it does have a special architecture for restrictive access too.

Also, it’s kind of energy consuming platform, but it still does offer a lot of benefits that helps to overlook this one flaw.

What’s the True Aim of EEA?

This special enterprise blockchain is aiming for building a private option of the core Ethereum technology for specific organizational demands.

Let’s take a closer look at the core targets –

• Innovate, Build, and Support a wide range of Ethereum base projects that offer more value to the tech world and offers a better reference to architectural design.
• Help build organizations their own Ethereum blockchain and add more specific features according to each enterprise. This means, a bank can have their own blockchain for managing transactions, so can another participant who needs supply chain management.
• If one member of this enterprise blockchain alliance creates a new code base application that can be useful for several other projects, it will be shared for doing that. This coordination promotes the development of technological facilities.

What’s The Vision?

According to the EEA, they have five visions for the future –

Open Platform

Establishing as an open source platform, not only a product.

Authority

EEA will have the authority to define operational and developmental guidelines for all Ethereum projects of the EEA members. As open-source platforms have to meet up with certain standards, it’s best to define it from the start.

Provide Governmental Support for Enterprise Development

This enterprise blockchain is capable of facilitating and governing all the cross deployment projects and inspect their business requirements thoroughly. Such as, if a bank implements any kind of blockchain solution, then the EEA can help out other members to do the same thing. It will save a lot of cost in the end.

Evolve From the Existing Public Platform

Even though EEA will work with private enterprise blockchains, but it can still evolve using the features of the already existing public blockchain. This way, any progress in the other platform can be leveraged in the opposite one. Both of the platforms benefit this way.

Utilizing Standards

The public blockchain of Ethereum is alive form 2015, it’ been already four years. The new EEA will utilize the standards from the public space and study the experience to implement a better version in the future.

• Corda

R3’s Corda enterprise blockchain is one of the commercial versions of Corda. It’s an open source platform specifically geared towards enterprise users. Corda Enterprise is the official name of Corda’s enterprise version, and it’s completely compatible with Corda.

If your enterprise business revolves around network infrastructure and quality of service, then you should definitely check out Corda.

You’ll get a choice of getting an enterprise-grade or open source platform for your every need. It doesn’t matter what your organizations size maybe, Corda enterprise blockchain is there to give you the boost you may need.

It was launched in 2015, and after that, it covered a lot of fields of use for the enterprises. Now, R3’s Corda has over 60+ members in their consortium. Initially, Corda was introduced as a solution for financial institutions, but now they have growing use cases on healthcare, government, supply chain, and trading.

An organization can utilize this permissioned enterprise blockchain as it will only be accessible to those with special clearance so that the environment won’t be public property.

Capabilities of the Corda Enterprise

The Application Firewall of Blockchain

One of the most crucial features of Corda is the world-class blockchain application firewall. This firewall will provide the necessary amount of support needed for enterprises with a complicated business scheme.

This firewall will ensure secure access for applications to the blockchain framework and will reject any unauthorized third party connections trying to get in. It will provide users with access management scheme along with applications that function on the blockchain.

Using this enterprise blockchain organization can integrate a data center within their network, but they will also be able to communicate with the outside presence without harming their sensitive information.

So, Corda provides a secure encrypted channel between outside nodes and internal data center.  One of the unique feature that you won’t see in other enterprise blockchain platform.

It would be a great addition to any organizational institutes. For example, this firewall could stay just behind a traditional bank’s firewall, just in front of all the sensitive information. But it will let users interact with their personal information with proper authentications. This enterprise blockchain protocol unlocks a massive level of interests in the finical sectors along with other data management businesses.

Other Attractive Features

Other than the firewall there are many more applications for the enterprises. Corda enterprise blockchain is geared with all the tools to be optimized with the IT environment. That means with this you’ll get governance, high-availability, monitoring disaster and recovering them, 24 hours customer support, high performing nodes, release schedules and many more.

Nonetheless, Corda enterprise blockchain also supported SQL and Oracle server databases. In this way, the integration of Corda enterprise blockchain became more streamlined.

Another key factor of this enterprise blockchain is the interoperability. In real life scenarios enterprises have to deal with more than one application at a single time. But all the existing enterprise blockchain technology is more geared for single application solution.

But with Corda, they can access more than one application at a time, which increases the overall growth of a company.

• Ripple

This enterprise blockchain grade company started the journey back in 2012. However, previously it was known as Opencoin. In 2015, they finally renamed it as Ripple. Ripple’s main concern was to connect corporations, banks, asset exchanges, and payment providers through their personal RippleNet channel.

RippleNet is an almost free global transaction platform. With Ripple, you’ll be able to make global payments using its native currency the “Ripples” or “XRP,” right after Ether and Bitcoin. This enterprise blockchain is surely one of the fastest platforms than all other existing ones so far. With this, any enterprises can settle their payment within just 4 seconds!

Ripple is working with more than 100+ organizations with 75+ being formed various deployment niche. But transactions aren’t the only reason why Ripple is enterprise blockchain grade material. There are other features of Ripple that goes perfectly with the organizational needs.

Discover New Marketplaces

Many financial and other corporations struggle to explore or identify their boundaries or business models. Sticking with the traditional model becomes outdated in no time, leading to decreased revenue. Ripple wants to make changes in this section.

The enterprise blockchain company would help enterprises discover new marketplaces and streamline new form of business form that. It would ensure companies to meet up with the customer expectations quite easily and offer full satisfaction.

However, real-life payment systems aren’t easy to grab on to. As for now, Ripple enterprise blockchain is working with two dozen countries, but there’s a lot more to go. The main focus is Asia, and other unbanked regions to accept their currency as an official one would be a tough call. But it’s in the right place already.

Ensure More Customers

Usually, payment providers will only be successful when they are able to reach a massive amount of consumers in a short amount of time. Ripple here, offers a better solution through their RippleNet where they would be able to connect with more users on a daily basis.

Users can pay with their fiat money or XRP, which allows more freedom to form their side.

Security Protocols and Safety Issues

Ripple enterprise blockchain offers one of the best security protocols in the market. As originally they were geared for financial sectors, they toughened up their security measures form the start. Now many enterprises such as supply chain industries, healthcare, the government are able to use that security protocols for their own benefits.

Simplifying the Process of Payments

This enterprise blockchain is always exploring new ways to transform the typical payment system and simply it for both offline and online cases. Use cases such as capital efficiency, payment tracking, and rich data transfers are few of the popular ways.

If you combine it with a lower rate of operational cost, the solution becomes a global phenomenon. Ripple’s xVia solutions introduce a new way to the people.

This tool offers instant transfers along with an authentication procedure for a fair transaction.

• Quorum

J.P. Morgan developed Quorum using Ethereum as the root. This enterprise blockchain was explicitly designed to handle all environments that deal with high-throughput and high-speed transactions within a concise time. However, this enterprise blockchain permissioned and you will only be able to access it with a private authentication process. The main reason for Quorum to be this much fast and scalable is due to the fact that it doesn’t run on the typical proof of work consensus algorithms. Rather it uses voting and other light consensus mechanisms to reach an agreement.

It will grow alongside Ethereum and maybe excel in other ways. As it only modified the Ethereum code just a little bit, it’s able to adapt to the upgradation of Ethereum in no time. Moreover, it’s completely open sourced and promotes newer inventions.

Why The Developers Created Quorum?

If you’ve been around blockchain for some time, you’ll notice how some organizations aren’t too eager about the technology. The main reason behind this is, being 100% transparent and not being able to control any of it.

Many enterprises have to deal with sensitive information and would need a governing type structure to promote regulations. But with typical blockchain, they can’t have it. On the other hand, Blockchains immense security and easy traceability can benefit these corporations greatly.

That’s why the developers tried to form a middle ground so that these organizations could easily utilize this technology for their own benefit. Quorum enterprise blockchain has the best of both world, with blockchains features along with the private environment every organization needs. So, why won’t they use it?

Features That Make Quorum Lucrative:

Node Managing Authority

With Quorum enterprise blockchain a designated authority will be able to pre-approve what nodes can enter the network. This means that it won’t be public property, free for everyone to enter. Only authorized people of that enterprise would be able to access this enterprise blockchain platform network base.

Private Transactions

Another great feature of this enterprise blockchain is that it will allow transacting privately. It means your transaction with another person will only be visible to you and that person. Usually, in the blockchain, other people can see your transaction history quite effortlessly.

But this gets rid of the full security measurements of the blockchain. Obviously, you’ll be able to publicly transact also, but in some instances, you’ll need to have the authorization to see another person’s private transaction history.

Agreement through Voting

Quorum doesn’t have typical consensus algorithms for reaching an agreement which is aggressively energy consuming. It runs on QuorumChain; a special voting agreement mechanism made just for this platform. This algorithms assign specific voting rights to nodes and also maintain the overall status of it. For a transaction to get added this enterprise blockchain will only need the transacting node’s signature, Public root hash, and Global transaction hash. Once it gets all this information, the voter nodes will vote, and it will get added to the ledger.

High-end Performance

The performance of this enterprise blockchain is quite outstanding. Compared to the same genre of blockchain tech it’s more superior. It offers a higher transaction count every second compared to other platforms such as Ethereum or Bitcoin.

It makes this enterprise blockchain quite suitable for organization level integration.

Comparison of Enterprise blockchain platform

Chapter-6: What are the Use Cases of Enterprise Blockchain?

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Global Transactions

Financial or banking sectors were the first industries that integrated the blockchain technology. Blockchain was fully equipped to deal with their typical centralized flaws. However, enterprise blockchain is a cherry on top of the cake.

With cross border payment in the mix, enterprise blockchain solution give the financial sector a massive boost with instant transactions.

Previously you’d have to wait for several days to clear a transaction, but now with enterprise blockchain, you can do it within less than 10 seconds.

IBM Blockchain is one of the prominent enterprise blockchain use cases examples of this sector. With World Wire, IBM launched a new way to clear cross border payments. They offer:

• Faster processing of payment
• Reduced costing
• Greater efficiency
• Massive transparency
• Security-rich environment

IBM’s solution to the payment system is super simple and can get integrated with any kind of organizations. So, your company will be able to enjoy the luxury of time and cost saving coupling with this enterprise blockchain.

Trading

Trade finance is another cool application of enterprise blockchain. Approximately more than $18 trillion goods are shipped going through some sort of trade finance companies. To keep things going trade finances smoothly need to have more control over the whole process. And this is where the enterprise blockchain comes in.

Another perfect example for this enterprise blockchain use cases will be TradeLens. The technology is grounded with open rules along with input from different stakeholders on the market. Truly a modern modular system, which will deliver a significant level of value to every participating party on the network.

TradeLens is on boring organizations, and at present, it has over 150 organizations working with them. The benefits are enormous including improved transparency and trust, higher efficiency, reduced paperwork and cost and many more.

The network is fully secured, and everyone on the network owns their own data. Meaning only they have access to it and if they grant permission only then other parties will be able to see it. However, the marketplace was previously quite volatile, but now with stablecoins, it’s going back to a stable state.

Food Safety

Food safety is a major concern of the people. Now everything being produced through the massive farming channels is taking its toll on the quality of the food. Processed produces have one of the massive levels of health hazards written all over it, and people are suffering greatly for it.

But how will you tackle with this situation? Enterprise blockchain can offer traceability to produce to know where the raw material is coming from. It will also evaluate the quality of every food industry to make sure that it goes by the health regulations.

IBM’s Food Trust can be a wonderful example of this enterprise blockchain use cases. With Food Trust every company and their consumers will know the quality of their food starting from raw material to the result.

This enterprise blockchain level solution accounts every step of the way of the production process of every food industry. With them you’ll get:

• Accountability for food safety
• Solid food freshness all the way
• Confirming brand trust
• Reduce food wastage
• Enhance sustainability
• Get rid of food fraudulence

Supply Chain

Enterprise blockchain can truly shine in this sector. With enterprise blockchain any supply chain organizations will get:

• Secured ledger system with visibility throughout the supply chain for tracking
• Data validation and enforcing agreements with Smart Contracts
• Non-changeable and accurate information that will quickly detect the corrupted personal
• Skyrocketing revenue
• Cutting cost in every stage

Supply chain suffers from one of the major problems – Lack of traceability. For example, let’s consider luxury goods traceability. A manufacturer will always produce a bulk amount of products each time, but they can’t keep track of every single product. As a result, there are many occasions where products go missing in between shipping. However, if more organization start to adopt enterprise blockchain solution, they can easily deal with the situation.

This could be one of the prominent enterprise blockchain use cases until now.

Here, IBM Blockchain strikes again. They are creating solutions specifically for supply chain management and focus on logistics based output. Transparency and the traceability are two of the major concerns of any logistics. Utilizing those factors IBM Blockchain can offer a global supply chain network that could benefit any organizations.

Retail

Retailers are slowly recognizing enterprise blockchain technologies application in this department. Counterfeit is one of the major issues of this department, and they have been trying to deal with for a very long time with little success rate.

Enterprise blockchain in this regard can offer a full optimization of the products and help retailers finally fight back against the counterfeit issue.

Some major examples of enterprise blockchain use cases would be Walmart and Alibaba.

Walmart is one of the retail giants on the market now and has taken a keen interest in blockchain as well. During everyday operation, it uses blockchain to track and manage all its retail goods. Walmart is currently in cooperation with IBM.

Alibaba, on the other hand, is taking it to the next level. They are developing blockchain based solutions to deal with theft protocols. The company is quite focused on using enterprise blockchain grade tech for retail purposes.

Governmental Services

Governmental institutions are falling behind when it comes to digitization. The citizens need a better infrastructure with a more secure way to preserve all their rights in one place. But to offer an exponential growth in this economy is a massive burden for governmental services.

The most secure way to do it is to offer a layer of the trusted network where there will be paperless documentation for the governments. This way the government can process a huge chunk of data at once such as bill payments, visa applications, renewing licenses and many more. And what can be a proper enterprise blockchain use cases than this?

Examples in this sector are massive. Many government services are collaborating with blockchain solutions to digitize their country. uPort is one of those enterprise-grade solutions. Alongside uPort the Zug created a new platform called ZugID. This application will let all the citizens of Zug, to get access to e-governance in a secured manner. uPort also teamed up on another project with Brazil government for IDs and storing documentation on the blockchain.

Although governments aren’t too keep for using this new tech and that’s why the progress is slow. Dubai, Estonia, Chile, Israel are more than keen to start their own governmental blockchain project.

Intellectual Property

The intellectual property management is becoming a major issue for trademarking and patenting. There are already many third-party organizations available to trademark any property for their correct owner. However, most of them are backdated and only suitable for local patenting.

But these large organizations such as inventors, designers, artists, and musicians want to have an impact on the international market, the regulations of old age patenting don’t work well.

As a result, there are many times when intellectual property gets abused, and people don’t get the necessary amount of payment for their work.

But with enterprise blockchain, people can now finally get the payment they deserve. Blockchain can track the usage of intellectual properties and can offer the pay cut they deserve.

Kodak would be a good example of this enterprise blockchain use cases. They developed a KodakOne platform though that every photographer patents their work and gets a paycheck every time their photography is used online.

Healthcare

Pharmaceuticals and Healthcare can leverage the functionality of enterprise blockchain to a great extent. Even though many countries invest a lot of money on these sectors, but compared to that the outcome is quite poor.

But why is that? The main culprits behind this are the lack of data transparency and vulnerability. One other major cause harms this industry at a massive scale – Counterfeit drugs. Fake drugs not only takes a toll on the economy but also on the lives of the people.

Every year a massive amount of people suffer a greater reaction to fake drugs.

To deal with this healthcare and drug manufacturing companies can coordinate with enterprise blockchain and ensure a safety protocol that will fight against these problems.

For example, you can take FDA and IBM’s partnering up to provide secure decentralized ledger system that will aim for transparency and improve the overall privacy concerns of patients. This is another one of the enterprise blockchain use cases.

Oil and Gas

According to Accenture, the huge industry of Gas and Oil can highly benefit from the enterprise blockchain solution. Mainly in freight payment and auditing. In simple terms, it can improve efficiency by taking all routes into account – Rail, Truck, Ship, and Plane. This way Oil companies can calculate the best route and can reduce costs for shipment.

Eventually, it would all come down to the accountability of the data, where once it gets added to the ledger both the shipper and the carrier would be able to see it.

On further elaboration, Accenture pointed out that enterprise blockchain could easily save 5% revenue just by improving accuracy. Shell, the oil and gas giant, is currently investing in blockchain based solutions. So, as you can see oil and gas is a major enterprise blockchain use cases.

Real Estate

The present situation of the real estate market suffers greatly from higher costs, inaccessibility, and really poor liquidity. Typically only rich people can now invest in real estate business, while it’s getting out of the reach from the middle class.

If the real estate corporations want to truly balance it, then they have to utilize the enterprise blockchain. Enterprise blockchain and the platform can offer the liquidity needed for this massive marketplace.

Dubai partnered up with ConsenSys to develop a blockchain based solution for provenance tracking of the real estate marketplace. Meridio is the venture of that co-operation, and it now can convert every individual land to digital base shared on Ethereum platform.

From that people can now have fractional ownership easily and can buy and sell their lands whenever they find a good buyer. It exposes a large number of assets to a broad selection of investors. So, enterprise blockchain use cases here will liquidity the real estate business.

Humanitarianism

Enterprise blockchain can leverage their facilities in this niche specifically. Multiple humanitarian projects have to deal with corrupt personal and need to make sure they are truly helping the people in need.

Due to corruption every year larger sums of donation to these charities are abused, and only a small portion of it reaches to the people in need. If a humanitarian organization wants to offer 100% transparency to their donating clients, people would be more eager to help out those in need.

As people have lost their faith in humanitarian institutions only enterprise blockchain can bring it back.

Save The Children is a humanitarian charity organization. They are currently experimenting with the new humanitarian enterprise blockchain.

Using the ledger system, they will keep track of every donation being made, and the donator will also be able to see where they are donating their money and how it’s being used. It will regain the lost trust among people, and the people in need will get their fair share properly.

Insurance

The insurance industry deals with an excessive amount of paper trails and accountability. Any insurer has to deal with loads of paperwork every time someone gets insurance or claims their share. Accounting every individual customer to see whether their claim is valid or not is also a hectic job. Not to mention it takes a massive amount of time.

To be frank, this industry exploits customers as well, signing contracts without full honesty. As a result, many don’t get back the insurance they filed ages ago just because of “technicality.”

Enterprise blockchain can leverage its transparency and fairness into this industry and help it transform completely. With blockchain on the mix, no one has to wait months to get ahold of their money, and the inspector can easily figure out whether the claim is valid or not.

Metlife is currently experimenting with automated insurance claim solutions to see how things are going. AIA group is planning to develop a blockchain based Bancassurance. Bancassurance will help banks pick their required software and utilize them for their benefits. That’s’ why insurance can become one of the popular enterprise blockchain use cases on the market.

Media and Entertainment

Participation in the entertainment business and media is quite easy thanks to social platforms like YouTube. However, even on YouTube artists deal with unfairness issues and doesn’t get the compensation they truly deserve.

This scenario discourages good artists to keep promoting their work and puts a negative impact on the overall entertainment business. With the enterprise blockchain use cases in this sector, the communications process inside the industry would be decentralized. This way, there won’t be any central authority exploiting artists for their own gain.

Since enterprise blockchain is capable of tracking all records from each artist and distribute the revenue fairly. A musician Imogen Heap released one of the tracks called “Tiny Human” through the blockchain channel. So, that’s a great example of blockchain being used in the industry.

Travel

Airports are keen to implement enterprise blockchain platform as their internal network system. They are hoping that this could revolutionize passenger processing to a great extent.

SITA (travel group) believes that using a single point of blockchain for all passenger identification could help out passengers in terms of crossing through borders. They will require less documentation and being biometrics would streamline the process saving lots of precious time.

The British Airways along with three other airports including Miami, Geneva, and London created a small enterprise based solution just to test out how the system works. It recorded more than 2 million flights with greater accuracy. So, enterprise blockchain use cases shine in this sector too.

Chapter-7: Are There Any Implementation Challenges?

• Interoperability

Implementing enterprise blockchain can be a harder job than anticipated. One of the major issues that the blockchain for enterprise challenges have is interoperability. Interoperability is an absolute need when it comes to global acceptance.

Why?

Well, it’s simply because if we want to have blockchain for enterprise in every sector of our life, then we need to have the networks communicate with each other. That would make it more streamlined. So, if a healthcare institute has an enterprise blockchain solution, then it should be able to connect with the insurance company’s blockchain for medical insurance claims.

This way the patient won’t have to deal with unnecessary paperwork and can cover his/her medical expenses quite easily.

However, the current enterprise blockchain landscape doesn’t offer this feature. Yeah, there have been some initiatives where the enterprise blockchain solution would work as a hub; however, it still needs immense work.

Let along getting everyone on board is also a hard job. So, it becomes one of the major blockchain for enterprise challenges.

• Legacy Networks

Dealing with the legacy network structure is another major blockchain for enterprise challenges. A digital solution can always turn the system around, but at present, all of our technology runs on legacy networks.

This infrastructure is a major hurdle for enterprise blockchain solution. That’s because people are already invested in old technology and changing the whole economic structure could require a massive amount of time and money.

Also, with the public records, not many are that eager to integrate it right away. So, once everyone sees the true potential of enterprise blockchain, they can start revolutionizing the change. It may take years and a lot of trials, but it’s quite inevitable.

• Skillset

If you are trying to implement your own enterprise blockchain solution or at least trying to integrate with the existing one, you’d have to hire a lot of people with a certain skill set. Moreover, developing blockchain for enterprise is utterly a complex need, and without people with higher skills, no one can just build one from scratch.

One major issue is to choose the developers wisely. You’d need to have skilled coders who are dedicated to only blockchain technology and has a clear concept of how the system works. Also, you would need a team of people for marketing and scanning the marketplace to focus on specific features.

If you don’t hire skilled personal your blockchain for enterprise, might not have a lot of popularity. It has to outdone other blockchain for enterprise platforms on the market. But the issue is that many aren’t quite familiar with the architecture of the network and enterprise blockchain companies don’t have the adequate workforce they need.

So, if you want to implement this tech, then you need to consider this blockchain for enterprise challenges.

• Methodology

Every enterprise blockchain solution provides support with newer projects. However, many of lack one think respectfully – correct methodology. If you can’t figure out the right methodology behind your new solution, it will leave a lot of loopholes behind.

There were many smart contract platform that utilized Ethereum’s creation; however, after deploy, those platforms had quite a lot of vulnerabilities. Blockchain technology thrives for their higher security rates, but if they have vulnerabilities just like a typical system, people won’t be using it, would they?

If a hacker gets access through one of the loopholes of your enterprise blockchain solution and gets away with all the cryptocurrencies available, how will you deal with it? Moreover, enterprise blockchain has to have a tremendous amount of data processing capabilities, and if it can’t do that, there’s no point in implementing one in the first place. That’s why before implementing, you should test out your platforms million times before deploying publicly.

Keep in mind, this blockchain for enterprise challenges can hurt your reputation if not dealt with carefully. So, you should know more about Blockchain Business Models to truly shine in this sector.

• Mass Adoption

Enterprise blockchain has all the glory until something goes wrong. In the theoretical aspect, all the technology is capable of handling a mass adoption scenario. But that’s only for theories. In practical, other factors might go wrong, and you could end up with a slow, inefficient network.

As more people join the network the harder it becomes to maintain scalability. Transaction becomes slower, and for that, the rates get higher and higher. This is the exact scenario that is happening with the Ethereum platform.

Although there have been other projects that are dealing with it by exchanging the consensus algorithms for a lighter version. Still, this blockchain for enterprise challenges needs to be addressed properly to overcome them.

Another problem for mass adoption is the unregulated number of ICOs launching every year. However, STOs are comparatively better suited for any organizations. But you’d need to know more about STO marketing to secure a place in the market.

If you want your business to grow and ensure that it stays that way even if countless people use the network, you would have to mature up the tech greatly.

• Cost Challenges

This one is another one of the major blockchain for enterprise challenges on the market. It might seem like not a major issue for enterprise but in many cases transforming the whole ecosystem may need a lot then you anticipated. The costing differs from your requirements. If you want to have a lot of feature on your enterprise blockchain solution, then you would have to spend a lot of bucks on that.

On the other hand, as we said earlier, legacy networks could pull you down a little bit. It’s difficult to integrate it with the existing framework, so you’d need to change it completely, and that’s where you’ll face the most challenge – not having enough budget for that. Blockchain transformation should be focused and strategic.

So, if you want to start an enterprise blockchain solution, you need to take the blockchain for enterprise challenges seriously.

New to Blockchain Technology? Don’t have time to go deep into the core? Well, try out our blockchain cheat sheet now!

Chapter-8: What Is The Future?

Enterprise blockchain is gaining popularity on a massive scale. It has massive firepower that the centralized platforms can never have. Enterprises are slowly appreciating this network as they will be able to have blockchain for enterprise with efficiency and less costing.

However, at this age, only enterprise blockchain can provide that much backup. Moreover, many companies that are synchronizing this platform with the decentralized application would shine in the future is blockchain technology takes over the world.

But for that permissioned and public blockchain need to work simultaneously. It’s predicted that by 2020, public blockchain will work with permissioned blockchain and create a fulfilling network system for every kind of use.

If enterprise blockchain wasn’t to reduce the scalability issue, they need to have two working environments together. Currently, many vendors such as IBM, Accenture, and Microsoft are working on enterprise blockchain solution.

There are rumors that the social media giant Facebook and search engine guru Google is also eager to work with a new form of tech. So, it’s a good start as enterprise giants are noticing the true potential of blockchain technology.

Experts believe that by 2013, the permissioned blockchain network would be able to provide a fair space without the need for any incentive. And with more data confidentially, organizations would be able to maintain privacy.

By 2028, we will see enterprise blockchain solution everywhere, and this economy should reach its potential form by then.

Want to know more about Enterprise blockchain training? check it out from here!

Check out our Blockchain masterclass on Enterprise blockchain training as well.

Chapter-9: Final Words

The impact of blockchain technology is quite overpowering. However, there aren’t many experts in the market that can fully understand the use cases of the many potential it has. Enterprise blockchain companies are off to a great start with all the big giants on board.

It would continue to grow and evolve to be fully capable of handling any kind of hurdle that it might face. The growth of this enterprise blockchain solution may take place in a scattered way. However, it might not take as much time as we thought it would.

Over the next 5-10 years this industry will replace the existing ones, and by 2030 we’ll see a $3 trillion blockchain business worldwide. But for now, let’s hope for a brighter future and see what happens.

Still unsure about blockchain? Check out our “Top 50 Blockchain Interview Questions And Answers“, it will surely get rid of all your worries.

Excited to know more about blockchain? Enroll Now for Blockchain Certification and Courses!

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We’ve heard a lot of buzzes lately revolving around – Distributed Ledger Technology. If you’ve been tackling with cryptocurrencies and blockchain, you must’ve already heard about it. The distributed ledger implementation is unquestionably one of the ingenious inventions of all time.

Since then, the technology came a long way, evolved into something of much more value. By allowing distributions of information with greater transparency, DLT did indeed evolve the internet. Initially, this technology was only devised for transactions and digital currencies. But now tech community found many potential use cases that can change our lifestyle for good.

However, there’s still a lot of confusion around distributed ledger solutions. Many of you still confuse distributed ledger implementation with blockchain. But distributed ledger technology is not only blockchain but something of much more significance.

Want to understand the core concepts of blockchain technology and its ecosystem? Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

Table of Contents

Chapter-1: Evolution of Ledger Technology

Chapter-2: What is a Distributed Ledger?

Chapter-3: Different Types of DLTs and How They Work

Chapter-4: Features of Different DLTs

Chapter-5: Notable DLT Platforms

Chapter-6: Applications of Distributed Ledger Technology

Chapter-7: Challenges DLT Needs To Overcome

Chapter-8: Future of Distributed Ledger Technology

Chapter-9: Final Words

Chapter-1: Evolution of Ledger Technology

Did you know that the centralized ledger system prevailed from a really long time ago? More than 5000 years ago, clay tablets were used as a record keeping centralized ledger. Here, the ancient Mesopotamians would draw pictures in row and columns along with punching holes to keep track of how many items they had in store. Quite fascinating, isn’t it?

But about 700 years ago, a newer kind of centralized ledger system emerged in northern Italy. Here, merchants tried to accomplish a logical connection between all the entries. Every item on the centralized ledger would have a debit and credit entry. So, you would have to enter the item twice. Apparently, this new form of the centralized ledger was the pathway to “capitalism.”

The typical banking systems and keeping records came long after that. Where people used to keep everything record on paper. But after the invention of computers, everything started to digitize. In the 1980s and 90s computer system started to take over the typical banking centralized ledger systems.

And just ten years ago, a new form of decentralized database structure emerged. In 2009, Satoshi Nakamoto introduced the first distributed ledger technology that gets rid of the whole authoritative environment and promotes a fairground.

And this is how the revolutionary centralized ledger technology came into being.

Chapter-2: What is a Distributed Ledger?

A distributed ledger is a form of digital database that is updated and held by every member independently in a large network space. In this type of ledger there’s isn’t any central authority to broadcast the records to every member.

Instead, all the nodes will hold the ledger and construct it independently. But in that case, the nodes on the network will need to have access to the transaction lists and giving out their own conclusion before adding it on the distributed ledger.

Usually, every node on the network tends to go through an agreement process to come to a single conclusion. The system actually differs from distributed ledger to distributed ledger.

After the agreement, the distributed ledger gets updated, and all the node on the network will update their every own ledger as well. The system makes the overall architecture of the interface quite complex compared to typical database systems.

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Distributed ledgers come with a special dynamic system that can outdo the capabilities of typical paper-based ledger systems. In short, with different types of DLTs, you will be able to form new technologies and enable security across the whole digital world.

Usually, in this kind of typical systems, there’s always a matter of trust. However, this new DLT is introducing a new kind of technology that gets rid of the “trust” issues and builds everything on total transparency.

With this new invention of the distributed ledger system, now you can experience the revolution of information gathering and communicate beyond the traditional ways. You can apply it to both dynamic data and static data schemes.

Distributed ledgers simply put the power back in your hands. It’s more about managing the whole system rather than merely a simple database.

Learn More: What is DLT (Distributed Ledger Technology)?

Myth Buster: Not All DLTs are Blockchain

With the sudden rise in popularity of Bitcoin and many cryptocurrencies, the word “blockchain” has become a favorable choice of topic. People now use this word as a synonym for everything associated with cryptocurrencies and token economy.

Even the crypto movement is sometimes referred to as the “blockchain movement.”

So, you see in a way blockchain happens to be used a lot in many contexts. There’s only a handful of people out there that really wants to distinguish blockchain and distributed ledger solutions from one another.

However, it’s best not to mismatch both of them as DLT and Blockchain can’t be interchanged.

Distributed Ledger technology vs Blockchain: The Main Differences

The term distributed ledger technology is one kind of Umbrella-Term that covers the technologies where the ledger system is distributed among everyone using it. Here, different types of DLTs can be either private or public; it depends on the characteristics of the technology.

The blockchain is one kind of distributed ledger implementation and more preciously the first ever functional one. The technology kind of stormed the new digital world and many people started to believe it’s the only form of distributed ledger system.

So, people often used them interchangeably, which led the whole misconception that DLT is another name of Blockchain.

In simple terms, blockchain is just one of the subcategories of the distributed ledger system. For example, there are different kinds of fruits and one of them is “Apple.” Here, the term “Apple” falls in the fruit category. So, the apple is one kind of fruit, but not all fruits are apple.

In the same way, blockchain is one kind of DLT but not all DLTs are blockchain. For further information, check out the article on blockchain vs distributed ledger technology

Enroll Now: Enterprise Blockchains Fundamentals Course

Why Distinguish Blockchain and DLT?

The crypto world just came into being a few years back, meaning it’s still an immature technology. Over the next few years, we will see exponential growth as it has the potential to change the typical ways completely.

There are many projects out there that are dealing with the whole concept of different types of DLTs rather than only sticking with blockchain. Distributed ledger implementation is a vast category, and if we really want more innovation, we have to come out of our “blockchain” shell.

There are already many different types of DLTs into play, and hopefully, we will be able to see more additions in the newer future. But for now, shifting to distributed ledger implementation would be the wisest choice for any kind of growth.

Read More: Blockchain vs Hashgraph vs Dag vs Holochain: Types of DLTs

Chapter-3: Different Types of Distributed Ledger Technology and How They Work

There are different types of DLTs, and all of them have different ways to operate. To understand the major differences among them, you’ll need to compare them.

1. Blockchain

First, we need to take a look at the blockchain definition. It’s one of the most popular types of DLTs out there. Blockchain is a type of DLT where transaction records are kept in the ledger as a chain of blocks. Think of it as a long list of records. But not literal blocks, here when we are saying the chain of blocks, we mean any kind of digital information that is stored in the database.

Here, digital information makes up the blocks. Usually, they have three different kinds of parts –

Let’s say someone made a transaction. The transaction block will contain the time, date and the amount the sender sent.

The block will also have the sender’s information in it. But to maintain the anonymity the technology will not be using your real name, but rather it will contain your unique “digital signature.”

To differentiate or synchronize the transactions every block will contain a special ID known as the hash. This hash function helps to distinguish between all the transaction blocks on the ledger. Mainly the function includes characters which are alphanumeric and every hash function is a unique and random selection.

Which means, no one can just predict it or have any way to hack their way to alter it.

How Does Blockchain Work?

In blockchain there are multiple blocks that get added to the ledger system, but how does this process happen exactly?

There are four stages of how the “block” gets added to the blockchain. Let’s see what they are:

Firstly, someone on the network has to make a transaction. Let’s say; you sent some money to your friend Mike.

Once you’ve made the transaction it needs to get verified. There are also different ways how the blockchain verifies a transaction. It mostly depends on the nodes on that network. The nodes would have to come to an agreement that the transaction indeed took place.

For that, they check out whether the transaction did occur as you declared it did. The consensus on that network allows most of the members to come in agreement, and if the majority thinks it’s true, your transaction will get stored in a block.

After your transaction gets the green signal, all information regarding your transaction such as time, amount, your digital signature, mike’s digital signature gets stored in the block. You will see the amount gets deducted from your wallet and Mike will see the amount being added to his.

However, before it gets a spot on the ledger, the block gets a unique ID. It’s an identifying code for that specific transaction. The block will also contain the recent block’s hash to maintain the chain of blocks structure.

After your transaction is added to the ledger, you will be able to see it and based on the characteristics of the network, others may or may not see it as well. If these types of DLTs are public, then everybody on the network would be able to see it, and if they are private or federated, it will depend on that distributed ledger system rules.

2. Hashgraph

In Hashgraph there can be multiple transactions stored on the ledger on the same timestamp. All transactions are stored in a parallel structure. Here every record on the ledger is called an “Event.”

This distributed ledger without blockchain is absolutely fair as no node on the network will be able to manipulate the information or transactions. It means no one on the DLT system can actually alter or postpone all the instructions that are going to happen or control the process of the transaction.

If we compare it to the blockchain, you’ll see how a miner can choose which transaction to include in the “block.” For example, you and mike both made transactions, and now they are waiting to be verified. Other nodes on the network can selectively choose Mike’s transaction to verify first rather than you’re, even though you may have transacted a bit earlier than Mike.

For Hashgraph, the verifier nodes have to include both your and Mike’s transaction in the manner you guys transacted, so no one will be left behind.

So, in this distributed ledger without blockchain, the faster connection you have, the better. That way, you’ll be able to transact faster and would be in the first line to get verified.

Read More: Blockchain Vs. Hashgraph: A Detailed Comparison

Smaller Storage Units

In this type of distributed ledger implementation, all the transaction in the network is provable. How? Well, as any transactions occur on the network, within a few minutes everyone on the network will know where the transaction would be placed in the ledger.

On top of that, everyone on the network will know that the whole network knows about the existence of the transaction and thus, make the changes accordingly. It means the nodes will do the changes and then discard the transaction.

You won’t have to keep this information in your ledger for eternity. That’s why it only needs a few gigabytes of a storage unit to store all the information of the Hashgraph distributed ledger database platform.

Byzantine and ACID Nature of the Network

This is one of the essential features of Hashgraph distributed ledger implementation. A system is Byzantine means that no small group or entity can influence the pathway to reach consensus. Also, after the consensus has been reached, no one can do anything to stop it. Every member will know that the consensus has been reached and it will remain like that.

In this distributed ledger without blockchain, every node on the network will agree on how the transaction occurred and list it out accordingly.

The whole community in this DLT will have a distributed yet single database system sharing similar properties. If we compare the blockchain DLT, you’ll notice how nodes on the network are never certain if a consensus has been reached.

However, in Hashgraph, it’s possible. So, it’s also ACID compliant.

How Does Hashgraph Work?

How Hashgraph works is quite interesting actually. This distributed ledger system uses a Gossip protocol to relay all kinds of information mainly about transactions across the network. Each node on the network can send out information (known as “event” and they are pre-signed) on a new transaction.

Every node will randomly choose the neighboring node to relay this information. A node will then aggregate the event with other received information and then relay it out to other neighboring nodes.

So, in simple terms, once a transaction takes place, the neighboring nodes share that information with other nodes, and after some time all the nodes would know about the transaction. The process is quite rapid, so it would only take a few minutes for everyone on the network to know about the event.

With the help of “Virtual Voting” protocol, every node validates the transaction and then it gets added to the ledger.

3. DAG

Another ambitious addition to the distributed ledger without the blockchain family is the DAG (Directed Acyclic Graph). DAG was invented as an alternative approach to Blockchain DLT. That’s why this distributed ledger without blockchain does offer all the features of blockchain but with greater improvement.

Even though it’s an alternative, the structure of this ledger is really different. One of the major advantages of DAG distributed ledger implementation is the ability to offer fee-less Nano-transactions. It’s because the scalability improves as the network grows.

In simple terms, the more transaction occurs on the network, the faster it will be able to settle them. To clear things up, let’s see how DAG really works.

How Does DAG Work?

DAG happens to go on a different route regarding reaching consensus. The distributed ledger system stores transaction processes on the nodes. Here, every member on the network is called a “node” just like blockchain.

All the nodes on the network validate transactions on the ledger and also is represented by validated transactions. Any node can initiate transactions, however, to validate them they have to verify at least two of the previous transactions on the ledger.

After he/she validates them, his/her transaction will get confirmed. The more a person validates, the more his/her transactions become a valid transaction on the distributed ledger database.

So, if a transaction has a longer branch of previously validated transactions, it will carry the most weight in the ledger. However, an algorithm will randomly select the previous two transactions for each member to validate.

Because if it doesn’t the members will only validate their transactions and leave another behind.

This is actually a wonderful new form of consensus to achieve greater scalability. Due to this nature of the distributed ledger implementation, companies that require a greater volume of transactions every second should use this.

4. Holochain

It’s one of the recently distributed ledgers without blockchain – Holochain DLT is said to be one of the most advanced levels of ledgers out there. The company Holochain that created this new form of DLT is giving the tech developers a new way to create decentralized apps.

One major change from other distributed ledger without blockchain is that this one is agent-centric instead of data-centric structure. This network avoids using any global consensus protocol by providing every agent with their very own forking system. Just this change solves all issues with scalability and keeps the network intact even after network growth.

Read More: Blockchain Vs Hashgraph Vs Dag Vs Holochain: Types Of DLTs 

How Is This Distributed Ledger Technology Different?

In traditional ways, all the other nodes on the network are forced to have a global consensus and verify the whole network. However, Holochain changes that nature. The process is similar to its name. The name of this distributed ledger database came from the concept behind this architecture, and that is a hologram.

In the hologram, if you want to create a 3D pattern, you’ll need specific light beams and interact them in a way to create the image. Holochain is similar. It uses individual modules to create the whole ledger system.

Here, every node keeps their very own distributed ledger and communicates with it through its own unique signature. For example, think of the whole network as a river following in a direction. Here, every node is feeding into the river of ledgers through their small streams and creating the river as a whole. If one of the streams gets offline, the distributed ledger database won’t be affected by it.

How Does Holochain Work?

It’s simple, every node will have their very own ledger, but that ledger will revolve around a specific set of values called the “DNA.” According to the developers, this DNA ensures that any node on the network trying to add new information on the public ledger will get validated.

A node will be sent out information to other nodes to get them validated on the network. If other nodes on the network can verify his/her information with the DNA, then they relay this message to other nodes on the network.

However, if someone tries to hack into the network and would try to store false data on the network, they will have different DNA. So, if someone wants to falsify a transaction, it will hard code itself off the chain and operate from a different change chain with different rules. Other nodes on the network will now verify it with the DNA before accepting the information.

And once they find dissimilarities, they will reject it and broadcast it across the network and warn others of this malicious node.

The process is pretty neat and foolproof. And this is why it’s gaining so much popularity.

5. Tempo (Radix)

Like other distributed ledger without blockchain, Tempo is said to be a relatively new contribution to the system. Like any other platform, it will preserve the sequence of the information on the ledger. However, it also offers to timestamp along with other functionalities as well.

Radix DLT is the company that came up with this brilliant new tech. You can use this distributed ledger without blockchain for private and public modules as it doesn’t require any modification at all. One of the plus points is that you won’t be needing any heavy hardware component either. It’s extremely light and can even work on your mobile devices.

With Tempo you will be able to create your own decentralized applications, token, coins, transact extremely fast and many more.

The distributed ledger database runs on three major principles:

• Have a cluster of networked nodes
• Global ledger distributed among the cluster of nodes
• Special algorithms for timestamping events on the ledger

Every instance on this distributed ledger database is known as the Universe. Within the Universe, every event is called an “Atom.”

How Does Tempo DLT Work?

It’s a bit different than other distributed ledger database on the market. Any node can choose to carry a subset of the full global ledger with him/her. The subset of the ledger is called shards, and every node carrying a shard will get a unique ID for their subset of the ledger. So, the nodes aren’t required to carry the burden of the global ledger on the network.

This ensures that the network can carry a larger amount of load, thus increasing scalability.

When a node wants to validate transactions, it uses Logical Clocks do that. The usual timestamping of the distributed ledger database isn’t capable of reaching consensus on its own. It’s because the perspective of time changes from person to person.

So, instead of matching when it occurred, it sees what occurred before it. If a previous transaction was A and now a new transaction B happened, the nodes will see whether there was transaction A before B.

So, here, nodes will record the event sequence rather than the actual time of that event. The properties of distributed ledger technology are really evolved for its time and slowly gaining popularity.

Chapter-4: Features of Different Types of DLTs

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Blockchain Features –

• Immutability

Blockchain distributed ledger database is surprisingly super immutable. It’s one of the best features of this ledger system. Immutability means no one on the network can corrupt it in any way. In this distributed ledger, once you add anything to the ledger, you won’t be able to alter it, delete it or even reverse it.

So, it will stay as a permanent record, and no one will be able to touch it. But before adding anything to the ledger, it will go through a consensus process and get validated.

• Enhanced Security

Hacking this DLT is nearly impossible due to its decentralized nature and cryptographic encryption. The level of security this DLT offers is astonishing. The nodes make transactions using cryptography where every record on the network gets encrypted. Utilizing public and private key the transacting party ensures no one can intercept between a transaction.

There are several validation models, and as no one has access to modify it, Blockchain becomes a solid ledger to store personal information without worrying about the consequences.

• Faster Settlement

Typical banking systems can take several days to make transactions. But with these properties of distributed ledger technology, you’ll be able to make faster settlements. The technology came a long way and can now offer a relatively faster amount of time for anyone to send money.

Using these people can make global payments whenever they can. They won’t have to wait for several days for their loved ones to get the money. Also, the minimalistic fee will save you a huge amount of money in the long run.

• Consensus

Blockchain supports a wide range of consensus algorithms for blockchain to validate a transaction. Consensus mechanisms are a way to reach an agreement between nodes on the network. When you are dealing with millions of nodes on the network, it gets extremely difficult to reach an agreement without the help of consensus.

As this is a trustless environment, only the algorithms can help them maintain the distributed ledger. It’s one of the special features of Blockchain.

DAG Features –

• Near Infinite Scalability

Due to the distinctive nature of the properties of distributed ledger technology, this one offers new infinity scalability. If you look at other DLTs, you’ll notice how the scalability decreases when the network starts to grow. But not in this ledger.

Here, the scalability will increase with the network growth. Every node has to validate at least two of its previous transactions in order for their transaction to get confirmed. The more the node validates, its transaction becomes more valid. Also, it lowers the hashing power needed to validate previous transactions.

• Micro and Nano-transactions

As the nodes on the network will need to validate previous transactions, it results in fee fewer transactions on the network. Therefore, with DAG distributed ledger solutions the opportunity of micro-transactions over this decentralized channel becomes an everlasting concept.

No one could introduce micro transaction in blockchain DLT for their relatively growing transaction fees. However, DAG offers a transaction fee free protocol, so anyone on the network would be able to make Nano to Microtransactions in an instant. This is one of the profound features of this tech.

• Quantum-resistance

Comparing to other properties of distributed ledger technology DAG is quantum-resistant. Other technologies are secure, but with technological innovations, they will most likely be susceptible to quantum computers. Quantum computers offer a superior level of computing technology, and with this, it’s possible to attack even the strongest security systems.

However, DAG comes with Winternitz One-Time signature scheme to have a firewall that even the quantum computer can break into. However, this feature may vary from different DAG companies.

Also Read: Blockchain And Quantum Computing Battle: Who Wins?

• Masked Authenticated Messaging (MAM)

For now, I’ve only seen this feature specifically in Tangle’s DAG. However, it’s a splendid way to exchange information with other nodes without worrying about security checks. As the properties of distributed ledger technology are quantum-resistant, nodes can exchange information with specific parties through encryption and authentication.

• Parallelly Lined Transactions

Once a transaction gets validates, it will align parallel with other transactions. Usually, these transactions are relatively new on the ledger. Typically, every transaction on the network has a link to with previous transactions. But in doing so, the ledger will become too much complicated and big and would be hard to maintain it.

The network has a width target and will regulate it in order for the system to compensate for a large growing network base.

You will also be able to transact really fast with this type of nature.

Hashgraph Features –

• Signed Transactions

Anyone on the network is free to create a signed transaction anytime they want. After they create it, other nodes will know about it and using a Byzantine process they will be able to reach consensus with the order of the event.

• Enhanced Fairness

The higher level of fairness makes this distributed technology susceptible to influencers. No one can influence other nodes into changing their agreement before the nodes agree on it. Once they agree on a specific transaction, the influencer won’t have any power over it whether he likes it or not.

• Random Gossip

Once a node initiates a transaction, it will let randomly choose a neighboring node and relay that information. So, it’s kind of like random gossip sequence where you would select the node nearest to you and tell him/her all about what you know.

• Gossip about Gossip

Once random gossip occurs and the transacting node notifies its closest node about it, the node will relay that information to one of its neighboring nodes is a similar manner. This process will continue until all the nodes on the network know about the information. This process is Gossip about Gossip because here you’ll be gossiping about a previous random gossip.

It should only take a few minutes for everyone on the network to know about the transaction.

• Unique Data Structure

The ledger logs down every gossip sequence on the network in an orderly fashion. This is to make sure that everyone on that network knows about the changes. The ledger will log down the starting point to the end point to compare if every node knows about the transaction.

• Virtual Voting

This unique distributed ledger uses Virtual Voting system to validate each transaction. If 2/3 of the whole network agrees with the transaction, then it’s considered valid. However, there are other elements in play here. Virtual Voting may happen more than once, and it will count how many Famous witnesses are in that count. After that, it will get fail or passing mark.

• Famous Witnesses

In this case, the network would choose some transactions and ask for each one if they had occurred in a sequential matter or not? If most of the witnesses answer yes then that event is called Famous witness as most of the nodes knew about it relatively faster.

These witnesses can then later be used to validate new transactions.

• Strongly Seeing

This concept ensures that the probability of consensus is always one. Nodes have multiple paths connecting to one another, and if two people can see other people strongly, then they can know what that person will vote. Therefore, they will vote the same.

Holochain Features –

• Agent-Centric

One of the most eye-catching features of this distributed ledger is that it’s agent-centric. In a typical data-centric structure every node on the network is forced to verify single transactions from the transaction queue and add that up in the chain. However, in this structure, the more it keeps adding, the slower it gets.

However, in agent-centric systems like Holochain, you will be able to maintain your own history log and share independently without having nay forced consensus. Every node has their own ledger, and they can maintain them all by themselves.

• Energy Efficient

The different nature of the ledger makes the system much more energy efficient than others. Why? Because here you won’t be needing any mining equipment’s to run heavy consensus mechanisms to validate transactions.

As you need to only maintain your version of the distributed ledger, it will take only a minimalistic device to store it. You can even run Holochain from your phone, and it won’t take more energy than usual use.

That’s why it ensures energy efficiency, which will save you a lot of money in the long run.

• True Distributed Ledger

What does a true distributing ledger mean? In most cases, you’ll see all the nodes on the network carrying the load of the whole ledger on their devices. But does that reach the true distribution we need?

One of the major features of the Holochain is that it can reach the true level of distribution across the network. As its agent-centric, everyone runs their own ledger on their devices, and when needed they can communicate with the main ledger using their private key. Here, every node works as a separate entity and in the end forms a whole new functioning unit.

• User Empowerment

By utilizing the holographic model for the architecture, any developer can now invent decentralized applications that can scale in many ways leading to true properties of distributed ledger technology. It will ensure every node to operate independently. They will only need to synchronize when needed and if other users agree.

It means that the user will get the full control over their actions and data. No one would be able to access them and take advantage of it. This gets rid of the third-party schemes where companies sell out information to other companies for their own gain. It also promotes healthy user empowerment.

• Security and Scalability

Holochain distributed ledger offers the highest level of security due to their special feature called the “DNA.” In case of any malicious person trying to send out malicious or invalid information to other nodes, he would have to go through the DNA of this system. Before accepting any new information, all nodes are prompted to verify the DNA of the sender with their own set of DNAs.

As the malicious person would have to change the DNA in order to send out invalid data, it won’t match with the existing one and thus will get banned from the chain. Other nodes will also get a warning about his actions and will remain cautious before accepting any new information.

Also, the network is highly scalable, as the personal ledger of every node will only be stored in a limited fashion. Therefore, it would increase the scalability. In a theoretical approach, if there are enough nodes on the network, this distributed ledger is able to handle unlimited transactions.

Tempo Features –

• Sharding

This is a unique method to make sure that the distributed ledger solutions Tempo is able to store every Atom exiting in the Universe. The ledger is designed in a way to be scalable in a horizontal way, support a wide range of semi-structured information and be able to update all entries.

Let’s talk abbot the sharding process. The global ledger on the network will be chopped up into smaller subsets of that ledger. These smaller parts are called “shards.” Every shard comes with its own unique identification code and is distributed among the nodes.

The local ledger operating on individual devices can choose to store shards or all of it. The process guarantees that every shard will contain all the Atom in a correct sequence and it will also determine which node will take which Atoms.

It’s kind of like pieces of a puzzle, that once put together will reveal something spontaneous. Here, in this case, the puzzle pieces are shards, and the result is the globally distributed ledger.

• Gossip Protocol

To make sure every shard has up-to-date information about the distributed ledger, the Tempo DLT initiates a Gossip protocol. With this protocol, the nodes on the network communicate with each other and relay information regarding their shards.

This protocol of the properties of distributed ledger technology has been proven to be one of the most efficient ways to propagate information in this type of architecture. Gossip protocol is similar to Hashgraph’s random gossip sequence.

The nodes on the network information about any new configuration and relay the information to other nodes. Other nodes then optimize the information and synchronize their shards accordingly.

This process is necessary as nodes will need updates shards to validate any new transactions happening on the network. Gossip protocol may as well announce metadata about other nodes they are directly connected with.

• Logical Clocks

Another one of the great properties of distributed ledger technology is the Logical clock. Logical clocks are at the core of this ledger system. Here, it means an ordering sequence of the relative events on the network and using this a node can validate a transaction.

In this ledger, every node contains a logical clock locally, with increasing integer value that will represent the overall number of the events which that specific node witnessed. They will increase this number every time they see a new event that they didn’t see before. When storing any event, it will also store the logical clock number with it. This number helps to validate new transactions with past transactions.

However, only new Atoms on the network will be considered as an event.

Chapter-5: Notable DLT Platforms

Blockchain:

• Ethereum

This is one of the most popular DLT blockchain examples on the market nowadays. Ethereum runs on blockchain distributed ledger. Even though many might think Ethereum is similar to bitcoin, but there are tons of differences.

This DLT blockchain example performs much better in any field compared to bitcoin. Instead of having limited options, you’ll be able to create any kind of operations on Ethereum. It’s mostly for implementing decentralized apps. Ethereum first introduced their very own Ethereum Virtual Machine. This software runs solely on the platform and will allow developers to run any kind of programs. Lately, Enterprise Ethereum is getting heavy traction from different companies.

So, you could think it as a development zone for a new decentralized application. Other than this Ethereum also introduced Smart Contracts, which is the perfect tool to settle payment automatically. Vitalik Buterin is the founder of this technology.

Want to know more about Bitcoin? Enroll Now: Getting Started with Bitcoin Technology

• Hyperledger Fabric

This is also another wonderful enterprise level DLT blockchain example. Hyperledger Fabric is one of the renowned blockchain distributed ledger platforms with a modular architectural design. They provide enterprise-level solutions with greater scalability, flexibility, resiliency, and confidentiality.

This DLT blockchain example was designed to support a lot of pluggable applications using different types of components. It will also accommodate a large number of intricacies and complexities of the typical economic system.

Hyperledger Fabric isn’t a permissionless distributed ledger, but it’s permissioned. So, not everyone will be allowed on the network. Here, they also offer to store multiple formats of data in the distributed ledger. Using them, you will also be able to create different ledgers for your personal channel; it’s mainly for competitors that don’t want to reveal their pricing to their intermediate competitor. Linux is currently backing up this new distributed ledger technology.

• R3 Corda

It started back in 2015, with the open sourced R3’s Corda platform. Corda blockchain is a distributed ledger platform that is based on the blockchain. R3 is one of the world leading consortium DLT blockchain example where some of the biggest financial companies have come together.

The numbers for their partners have gone high in the 60+ zone. Even though this platform was purely designed for banking purposes only, you can also use this in other sectors such as – government, supply chain, healthcare and many more.

Corda offers one of the fastest and reliable outputs out there in the market.

DAG:

• IOTA

You could think it as a pioneer of a new distributed ledger technology – The DAG. IOTA came into being back in 2016 when blockchain DLT started taking over the world but wasn’t able to quite fulfill all the requirements.

With DAG IOTA manages to solve one of the most significant issues – Micro-transactions. Paying too much to get our transaction verified was putting a negative impact on the whole distributed ledger technology. However, IOTA managed to save the day.

IOTA calls the DAG distributed ledger system their Tangle network, and it’s in the core of their platform. Even if the nodes keep growing there won’t be any effect on the micro-transaction scheme. With DAG DLT, higher scalability could be reached.

IoT sectors will largely benefit from this platform, and it would be perfect for a large IoT network.

Read More: Beginner’s Guide to IOTA Blockchain

• Byteball

There’s another platform that utilized the DAG distributed ledger technology – Byteball. Though the DAG platform IOTA offered free transactions that are not the case here. In Byteball, you’ll have to pay a very small amount of fee. However, you would be able to enjoy extreme fast transaction speed.

In Byteball there is no risk of 51% attack, and you will be able to transact privately. Something that you won’t see in other DAG platforms. To keep everything running fair, Byteball uses a validation mechanism. This mechanism has the supreme influence over the network. It also offers a great deal of scalability, so you won’t have to worry about slower output in any scenario.

Learn more about what is Byteball? The first DAG platform 

Hashgraph:

• Hedera Hashgraph

With another popular form of distributed ledger technology Hashgraph, you’ll see Hedera Hashgraph ruling the market. Originally, Swirlds actually came up with the idea of the Hashgraph. However, they don’t have any running network based on that. Instead, Hedera Hashgraph bought the technology from them. Learn more about Hashgraph and Hedera Hashgraph here.

Hedera Hashgraph is super light and extremely fast. Other than that, this company boasts about their fairness and security. Other features include their very own digital currency, storage units, and smart contracts.

Using this platform, developers can build extremely different kind of decentralized apps, which will outperform blockchain DLT quite easily. The transaction fees are extremely low, and you will be able to do micropayments with it.

• NOIA

A network of Internet Acceleration or NOIA is another popular Hashgraph distributed ledger technology platforms on the market. However, this platform is rather unique. They offer a distributed CDN (Content Delivery Network) using the nodes to offer a better internet performance.

With their integration of distributed ledger technology, you will be able to enjoy every feature available on the Hedera Hashgraph platform. Well, it’s because the Hashgraph DLT is based on the Hedera Hashgraph company.

Other than that, NOIA is completely permissionless, meaning anyone can join the network and utilize the bandwidth as they need. It’s still a relatively new platform based on Hashgraph.

• Mingo

Even wonder how distributed ledger technology would be if we use it in our daily social media life? Mingo is a great example of that. It uses Hashgraph DLT to build up its framework. Think of it as a messenger aggregation platform where most popular chat apps will come together as one.

As far as we know all the messaging software can’t communicate with each other till now. It means you can’t message someone from Skype to Facebook. But with this unique platform, now you’ll be able to do a lot more than that. This platform supports a wide range of popular apps such as – Twitter, Facebook, Slack, Discord, Stream, Skype and many more.

It will also have a utility crypto coin to back up any in-app purchases. Other plugins include Gaming or roaming plugins. As of now, it’s live on Android; the IOS version is still in process. This could be the life-changing distributed ledger technology usage we have been looking for.

Holochain:

• Holochain

This platform introduced an entirely different type of distributed ledger technology in the tech world. It utilizes Holochain DLT, just like its name. Holochain is a fantastic platform, to begin with. To preserve users’ right this distributed ledger platform introduced a different kind of model architecture.

It utilizes a holographic data storage structure, which ensures every node on the network will get to maintain their own data. So, there isn’t any risk of third-party companies to steal other people personal information.

Mainly the platform revolves around agent-centric agreement and provides each node with their individual ledger system. This process ensures the truly distributed nature that every distributed ledger technology should have.

Using Holochain, you’ll be able to create new and improved decentralized applications. Supply chain management, sharing apps, vendor relationship management, government, social media and resource management are few of the use cases of this new platform.

Reaching consensus is extremely easy and depends mostly on the nodes. You would only have to synchronize the data in the DLT when you need. That’s why this platform is quite suitable for mobile devices too.

Tempo:

• Radix DLT

Another relatively new player changing the traditional distributed ledger technology scene is – Radix DLT. Radix DLT runs on Tempo distributed ledger technology. Unfortunately, it’s the only one currently running on Tempo. The company claims to offer a more scalable and faster output than any other DLTs in the market.

Their completely different approach will finally be able to give users the ability to mine from any kind of devices such as television, modem or even mobile phones! Mining will be accessible to everyone, so it’s safe to say the platform is public.

The distributed ledger technology is relatively more efficient than blockchain and DAG. However, it’s still quite an immature phase, so it’s best to wait to see the final output of this new DLT.

Chapter-6: Applications of Distributed Ledger Technology

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• Trading

Trading is one of the crucial distributed ledger use cases. The DLT is best known as the trading ground of cryptocurrencies. Typically, the trading business is risky and somewhat involves emotional decisions too. And when you have to deal with typical banking systems, it leaves a lot of paperwork and therefore becomes quite obsolete over the time.

Not to mention the bad players on the market who always sabotages the marketplace for their personal gain. Distributed ledger solutions here can provide a transparent method to trade. Not mention eliminating the paper works and reliability on banking system would surely reduce a lot of processing time in the long run.

Also, these DLTs are quite full proof, so no one would be able to manipulate them as they please.

The distributed ledger solutions, in this case, will stop your irrational decisions and help to preserve your assets in a better way. It will also provide a secure wallet source where you will be able to store all your digital assets without any risks.

Enroll Now: Enterprise Blockchains and Trade Finance Course

• Entertainment

Distributed ledger solutions can really change the typical scene of entertainment industries. Nowadays a good artist doesn’t actually benefit that much while they work under a company. Many artists make money through streaming, and the process can be quite hectic. It’s one of the popular distributed ledger use cases.

Along with Distributed ledger solutions, any artist can get their earned money through smart contracts where the network will look over the process. The DLT can also ensure better value for the artists and help him get connected to other entertainment channels.

Distributed ledger technology projects can also be a significant factor in gaming. The gaming industry is growing simultaneously, and a DLT-based network will help gamer achieve a better user experience.

• Manufacturing

Distributed ledger technology projects can truly shine in the world of production. A network that links to all workers can ensure larger outputs in a short amount of time. You may already notice that distributed ledger solutions fit in the manufacturing niche quite profoundly and can make the system most efficient and cost friendly. It’s another popular distributed ledger use cases.

However, the whole process of connecting these workers along with the manufacturing is still not on the table. What distributed ledger technology projects can do here is to provide an ecosystem to look over the workers and take rational decisions based on the output.

Companies will benefit even more and will be able to meet up with the customer demand. Learn more about the companies using blockchain technology here.

• Supply Chain

Supply chain management is a crucial part of the production industry. Many organizations are now investing in algorithms that offer a better solution. However, they are still struggling with 100% customer satisfaction.

Powered by the distributed ledger technology projects organizations would be able to administrate every process from manufacturing to shipping. Logistics processes will ensure full customer satisfaction every time. The Distributed ledger technology would be able to track the raw materials and luxury goods.

It can also assess the customer requirements better. In a way, everything will be more streamlined.

Enroll Now: Enterprise Blockchains and Supply Chain Management Course

• Cybersecurity

Another one of the best distributed ledger use cases is the cybersecurity. Now everyone is connected through the internet. People are moving towards a total digital lifestyle.

Therefore, cybersecurity now is the top priority of any company or individual. Hackers are becoming more and more stealth, and billions of money get hacked away just for the lack of security.

With the help of Distributed ledger technology projects, now any people can feel safe roaming around the internet. The network is already almost hack proof. And with DLT in the mix, no hacker will be able to penetrate your firewall. The network itself will become the firewall and won’t need additional software to look over it.

Enroll Now: Certified Blockchain Security Expert (CBSE) Course

• Healthcare

The technology is capable of storing all the patient information, and the doctors would be able to make a good diagnosis based on the information. It can support the doctors in analyzing the symptoms and start the treatment right away. Healthcare is one of the greatest distributed ledger use cases. Read more about blockchain for healthcare here.

It would also be able to assists in scientific discoveries utilizing a great deal of data within a short time. It can also connect the patients with their doctors through distributed ledger technology powered apps. The technology is also capable of protecting any patient information and provide the sole control to the patient only.

• Transportation

We all know how we are leading towards next-generation power – “Smart Cars.” But a distributed ledger technology will be able to take it to a whole another level. Not only the technology will be able to help you connect to drivers completely, but it will also ensure anti-theft processes. It’s another popular distributed ledger use cases.

Every data on your car will be available on the network. Using distributed ledger technology projects, the owner then be able to track down the car very easily just by debugging the information from the network. It will also be able to look over the hardware parts of your smart car. Wouldn’t that be awesome?

The drivers would be able to get a fair trade when they are meeting up with their clients. Due to the disruptive impact on the supply chain, blockchain in logistics is getting much traction.

• Legal Contracts

Utilizing contractual documentation with distributed ledger technology projects is another great use case. The network provides a greater deal of security to store all legal contractual documentation on that, such as wills, bank statements, property bills and many more. The DLT is more than capable of preserving it from outside hackers.

Another great aspect is to use it to validate inheritances. Smart contracts on this type of network can make this process hassle-free.

• Governmental Services

Distributed ledger technology can be the next generation platform for election. Transparent elections are necessary, but under human authority, things get tampered. Illegal activities, in this case, will be stopped if everyone uses a distributed ledger technology network to vote.

Every vote will get added to the network where it can’t get tampered with, and the algorithm then can dissect them and make the call. Every process will be transparent, and all the citizen will get the fairness of voting they deserve.

Other activities such as the law department will also benefit from distributed ledger technology. Together with a decentralized distributed ledger technology neural network, there won’t be any scope for illegal activities.

Read More: Blockchain For Government: Decentralization At The Core 

• Internet of Things

Internet of things actually indicates a lot of connected devices with one network. Usually, this service providing companies to provide the users with a common network where they connect their network and relay useful information from one device to another.

However, IoT mostly revolves around a centralized environment, which is risky in the long run as it can easily steal your personal information. Here, distributed ledger technology can provide security for the Internet of Things with its decentralized system. It’s another popular distributed ledger use case as blockchain and IoT goes hand-in-hand.

It can also offer a better ecosystem to deal with operational challenges. Using it, people can freely connect their devices to the network and relay information without having to worry about security issues.

• E-commerce

Distributed ledger technology projects and e-commerce is a match made in heaven. Both of them deal with transactional information, so it seems a perfect fit to introduce DLT as the main technology. Mainly e-commerce plays a huge role in the marketplace; however, it’s mostly influenced by big players and doesn’t promote fairness in the game.

DLT has the ability to offer better options for good merchandiser and promote fairness. It can connect users with better merchandisers. Also, tamper proofing this industry would increase more interest in common people.

• Global Payment Method

It’s another popular distributed ledger use cases. This technology has the ability to become a global payment ecosystem. It already offers and can indeed meet with the demands of the growing financial demands. Global payments in a typical banking system require a lot of time, and at most time many people can’t send money overseas in times of need.

Also, you can’t pay for everything with just a single source of the payment system. To eliminate this problem, DLT can become the bridge between the sender and the receiver. It can provide faster, safer transactions. The best part is that it can also provide a source to include digital currencies and fully transform the financial sectors, eliminating fiat currencies.

Chapter-7: Challenges DLT Needs to Overcome

• Uncertainty of Regulations

Distributed ledger technology has always dealt with regulatory issues. It’s not an uncommon scene here. Most of the distributed ledger platforms doesn’t include any specific law or regulation on their networks. This lack of regulation or limited regulation is compromising user rights on the network.

Uncertainty is making the DLT more volatile, and people are investing in cryptos associated with DLTs are falling victim. Not to mention that these platforms don’t actually hand out rights to their nodes. So, even if somehow you lose your token on the network due to a hack, there won’t be any backup for it.

Due to the circumstances, distributed ledger technology is largely failing to attract people and innovators. If this technology wants to shine, then it has to integrate any sorts of regulatory rules that will provide protection for the people’s assets.

• Limited Evidence of Global Impact

Even though DLT is making is the way in the market it still lacks the one much-needed ingredient – Globalizations. For any technology to evolve, there needs to be a craze or demand in the market from the common people. How DLT can be globally implemented is still a theoretical approach. There isn’t much hard evidence of present global impact.

But the lack of marketing is making this new technology remain in the dark. Even though there’s a lot of people that know about distributed ledger technology, it’s still not enough. Many countries banned using this technology as it doesn’t necessarily abide by the law.

Also, people don’t quite understand the mechanisms behind it due to the lack of proper understanding. If distributed ledger technology wants to step into the limelight of the tech world, it needs to be globally accepted and implemented. Targeting only specific market in the world can’t promise a 100% success rate.

• Immaturity of the Technology

The first distributed ledger technology was the blockchain, and it was introduced through the Bitcoin back in 2009. Well, it’s been a very long time, but due to the systems complex nature, many developers couldn’t fully grasp the technology yet.

Moreover, the blockchain had quite a few shortcomings. Improving them and offering better technology has been the priority in the last few years. Many companies did come a long way. But as the distributed ledger technology is a vast field, many are trying to come up with a more efficient model.

However, perfecting these models need time. Also, as the DLTs will keep growing how it will impact the network? Yes, many DLTs promise infinite scalability, but still, it’s only in theory.

If in practice, things don’t work out, then they would have to improve it again and again. That’s why distributed ledger technology is still considered to be immature, and most people are avoiding it due to this nature.

• Protecting Data and Maintaining Security

Data protection and maintaining security is another major drawback that distributed ledger technology needs to overcome. The purpose of every new tech is to put a global impact. But if it gets integrated into the global aspect, more people will join the network. However, maintaining security and protecting data becomes a much more difficult task as the network grows.

There have been multiple scenarios where blockchain distributed ledger couldn’t handle the security issues. As a result, there have been reports of many vulnerabilities. Also, after the DAO hack and blockchain security concerns, many started refraining themselves from distributed ledger systems altogether. As this framework doesn’t have any governing authority, security is the most needed feature here.

So, for future development of this technology, the DLT needs to maintain security and protect all sorts of data on the network at any means.

• Overcoming Privacy Issues

Privacy is another concern for the mass people. Various enterprises are shying away from integrating distributed ledger technology. A most prominent reason is the public ledger system. These companies feel that sharing their activities on the ledger with the public or their competition would result in their downfall.

However, there have been permissioned or federated distributed ledgers too. Another fact is that, even though some of the distributed ledgers is permissioned, still the people getting access to the ledger will be able to see each other’s transactions.

This way individual privacy gets ruined. But as of now, there has been some distributed ledger technology that focuses more on the user’s right and privacy. If they can fully utilize this scheme, then DLT will surely prevail in the future.

• Conflict with Traditional Approaches

Distributed ledger technology doesn’t really go with the traditional ways. Most people consider it as a good alternative to typical banking systems. As the whole network is quite a transplant, there’s very little chance of fraudulent activities on the network.

However, the lack of law is making this system directly clashing with the traditional approaches. Government institutions are questioning the integrity of the technology. There’s a big chunk of distributed ledger technology companies that don’t even have proper license to avoid any governmental influences.

It can be both ways – No governmental force can exploit the network, and it would be a fairground, on the other hand, the people would be deprived of their legal rights. The whole concept of DLT conflicts with the already existing approaches. The technology needs to prove its worth to be fully acceptable.

Chapter-8: Future of Distributed Ledger Technology

You must be wondering, what the future of this new technology is? Let’s shine some light on possible outcomes. If distributed ledger technology keeps blooming like this, then we would probably see a lot more intensification in terms of today’s integrations.

What it means is that there are already many high-end organizations trying to implement this new technology and changing the typical ways of the tech world. However, if distributed ledger technology can actually manage to overcome its limitations, then globalization would be possible.

Data is the new type of oil right now, and these ledgers are meant to provide a great way to collect them in a sequential manner. The internet is changing our lifestyle, and with DLT we will be able to have greater control over it.

Other protocols such as streaming, encrypting and sending billions and billions of data through this channel is the primary outcome. Obviously, to convert everything into a digital system, we would need to work with cryptocurrencies as well.

So, there should be a cryptocurrency marketplace on the rise very soon. It’s safe to say we’ll also see –

• Government systems based on DLT
• Need for the crypto banking system.
• Full transparency in industries.
• Ecosystem connecting different social chains.
• Security protocols based on DLT

These are just a few of the futuristic analysis of this growing technology. However, everything will depend on how much this technology can actually fulfill all our needs and whether it’s capable of handling a global impact.

Want to read a simpler version of this comprehensive guide? Check out this article — Distributed Ledger Technology: Simply Explained

Chapter-9: Final Words

With the invention of distributed ledger technology, a new form of revolution has started – communication and information gathering. Using this tech, we can gather both static and dynamic data sequences. So, it can be a huge step for us. Distributed ledger technology can allow us to go beyond the typical database system and utilize it in everyday applications.

It would be less about only collecting information but more about how we can utilize that information for economic growth. A greater DLT with more efficiency is yet to be invented. Obviously making this new tech perfect would take time but we can hope for a better outcome soon.

Who wouldn’t love living in a world where transparency prevails, right? Let’s just see what the future holds for us.

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