{"id":569,"date":"2021-10-01T12:49:35","date_gmt":"2021-10-01T12:49:35","guid":{"rendered":"https:\/\/www.blockedge.io\/blog\/?p=569"},"modified":"2022-05-04T09:48:34","modified_gmt":"2022-05-04T09:48:34","slug":"start-by-understanding-the-basics-of-enterprise-blockchain","status":"publish","type":"post","link":"https:\/\/www.blockedge.io\/blog\/start-by-understanding-the-basics-of-enterprise-blockchain\/","title":{"rendered":"Start by understanding the basics of Enterprise Blockchain"},"content":{"rendered":"<div class=\"breadcrumb\"><div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.blockedge.io\/blog\/\">Home<\/a> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">Start by understanding the basics of Enterprise Blockchain<\/span><\/span><\/span><\/div><\/div>\r\n\r\n\r\n<div class=\"gapp-5\"><\/div>\r\n<p>Blockchain has tremendous potential even if you didn\u2019t invest in Bitcoin in 2009 (or ever since!). Today, we will help you get your grips on what a blockchain platform is and what technologies behind blockchain you need to be aware of.<\/p>\r\n<div class=\"gap-12\"><\/div> blockchain network, access\r\n<p>If you need help understanding the technical side of blockchain, today we will help (hopefully) answer a lot of your questions<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<div class=\"automotivee\">\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>What is Enterprise Blockchain?<\/b><\/h2><\/div>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">An &#8220;<a href=\"https:\/\/www.blockedge.io\/\">enterprise blockchain<\/a>&#8221; is different from a public blockchain like Bitcoin because it restricts who can see the data. It is a \u201cpermissioned blockchain\u201d that businesses use to streamline large-scale business processes.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Today, most organizations &#8211; that don\u2019t use a blockchain &#8211; maintain individual records because blind trust is not advisable when several billion dollars exchange hands globally. This is a massive data security risk.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">These companies use some of the following processes to maintain the quality of this data:<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<ul class=\"automotive\">\r\n <li> data stewardship <\/li>\r\n<li>standardization of data formats<\/li>  \r\n<li>master data management<\/li>\r\n<li>security audits<\/li>\r\n<\/ul>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">An enterprise blockchain is like a database that no single user\/company can control. A group of companies who wish to take advantage of blockchain\u2019s benefits and certain third parties &#8211; that they frequently do business with &#8211; can access this database for read\/write operations.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">But they all have to agree that a new transaction is valid and verified before they can collectively save a record of this transaction on their respective systems. Once saved, this record is immutable &#8211; it cannot be changed by anyone. This provides a huge improvement in mutual trust over the current systems. <\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Also, all records are secured with the most secure encryption standards that are agreed upon by everyone in the consortium. Businesses that use a blockchain can do business without the worry of having to trust strangers across the globe.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">As we\u2019ll see later, business benefits of the blockchain extend to several spheres of the business including supply chain tracking, global payments settlement, and even prevention of corruption and fraud.<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>Building Blocks of Blockchain<\/b><\/h2>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">To understand the core of blockchain, we must understand 2 key core concepts: P2P networks and distributed ledger technology (DLT).<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">You are reading this article because your browser (i.e. client) requested it from the Blockedge servers &#8211; as you commanded.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">The blockchain network is the opposite of the traditional client-server networks. It is a peer-to-peer (P2P) network where all nodes hold copies of important data and can request more information from any other nodes. If you used torrents, you were using P2P client software to connect to a P2P network.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">All information on the network resides in a database called the Ledger which is distributed across all network nodes. Hence, the name \u201cDistributed Ledger\u201d. There is no centralized server on a blockchain to manage this ledger and control access to it. Instead, all nodes must individually process and verify any new record on the network.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\"><\/p>Refer to <a href=\"https:\/\/en.wikipedia.org\/wiki\/Smart_contract\" target=\"_blank\" rel=\"noopener\">smart contracts<\/a> and <a href=\"https:\/\/www.investopedia.com\/terms\/c\/consensus-mechanism-cryptocurrency.asp\" target=\"_blank\" rel=\"noopener\">consensus mechanisms<\/a> for a deep dive on how blockchain networks determine genuine, accurate, and legal transactions.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Blockchain is an example of such a distributed ledger technology (DLT).<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>What are the business benefits of blockchain?<\/b><\/h2>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">Blockchain brings forth a world of digitally-coded contracts. These contracts live in transparent, shared (peer-to-peer) databases (blockchains) where the data and transactions they govern have unique copies of these records (blocks). These databases prevent them from any revision, tampering, or deletion events by way of \u201cconsensus algorithms\u201d which consult all nodes in the blockchain network. No event on a blockchain is finalized until it passes the consensus algorithm.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Here are the key business benefits of blockchain.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>1. Trust where none exists<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Unknown traders from different countries can\u2019t immediately trust each other and find it hard to have an intermediary they can both trust.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>2. Decentralized structure to enable quick fault recovery<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Because blockchain records are stored across all peers in a network, that provides redundancy. It increases the strength of the network and makes dealing with faults much simpler.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>3. Better security and privacy<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Blockchain operations use the strongest encryption algorithms which are, computationally, very expensive to crack. Permission-controlled blockchains also let network participants control access to vulnerable data and resources.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>4. Cost reduction<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Blockchain eliminates middlemen that businesses would traditionally use to do the processing of transactions. No additional vendors and third-party providers mean lower costs for all traders on the blockchain.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>5. Faster processes to fetch information<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Fetching data from a Blockchain is faster than conventional or manual processes because there are no intermediaries. This is not always true but broad experts have drawn conclusions that indicate the faster retrieval speed on the blockchain. <\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>6. Visibility and traceability on the supply chain<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Blockchain records the movement of items on the supply chain within its immutable blocks for everyone to see. This helps vendors verify whether their purchased items &#8211; medicines, organic farm products, etc &#8211; are from the origin as their traders claim to be.<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>Types of Blockchain<\/b><\/h2>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"cost-p\"><b>Public Blockchain<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">This is an unrestricted, permission-less system that allows anyone to join its public <a href=\"https:\/\/www.blockedge.io\/\">blockchain network<\/a>, access new and old records to verify transactions and add uneditable records to the ledger. However, they are large, slow to respond, and vulnerable to a \u201c51% attack\u201d when more than half of the nodes agree.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>Private Blockchain<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">If the public blockchain is the internet, a private blockchain is an organization\u2019s intranet.\u00a0 A controlling organization adds security rules, creates permission levels &#038; authorizations, and controls accessibility while using the power of decentralization in a P2P network. Because of their limited size, they can run much faster.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>Hybrid Blockchain<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Sometimes, organizations create a hybrid blockchain to limit\/control access to certain data while making other data public. Transactions are still uneditable and verified through smart contracts. These networks still use the basic principles of a distributed ledger on a P2P network and guarantee almost all benefits of an enterprise blockchain.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>Consortium Blockchain<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Unlike a single governing authority in hybrid blockchains, a consortium blockchain has a \u201cfederation\u201d of governing organizations to provide greater transparency and trust. This limited group has certain special nodes to send\/receive transactions &#8211; just like member nodes &#8211; with the additional responsibility for verifying transactions. Although this type provides the highest safety, trust, and scalability, the scope of transparency is still limited to special nodes within the controlling group.<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>Use cases of Enterprise Blockchain projects<\/b><\/h2>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">The United Nations has connected 193 countries using blockchain-based initiatives. For example, it is distributing aid to Syrian refugees in Jordan using blockchain-verified iris scans. They have moved on from using ID cards which make their aid vulnerable to theft by local warlords.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\"><a href=\"https:\/\/insurwave.com\/\" target=\"_blank\" rel=\"noopener\">Insurwave<\/a> is a blockchain-based marine hull insurance platform. It provides real-time information to insurance agencies and insured parties. This information includes ship location, safety hazards, and the condition of various parts of the ship. Blockchain\u2019s immutable records help provide reliable tracking for verified insurance calculations when ships enter a high-risk area.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Companies are using<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<ul class=\"automotive\">\r\n <li>Blockchain identity management solutions<\/li><div class=\"gap-12\"><\/div>\r\n<li>Track and trace capabilities of the blockchain for the supply chain<\/li><div class=\"gap-12\"><\/div>\r\n<li>Blockchain as a single source of truth for the entire supply chain<\/li><div class=\"gap-12\"><\/div>\r\n<li>Unmatched transparency for stakeholders.<\/li>\r\n<\/ul>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">All this to say: Blockchain isn\u2019t a rebel technology. Its booming phase is just getting started. There is one segment of business leaders who are still discovering use cases. There is another segment that has found a use-case and has a budget but is wondering where to start. They are not sure whether they should build it from scratch or use an existing plug-and-play solution.<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>The most popular Enterprise blockchain platforms<\/b><\/h2>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">There are several <a href=\"https:\/\/www.blockedge.io\/blockchain-as-a-service\" target=\"_blank\" rel=\"noopener\">enterprise blockchain platforms<\/a> but this section will provide a brief overview of each of the more popular platforms.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>Ethereum<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Ethereum is a highly mature blockchain platform founded by Russian Vitalik Buterin. It is a permissionless platform meant for mass consumption and may not fit into traditionally private requirements of enterprise use cases. This is also not the fastest blockchain network and sucks a lot of energy.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Ethereum, an open-source platform, also has frequent product updates, enhancements, and a large online support community.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">If you want to develop apps based on Ethereum, do check out <a href=\"https:\/\/entethalliance.org\/\" target=\"_blank\" rel=\"noopener\">Ethereum Enterprise Alliance (EEA)<\/a>. It is a non-profit organization that connects startups, academics, enterprises, and technology vendors with Ethereum subject matter experts.<\/p>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"cost-p\"><b>Hyperledger Fabric<\/b><\/p>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">Hyperledger is an open-source collaborative framework for codebases and distributed ledger frameworks optimized for the enterprise.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">There are 8 Hyperledger projects so far and Hyperledger Fabric is one of them. IBM and Digital Asset initially contributed to it. Its main claim to fame is its modular architecture which allows plug-and-play components for consensus and membership services.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n <p class=\"cost-p\"><b>R3 Corda<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">R3 Corda is a permissioned-blockchain that works without a cryptocurrency. Some of the world\u2019s biggest financial institutions created Corda is an open-source blockchain platform that makes managing complex financial agreements easier. R3 is the name of their consortium.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">R3 Corda is a permissioned-blockchain that works without a cryptocurrency. Some of the world\u2019s biggest financial institutions created Corda is an open-source blockchain platform that makes managing complex financial agreements easier. R3 is the name of their consortium.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>Ripple<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">RippleNet is a global blockchain that facilitates nearly-free transactions without chargebacks. It uses a cryptocurrency called \u201cRipples\u201d or \u201cXRP\u201d for its transactions and is one of the faster blockchain networks out there.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">For comparison, consider Bitcoin\u2019s 3 to 6 transactions per hour and 1+ hour payment settlement period. In contrast, the XRP blockchain can support up to 1500 transactions per hour with a settlement period of about 4 seconds.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"cost-p\"><b>Quorum<\/b><\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Quorum blockchain modifies Ethereum\u2019s code to achieve another open-source permissioned blockchain for a fixed group of participants. Instead of Proof-of-Work (PoW), Quorum uses vote-based and other consensus algorithms that make its faster transaction speed possible.<\/p>\r\n<div class=\"gap-20\"><\/div>\r\n<h2 class=\"what-para\"><b>Blockchain-as-a-Service (BaaS)<\/b><\/h2>\r\n<div class=\"gap-16\"><\/div>\r\n<p class=\"inn\">Like a web host that manages the storage and other operations on your website, a BaaS platform will let you create, configure, and manage your own distributed blockchain apps.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">BaaS platforms have become a catalyst in the faster worldwide adoption of blockchain.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Blockedge is an end-to-end <a href=\"https:\/\/www.blockedge.io\/blockchain-as-a-service\">blockchain transformation platform<\/a> that<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<ul class=\"automotive\">\r\n <li>helps you build and integrate blockchain applications into your business infrastructure<\/li><div class=\"gap-12\"><\/div>\r\n<li>deploy and manage elastic blockchains effortlessly,<\/li>\r\n<\/ul>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">It does so with the utmost importance to governance and data security.<\/p>\r\n<div class=\"gap-12\"><\/div>\r\n<p class=\"inn\">Blockedge is part of a larger technology group  <a href=\"https:\/\/www.securekloud.com\/\">SecureKloud Technologies<\/a> that has over 13 years of experience in building cloud transformation solutions for some of the top fortune 500 companies. For a company like SecureKloud, whose roots are from delivering and simplifying cloud adoption, Blockchain is a natural evolution. With our expertise and experience in collaborating with cloud providers, we believe that we are the ideal partners for a company to explore multi-Cloud and multi-blockchain platform support for their transformation.<\/p>\r\n<div class=\"gap-40\"><\/div>\r\n<!--<div class=\"share-buttons\">\r\n<p><img decoding=\"async\" src=\"https:\/\/www.blockedge.io\/blog\/wp-content\/uploads\/2021\/08\/share-this-post.png\" alt=\"share\"><span>\r\n<a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.blockedge.io\/blog\/start-by-understanding-the-basics-of-enterprise-blockchain\/&title=Start by understanding the basics of Enterprise Blockchain&source=Start by understanding the basics of Enterprise Blockchain\"><i class=\"fa fa-linkedin\" style=\"border: 1px solid; color: #007bc7; display: inline-block; width: 50px; height: 30px; min-width: 50px; min-height: 30px; margin: 0 4px 4px 0; font-size: 14px; line-height: 30px; text-decoration: none; -webkit-transition: border-color .2s ease; 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He plays Tennis &#038; advocates for everyone\u2019s positive mental health!<\/p>                            <\/div>\r\n                                                \r\n                                                    <!--<div class=\"view-more\">\r\n                                <a class=\"btn-whitebg-border btn-view\" href=\"http:\/\/dev.blockedge.io\/author\/author.html\">View all posts by Anantha Krishnan<\/a>\r\n                            <\/div>-->\r\n                                    \r\n                    <\/div>\r\n                <\/div>\r\n        <\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n<!--\r\n<div class=\"about-author-sec\">\r\n<h4>About the Author<\/h4>\r\n<\/div>\r\n<table class=\"author-se\" style=\"width:100%;\">\r\n<tbody class=\"author-d\">\r\n<tr>\r\n<td style=\"width: 155px;\" valign=\"top\"><img loading=\"lazy\" decoding=\"async\" class=\"\" style=\"margin-left: 10px; margin-top: 30px;\" src=\"https:\/\/www.blockedge.io\/blog\/wp-content\/uploads\/2021\/10\/Navin-Israni-scaled.jpg\" alt=\"\" width=\"100\" height=\"100\" align=\"center\" \/>\r\n<\/td>\r\n<td style=\"vertical-align: middle;\"><p>Navin<\/p>\r\n<p class=\"author-pos\"><em>freelance copywriter and content marketer<\/em><\/p>\r\n<p class=\"des\">Navin is a freelance copywriter and content marketer who loves to translate technical content for humans, including how-to content, resource guides, glossary, and other helpful content to help users break into a technical niche. He plays Tennis & advocates for everyone's positive mental health!<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>-->\r\n<table class=\"author-se\">\r\n<tbody class=\"author-m\">\r\n<tr>\r\n<td style=\"width: 155px;\" valign=\"top\"><center><img loading=\"lazy\" decoding=\"async\" style=\"margin-left: 10px; margin-top: 3px;\" src=\"https:\/\/www.blockedge.io\/blog\/wp-content\/uploads\/2021\/10\/Navin-Israni-scaled.jpg\" alt=\"\" width=\"100\" height=\"100\" align=\"center\" \/>\r\n<\/center><p style=\"text-align:center;\">Navin<\/p>\r\n<p class=\"author-pos\" style=\"text-align:center;\"><em>freelance copywriter and content marketer<\/em><\/p>\r\n&nbsp;\r\n<p class=\"des\" style=\"text-align:center;\">Navin is a freelance copywriter and content marketer who loves to translate technical content for humans, including how-to content, resource guides, glossary, and other helpful content to help users break into a technical niche. He plays Tennis &#038; advocates for everyone&#8217;s positive mental health!<\/p>\r\n&nbsp;<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"<p>An \u201centerprise blockchain\u201d is different from a public blockchain like Bitcoin because it restricts who can see the data. It is a \u201cpermissioned blockchain\u201d that businesses<\/p>\n","protected":false},"author":7,"featured_media":573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Start by understanding the basics of Enterprise Blockchain | Blog<\/title>\n<meta name=\"description\" content=\"This blog will define the blockchain, explain how it works, explain benefits of blockchain, types of blockchain, usecases and the platforms for enterprise blockchain\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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