Blockchain tech adoption is on the rise as enterprises move to capitalize on its opportunities for business growth. Conversations around this innovation have matured over the years from an educational point, to practical solutions in modern day operations. That said, consumers looking to leverage Distributed Ledgers (DLT’s) have different needs to be addressed; this encourages developers to develop applications and deploy services by building on top of public, private, and hybrid networks.
While still in the early stages of development, there exists a high level of uncertainty especially in regards to the various regulatory challenges facing blockchain that prevent Enterprises from embracing the technology. The mentioned types of blockchain networks have all proven to be fundamental and appealing to a certain market. With this nascent technology continuing to gain significant momentum and wide adoption, it's that there will come a time where businesses will need to consider utilizing DLT, if it were to ultimately benefit their business. This led to the birth of enterprise-focused solutions with players such as Hyperledger, Corda and Quorum, catering private solutions with blockchain initiatives looking to transform traditional and inter-organizational use-cases. More decentralized solutions such as Ethereum and Aergo are tempting large businesses to consider participating in decentralized and transparent network. The former is a market leader in public enterprise blockchain solutions while Aergo is hailed for its hybrid network which includes a permissioned and permissionless layer suited for businesses. The impact of blockchain for different use cases are not fully understood as businesses have yet to explore ways to integrate and implement this technology to their day-to-day operations to determine if feasibility of using DLT outweighs the implementation.
Let's explore the various types of Networks and what developments lie in store for companies looking to make use of Blockchain technology in 2020;
Public Blockchains in Open Enterprise DLT Networks
Just like the name suggests, this blockchain network is open; which means interested enterprises do not need to seek permission in order to participate in the network. Ideally, public enterprise blockchain ecosystem should provide developers with the necessary resources needed to leverage their DLT’s for limitless business integration. Most early crypto enthusiasts have been in the view that blockchain networks can only attain full decentralization through open and permissionless DLT networks. One of the leading platforms operating in this niche today is the Ethereum blockchain, a project that provides developers a trustless environment and platform to build DApp creation. Joe Lubin, the founder of ConsenSys, and a big contributor to Ethereum, shared some insights on the latest advancements in this space.
Private Blockchains in Permissioned Business Ecosystems
These networks are basically the opposite of public blockchain platforms as they are more controlled in terms of who can participate within the ecosystem. Most have emerged given the growing demand from enterprises that seek to leverage a private DLT. As one would expect, established organizations are not likely to take the path of deploying on a public blockchain given the data vulnerability. Some have since embarked on permissioned projects in order to benefit from this emerging tech while protecting their records. The private ledgers in a permissioned network are designed to allow only approved enterprises or participants to engage within; this is done by central authorities which may include a consortium of companies. Here are some insights from …... as to why stakeholders should not ignore this tech despite criticisms based on the fundamental aspects of decentralization;
Hybrid Blockchains in Enterprise and Business Growth
Hybrid blockchain platforms are also in the picture and steadily gaining a steady market as more industries seek DLT solutions. The value proposition by Hybrid chains is an experience of both private and public blockchain features. A leading platform like Aergo serves as a perfect infrastructure example for projects within this scope. Its Hybrid blockchain facilitates business integration on both its main and side chains and offers other tools such as a marketplace and a unique file system. Basically, enterprises can redeploy employees with public and private blockchain solutions. The public layer presents a trustless environment for operations while private layers help platforms like Aergo to empower its clients with network control and increase throughput. Phil Zamani, the CEO & president of Aergo, highlights the latest in Hybrid blockchains designed for enterprises;