Top 3 Enterprise Blockchains That Will Change The World In 2019
2019 has been a game changing year for the blockchain industry. Many industrial titans like Facebook, JPMorgan Chase, Walmart, Nasdaq, Starbucks and many more have clearly indicated that they will use blockchain technology to optimize their day-to-day operations.
Regardless of this buzz, the textbook pundits still believe that the rationale behind blockchain technology is to prevent monopolistic dominance.
Yet here we are talking about the top 3 enterprise blockchains you should definitely know about to keep your business at the top!
Enterprises are always on the lookout for improving their solutions to keep up with the consumer driven economy and, also shooting up their revenue at the same time.
Thanks to the advent of enterprise blockchains; businesses can now optimize their legacy solutions to become more secure, scalable, transparent, robust, and cost-efficient.
One of the biggest USPs of an enterprise blockchain is to provide the business with the freedom to tailor the specifics of the blockchain according to their own needs. This level of flexibility cannot be offered by any public blockchain at the moment.
Without any further ado, let’s explore the top 3 enterprise blockchains that have the potential to take your business to the next level.
Let’s start the list with the most future-proof enterprise blockchain.
Insolar is the next-gen enterprise-ready blockchain platform. Insolar has successfully addressed most of the pressing issues that were hampering with mass adoption of blockchain. For example, Insolar is interoperable with other DLTs, it enables on-chain document storage and processing, and also dynamic consensus algorithms can be used on Insolar platform.
At the moment, Insolar has recorded a performance of 19,500+ TPS on 20 nodes. Unlike other blockchain platforms, Insolar becomes more powerful as more nodes join the network. In other words, Insolar’s performance and security will be enhanced as the number of nodes increases in the network.
Here are some cutting edge technical advantages of the Insolar platform:
- Near-linear scalability
- Best-in-class data protection
- Simplified development
- Interoperability with other DLTs
- Seamless connectivity with existing enterprise software systems
- Supports hybrid networks
- Manages regulatory compliance (GDPR, HER, HIPAA, EMR, and others)
- Easily integratable through HTTP and message-based API
- Continuous evolution of the platform
Insolar is fast growing and has already established itself across multiple industries like energy & utilities sector, supply chain & logistics sector, retail & consumer industry, automotive industry.
#2. Hyperledger Fabric
Linux Foundation’s and IBM’s Hyperledger Fabric is one of the most widely accepted and mature enterprise blockchain solutions available right now.
Hyperledger Fabric’s modular architecture coupled with large community support makes it a great choice for enterprise-grade cross-industry applications. At the moment, Hyperledger Fabric’s capacity ranges from 3000 TPS to 20,000 TPS.
Here are some features of the Hyperledger Fabric:
- Large and mature community
- Great performance and scalable
- Modular architecture supporting plug-in components such as consensus algorithms
- Smart contracts called ‘chaincodes’ can be hosted using the container technology
- Supports channel technology for confidential transactions
- Complete protection of digital keys and sensitive data
- Allows rich queries over an immutable distributed ledger
Santander, the Spanish banking giant, has launched real-time trades in Spain which is powered by Hyperledger Fabric. UBS, the Swiss bank, is also working with IBM to create a UBS-backed blockchain trade finance platform. Also, the data-storage company Seagate Technology has collaborated with IBM on Hyperledger Fabric to prevent counterfeiting of electronics.
JPMorgan’s Quorum is an open-source Ethereum based enterprise-focused permissioned blockchain. The strongest point of Quorum is that all future Ethereum updates can be easily incorporated with Quorum.
Quorum’s speed of processing transactions is higher than that of Ethereum. With two nodes running, Quorum can go as high as 140 TPS. It supports private as well as public transactions.
Here are some highlights of Quorum:
- Extension of Ethereum
- 100 % privacy of transaction and contract
- Multiple voting-based consensus mechanisms
- Network/Peer permissions management
- Higher performance than Ethereum
The most known “dApp” on Quorum is the implementation of JPM coin. It has the potential to become a yardstick for the financial institutions.
Given the rudimentary state of blockchain technology, we have witnessed a high-velocity evolution taking place at a global scale.
We saw that each blockchain platform has remarkable features of its own. At the end of the day, it is all about which one fits in best with your business. Today, most of the businesses look for flexibility and agility without compromising on quality.
The future of enterprise blockchain is will focus on high scalability, interoperability, and governance. This is why Insolar may make a future-proof choice (at least for the foreseeable future) for your enterprise.
Let’s take a moment to get a bigger picture of these three enterprise blockchains by comparing them.