Businesses and enterprises across the world have been operating on fixed procedures, norms, and working mechanisms for decades. However, with the emergence of cutting-edge technologies, there is a massive potential to optimize and scale these operations. At the same time, leveraging these technologies can potentially add multiple layers of security and a lot of transparency across several pillars of an operating enterprise. Having said that, the burning question is whether these enterprises are willing to adopt new-age technologies or not. At the same time, it is also to be seen whether tech innovations can actually support the needs of new-age enterprises or not. In this blog post, we will look at one of these technologies – blockchain, and understand if it is ready for enterprise adoption.
Blockchain technology has attracted a lot of attention over the last few years. So much so, many global organizations across the globe are actively considering leveraging the power of this technology to optimize their day-to-day operations. Before we delve into whether that is practically possible or not, let us first understand blockchain technology from a fundamental perspective.
Blockchain is nothing but a distributed data-keeping ledger that records transactions (financial or otherwise) in real-time at multiple places. So, the data recorded on a blockchain does not have any single point of failure. This essentially means that blockchain makes data of any form highly secure and tamper-proof. At the same time, it offers a lot of transparency as all authorized participants of a blockchain network have uninterrupted and instant access to the recorded information. Most importantly, the data stored on a blockchain can neither be edited nor deleted i.e it is immutable, thus protecting against data manipulation.
Based on all the above-mentioned attributes of blockchain technology, it is needless to explain how enterprises and businesses can benefit massively by streamlining all their data along a robust blockchain framework to restore/reinforce security, transparency, and accessibility across all verticals. Many organizations across the world have already adopted this. However, here are a few key questions that might potentially decide the enterprise adoption of blockchain technology on a larger scale.
Is there a blockchain-based solution that can offer the benefits mentioned above and at the same time deliver a high transaction speed for large-scale operations? In other words, if an enterprise requires to process millions of transactions every hour, can blockchain help it to do the same thing in a few minutes? If yes, adopting this technology is worth it.
In today’s collaborative business environment, it is imperative for enterprises to interact with each other on a daily basis for various purposes. So, if two enterprises operate on two different blockchain frameworks, can they interact with each other in an interoperable manner? If yes, blockchain technology can optimize and scale regular operations massively.
It is important to understand that in order to bring large-scale enterprises on a blockchain-first approach, it is crucial to consider the associated costs. Is there any blockchain solution that can be deployed at affordable costs?
Accuracy and Trust
Smart contracts are deployed on blockchain frameworks to automate operations. In other words, smart contracts ensure that certain events are executed automatically upon the occurrence of specific pre-coded and pre-decided conditions. Are these full-proof or can they be manipulated by fraudulent parties? This remains to be one of the key aspects that makes enterprises skeptical about adopting blockchain technology.
Irrespective of the educational materials available online, legacy business owners might not be fully aware of what blockchain is, how it works, and why it could be a potential game-changer. If this aspect is addressed through rigorous information-driven marketing, we could well see blockchain technology becoming the gold standard of business operations.
Given the features and benefits of blockchain technology, there is hardly any doubt about its potential for enterprise adoption. However, there are some key aspects, as mentioned above, that need to be addressed before blockchain can be ready for mainstream enterprise adoption, particularly from the viewpoint of business owners. As this technology continues to grow and evolve, it will be interesting to follow its journey into the mainstream world of business. Till then, developing awareness around this technology will be the key. ModiCoin, a DeFi-based blockchain offering is soon launching its solution which has major potential to drive the enterprise adoption of blockchain technology.