Blockchain has the potential to be one of the most powerful distributed ledger technologies invented, surpassing the utility, immutability, and security of current enterprise databases. Blockchain implementations lend itself to unlimited use case improvements to include finance, identity, supply chain management, etc.
An enterprise developed blockchain solution can mitigate many trust pain points. Blockchains and smart contracts can improve efficiency and transparency in ways that are not possible with legacy systems. As AI and other codebreaking technologies proliferate, legacy systems are only going to become even more vulnerable and susceptible to attack by bad actors.
Blockchain solutions are capable of being an alternative or complement to Microsoft, Oracle, and SAP, so when will it be ready for prime time?
Built for the enterprise, but not completely
There are challenges regarding blockchain that need to be resolved before it exits its nascent state of evolution.
Ethereum is designed to deploy smart contracts and has long been thought to be the blockchain most adaptable to the enterprise market particularly considering the efforts by Consensus, baseline protocol, Quorum. As well as R3, which has been working since 2015 on a distributed ledger technology (DLT) called Corda and of course Hyperledger backed by IBM and others within the Linux Foundation. Plus Polkadot by Parity, etc.
All of these projects haven’t yet made a significant breakthrough towards enterprise market adoption. Key issues that still need to be solved include high or variable gas fees, decentralization without compromising scalability, lack of trust with enterprise proprietary data on a public main net, governance, and enterprise grade support. Resolving these issues good enough to satisfy enterprises will be needed to sell as the next-generation distributed ledger technology developed to solve the problems of centralized data processing and storage.
Even assuming Ethereum was shored up in a way that made it this end-all, powerful decentralized world computer, enabling widespread adoption and revolutionizing various industries, it has to be able to work across different organizations so that everyone can plug into it. Otherwise, you not only have all these existing issues to deal with, you have to find…
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