Your guide to enterprise blockchain development - Ideausher
enterprise blockchain development

According to Statista, the market size of blockchain technology was valued at $17.19B in 2023 and is expected to reach $1235.71B by 2030.

Many businesses are looking to move toward decentralized technology with the rising trend of enterprise blockchain development and technology, such as cryptocurrencies and smart contracts.

However, many limitations of public blockchain networks, such as high transaction fees, low transaction speed, and others, have encouraged companies to create their blockchain network. 

Businesses that want total network control should create customized blockchain networks over a public blockchain.

Check in detail about how to start blockchain development. But first, let’s check in which way you can use your blockchain network.

What can you do with enterprise blockchain development?

With your blockchain, you can develop the following things for your business: 

1. dApps development

You can create multiple decentralized apps on your blockchain platform. Offering a wide range of decentralized apps on your platform can help you offer a better platform experience to your users.

Also, blockchain development allows you to build apps relevant to your industries by enabling you to add customized services that you want to offer to your users or business members.

However, there are many ways you can make money from your decentralized apps that you check.

2. Blockchain development

Creating your private blockchain will enable you to shape your platform based on your business needs and goals. 

With your private blockchain, you can secure transactions, records, and other sensitive data, as the platform will be totally under your control. 

You can set multiple rules and functionalities on your blockchain network to help you achieve your business goals.

3. Crypto wallet development

If you decide to create an exclusive cryptocurrency for your blockchain platform, we suggest you add your exclusive cryptocurrency to your blockchain platform.

Adding a crypto wallet to your platform will enable users to store your platform’s exclusive cryptocurrency on their wallet for future purchases and crypto trades.

4. Exchange platform development

You can enable crypto exchange trading functionality to your blockchain platform. So you can help your users to trade cryptocurrencies. 

Also, your user can exchange their cryptocurrencies with your exclusive cryptos with the help of crypto exchange functionality.

5. Smart contract development

You can add smart contract functionality to your blockchain platform to enable them to execute after meeting certain conditions that you have set on your blockchain platform. 

There are multiple use cases for smart contracts on a blockchain platform, such as executing predetermined conditions, storing digital records, data security, and much more.

6. Smart contract audit

Doing smart contract auditing will allow you to know the qualities and areas of improvement for the smart contracts you have implemented in your blockchain platform.

You can perform smart contract auditing by hiring external blockchain developers or doing it yourself.

7. Distributed ledger technology

All the transactions on your platform will be stored on a digital ledger. Due to their immutability nature, all transactions on your blockchain platform will be safe and secure by resisting any kind of modifications. 

Adding distributed ledger technology to your blockchain platform will help you to establish and maintain your trust among your users. 

8. Hyperledger blockchain

Hyperledger allows businesses to develop their blockchain ecosystem with the help of an open-source network. 

You can use this open-source network to eliminate all inefficiencies and offer transparent and secure peer-to-peer transactions on your blockchain network.

What are the top features that make blockchain networks the best compared to public ones? You can check in detail.

Top features of enterprise blockchain

Creating your own blockchain overusing existing ones offers many features to your business. Here are the top features you can get when you choose blockchain development:

1. Decentralized peer-to-peer network

You can build a secure peer-to-peer communication network within your business infrastructure with the help of blockchain development solutions. 

Moreover, the immutable nature of blockchain will let you create an unhackable system for your business where you can easily communicate with your business team safely and securely.

2. Closed and private network

The traditional system allows hackers to benefit from your data by tapping into your system. When you decide to go for blockchain development, it becomes hard for hackers to tap into your system due to the immutable and close nature of the blockchain network. 

Hackers cannot modify any data in your business network if you implement a blockchain network in your infrastructure. This offers a significant layer of security to help you securely operate your business in your blockchain network.

3. Clear record transparency 

Since the network will only contain relevant records to your business, you can get good transparency over your infrastructure.

You can easily trace the supply chain management and other networks in your business with the help of a blockchain network. 

The blockchain acts as a distributed network of nodes among blockchain members. It maintains a complete history of past transactions within the network, which helps companies safely track their data with complete transparency. 

4. Cost-cutting in business operations

Cutting down business operation costs is one of the most popular benefits of blockchain technologies that companies can take. 

Businesses can benefit from the multiple use cases of blockchain technology, such as cryptocurrencies and smart contracts, to cut down their business operation cost.

Companies can cut down their cost in supply chain management, payment processing system, verification, keeping data records, and other possible areas with the help of blockchain development.  

Businesses can experience great benefits when they decide to go for blockchain networks over using public ones.

5. Interoperability

Imagine a world where different blockchains, akin to isolated islands, can seamlessly exchange information. This is the essence of interoperability.

In the context of enterprise blockchain, it allows various private and public blockchains to interact and share data securely. This fosters collaboration between organizations, even if they operate on different blockchain platforms.

Think of interoperability as a global trade network. Different countries (blockchains) can conduct business (data exchange) seamlessly due to standardized protocols and regulations. This interconnectedness unlocks a new level of efficiency and collaboration within the business landscape.

6. Consensus Mechanisms

Unlike traditional systems with a central authority, enterprise blockchains rely on a distributed network of computers (nodes) to validate transactions. To guarantee data integrity and prevent manipulation, a consensus mechanism is employed. This mechanism ensures that all participants in the network agree on the validity of a transaction before it’s added to the shared ledger.

By employing robust consensus mechanisms, enterprise blockchains establish trust in a decentralized environment. This eliminates the need for a central authority, streamlining processes and enhancing transparency within the network.

Enterprise Blockchain Platforms

Over the years, we have witnessed a surge in the number of blockchain platforms that are supporting the development of innovative blockchain-based applications. These platforms have proven to be highly beneficial for businesses looking to incorporate blockchain technology into their operations.

1. Ethereum

Ethereum has emerged as a leading platform in the development of decentralized applications, especially in the enterprise sector. Many decentralized applications in the market today rely on Ethereum as their foundational component. The reason for this is that Ethereum offers a wide range of benefits that are highly valued in the blockchain world.

Firstly, Ethereum provides high levels of security and safety for applications built on its platform. The platform utilizes advanced cryptography and smart contracts to ensure that all transactions are secure and tamper-proof.

Secondly, Ethereum is known for its stability, which means that it can handle large volumes of transactions without experiencing any downtime. This is a critical feature for businesses that need to process high volumes of transactions in real-time.

Thirdly, Ethereum offers zero downtime, which means that applications built on the platform can run 24/7 without any interruption. This is especially important for enterprise applications that need to operate continuously without any interruptions.

2. Corda

Corda is a powerful open-source blockchain platform that is designed to facilitate direct transactions between businesses while ensuring strict privacy through smart contract integrations. Many enterprises have adopted Corda as it offers a cost-effective solution for streamlining various business processes while reducing record keeping and transaction costs.

One of the major advantages of Corda is its ability to scale up or down according to the real-time business requirements. This allows enterprises to customize their blockchain solutions as per their specific needs and integrate it seamlessly into their existing systems.

3. Quorum

The Ethereum-based permissioned network is a highly versatile platform that supports both private and public transactions. It is an ideal platform for the development of applications that require fast processing and quick speed of private transactions within the blockchain ecosystem.

One of the key benefits of the Ethereum-based permissioned network is its ability to handle private transactions. This is particularly important for businesses that need to protect sensitive data while still leveraging the benefits of blockchain technology.

4. Hyperledger Fabric

The permissioned network is an excellent platform for businesses as it provides them with the ability to register users and offer transaction authority and identity access. This allows businesses to define a specific area in which users can work and requires new users to seek permission before accessing sensitive data or performing certain actions.

One of the key features of the permissioned network is its ability to provide data partitions. This allows enterprises to store sensitive data in a secure and private manner, ensuring that it is protected from unauthorized access. Data partitions are particularly useful for businesses that are subject to legal implications and require additional layers of security to protect sensitive information.

Benefits of enterprise blockchain development for businesses

Instead of going for public blockchain networks, businesses can experience the following benefits when they decide to go for blockchain development.

1. Privacy

In a public blockchain, the data can access anyone. However, for security reasons, many companies don’t prefer allowing everyone to access their data. 

Blockchain allows companies to set a limitation to their blockchain network where only the allowed members can access their data; that’s not the case with a public blockchain network.

Limiting data accessibility on blockchain networks helps businesses privately store their data and sensitive information.

2. Security

Businesses can experience a great level of security on a blockchain network compared to public blockchain networks. 

Since blockchain offers companies complete control over their blockchain network, the companies are free to limit their accessibility to only well-known and trusted sources, which helps them improve their network’s security.

With the help of blockchain, companies can add more security to their blockchain networks by limiting network accessibility, data encryption, smart contract security, and much more.

3. Throughput time

Let’s first understand its definition. It is the rate at which valid transactions happen on a blockchain network in a defined period. 

In a public blockchain, large numbers of transactions are happening, lowering the throughput time on their networks. A significant number of transactions can eventually lower the throughput time on public blockchain networks.

Moreover, the public blockchain has more nodes that perform many transactions due to the many blockchain members involved. 

While in the case of a private blockchain, the companies can get a better throughput time since only a limited number of people can perform transactions on their blockchain network.

4. Better supply chain management

Companies such as Alibaba and Walmart are using blockchain to improve their supply chain management. 

Blockchain helps these companies to increase the traceability and visibility of their supply chain management by easily tracking any defective products. 

Moreover, companies can maintain and establish their trust among their customers since they can easily track transactions on their network to identify and eliminate any transaction fraud in their infrastructure.

Check the tools and technologies you can use to develop your blockchain network.

Tech stack for blockchain development

These are the following tools you can pick for creating your blockchain network:

Smart contractsTruffle, OpenZeppline, HardHat, Infura, Alchemy, Quicknode, Ganache, Pinata, Metamask, Geth, Chainlink
Programming languageSolidity, Vyper, Rust, Python, C++
Frameworks Node.JS, Web3.JS, Ethers.JS, React.JS, Angular JS, Next JS
Databases The Graph, CouchDB, MongoDB
WalletsBinance, Trust Wallet, Meta Mask, Coinbase, WalletConnect

So how to get started with creating your blockchain networks? You can check the given development steps in detail.

Steps to start enterprise blockchain development

To create your blockchain network, it is advisable for you to come up source for your project to an app development company along with following the given steps:

1. Identify your business goals

The company will first understand your business goals, pain points, and priorities. Understanding your project will help them to offer you a great solution and services to create your blockchain.

Gathering as much data regarding your business is important so they can help you create a more customized version of a blockchain platform for your business. 

You can decide on essential factors such as the usage of smart contracts or developing an exclusive cryptocurrency for your platform.

Also, there are many other essential factors that your partner blockchain development company will ask at the time of platform design strategy for your blockchain. 

2. Create a development strategy for building your blockchain network.

The company will start creating prototypes, designing, and user testing for your platform development in this stage. 

The company will decide the features and functionality of your blockchain platform that can help you fulfill your business goals, such as

  • Native cryptocurrencies development 
  • Supported crypto wallets
  • Data accessibility level 
  • Deciding the rights of blockchain members
  • Consensus mechanism

Also, you can suggest to them what features and functionality you want in your blockchain platform, such as transaction fees, support for popular crypto wallets, etc.

Once you agree on the strategies and solutions for your platform development, the company will start creating your blockchain platform.

3. Put the development part into action

In this stage, the company will start building features and functionalities to make your blockchain platform fully functional. 

The development stage will include the following activities such as programming, logic building, designing, etc.

The blockchain developers will start backend and front-end development and integrate them to make your blockchain platform ready to launch. 

4. Test your blockchain network

Ensure your blockchain platform meets all the quality standards that can help you for a great platform experience for your users. You can test your blockchain network to identify any drawbacks or technical glitches in your platform. 

Also, it will be best for you to perform better testing, where you will allow several users to test your platform. They will give feedback based on their experience when using your blockchain network so that you can improve your platform based on user feedback.

You can involve your business staff members if you are developing a blockchain network for your business network. They will test the blockchain network to identify any challenges they face when using your network so you can improve them before its final launch.

5. Launch and maintain your blockchain

After going through all the requirements to make your blockchain platform, you can launch them among your targeted audience or use them privately for your business.

However, regular maintenance is required for your blockchain network to help you improve the quality of your blockchain platform by adding new features and eliminating any possible drawbacks on each update.

6. Access technical support from blockchain developers

You will need constant support from blockchain developers to help with any technical challenges or train your employees regarding using your blockchain platform.

If you need marketing services, the blockchain developer team or any marketing team can also help you promote your platform among your target audience.

Use Cases of Enterprise Blockchain

Enterprise blockchain has proven to be a revolutionary technology that has the potential to transform various industries and streamline complex processes. 

It provides a secure, transparent, and immutable decentralized ledger that facilitates trust and collaboration among multiple parties. Here, we will explore the specific use cases of enterprise blockchain in each of the mentioned industries:

1. Financial Services

Blockchain technology has the potential to revolutionize the financial services industry by introducing transparency, security, and efficiency into various processes.

a. Cross-Border Payments

Enterprise blockchain can significantly reduce the time and cost associated with cross-border transactions. Traditional cross-border payments involve multiple intermediaries, resulting in delays and high fees. With blockchain, financial institutions can directly interact with each other, facilitating real-time settlements and eliminating intermediaries. This not only speeds up the process but also reduces the cost of international transfers.

b. Trade Finance

Trade finance involves complex documentation and verification processes, which can be time-consuming and prone to errors and fraud. Blockchain can automate and streamline these processes by providing a secure and tamper-proof record of trade transactions. Smart contracts can be used to automate payment releases upon fulfillment of predefined conditions, reducing the risk for both buyers and sellers.

c. Identity Verification

Identity verification is a crucial aspect of financial transactions, but it can also be vulnerable to data breaches and identity theft. Blockchain-based identity systems offer a more secure solution by encrypting and decentralizing user data. Users can have control over their personal information and share it securely with authorized parties, reducing the risk of identity fraud.

2. Aviation

The aviation industry can benefit from blockchain technology by improving maintenance processes, supply chain management, and overall operational efficiency.

a. Maintenance and Repair

Maintaining aircraft in optimal condition is essential for safety and compliance. Blockchain can be used to create an immutable maintenance history for each aircraft and its components. This ledger can track maintenance activities, inspections, and repairs, ensuring that all maintenance is performed on time and in accordance with regulations.

b. Supply Chain Management

The aviation supply chain is complex, involving multiple suppliers, manufacturers, and maintenance providers. Blockchain can enhance transparency and traceability in the supply chain by recording every step of the process. This enables real-time tracking of aircraft parts and components, reducing the risk of counterfeits and ensuring that only authentic and certified parts are used.

3. Automation

Blockchain technology can facilitate automation by enabling the use of smart contracts and creating trust between automated systems.

a. Smart Contracts

Smart contracts are self-executing contracts with the terms and conditions directly written into code. They automatically execute when predefined conditions are met. Enterprise blockchain can host smart contracts that automate various business processes, such as insurance claims processing, royalty payments, and supply chain logistics.

b. Supply Chain Automation

Blockchain can be integrated into automated supply chain systems, allowing for seamless and transparent communication between different stakeholders. This can lead to smoother logistics, reduced lead times, and minimized errors in inventory management.

4. Retail

Blockchain can provide various advantages to the retail industry, including improved product authenticity and enhanced customer loyalty programs.

a. Product Authenticity

Counterfeit products are a significant concern in the retail industry, leading to revenue loss and potential harm to customers. Blockchain can help combat this issue by creating an immutable record of a product’s origin and journey through the supply chain. Customers can verify the authenticity of products by scanning a QR code or NFC tag, which retrieves the product’s history from the blockchain.

b. Loyalty Programs

Traditional loyalty programs often suffer from complex redemption processes and limited options for rewards. Blockchain-based loyalty programs can provide a more seamless and transparent experience for customers. Points earned through purchases can be directly stored on the blockchain, and customers can easily track their points and redeem rewards in real-time.

5. Healthcare

The healthcare industry can benefit from the adoption of blockchain technology to improve patient data management and drug supply chain traceability.

a. Medical Records

Patient data privacy and interoperability are significant challenges in healthcare. Blockchain can provide a secure and decentralized storage solution for medical records, ensuring that patient data is accessible only to authorized healthcare providers while maintaining patient confidentiality.

b. Drug Traceability

Blockchain-based supply chain solutions can enhance the traceability of pharmaceutical products from manufacturers to patients. This prevents the circulation of counterfeit drugs and ensures that patients receive genuine and safe medications.

6. Real Estate

Blockchain technology can revolutionize the real estate industry by simplifying property transactions, enhancing transparency, and reducing fraud.

a. Title Deeds and Ownership

Property transactions often involve a complex and lengthy process of verifying ownership and transferring title deeds. Blockchain can digitize property ownership records, making them tamper-proof and easily accessible. This can streamline the process of buying, selling, and transferring real estate, reducing paperwork and the risk of fraudulent transactions.

b. Tokenization of Assets

Blockchain enables the fractional ownership of real estate through tokenization. By representing ownership of a property as digital tokens on the blockchain, investors can purchase and trade fractions of properties, making real estate investment more accessible and liquid.

7. Logistics

Blockchain can significantly improve the efficiency and transparency of logistics and supply chain management.

a. Supply Chain Transparency

In logistics, the supply chain involves multiple parties, including manufacturers, suppliers, distributors, and retailers. Blockchain can create a shared and immutable ledger that records every step of the supply chain, enabling real-time tracking of goods and enhancing transparency. This can reduce delays, prevent counterfeiting, and ensure compliance with regulations.

b. Delivery Verification

With blockchain, the proof of delivery process can be made more reliable and efficient. Every delivery and receipt can be recorded on the blockchain, creating an auditable trail of transactions. This can reduce disputes and enable faster resolution of delivery-related issues.

8. Manufacturing

Blockchain technology can improve supply chain management, quality control, and sustainability efforts in the manufacturing industry.

a. Supplier Verification

Manufacturers rely on a network of suppliers to deliver raw materials and components. Blockchain can verify and audit supplier credentials, ensuring that only trusted and compliant suppliers are part of the supply chain.

b. Product Lifecycle Tracking

Blockchain can enable manufacturers to track the entire lifecycle of products, from sourcing raw materials to the end of the product’s life. This level of visibility allows manufacturers to identify inefficiencies, improve quality control, and demonstrate product sustainability to consumers.

9. E-Commerce

Blockchain can enhance security, transparency, and efficiency in e-commerce transactions.

a. Supply Chain Efficiency

E-commerce companies can use blockchain to optimize their supply chains by providing real-time tracking of goods and inventory. This reduces delays in delivery, prevents stockouts, and enhances customer satisfaction.

b. Payment Security

Blockchain-based payment systems can improve payment security and reduce the risk of fraud and chargebacks. Customers can have more control over their payment information, and transactions can be executed directly.

Contact Idea Usher to create your blockchain

Private blockchain offers many benefits to businesses, such as a great level of control and traceability. If you want to create a blockchain network for your business, you can contact Idea Usher

We offer complete blockchain development services and are experienced with adding advanced technologies and customized features to blockchain networks.

You can schedule a free consultation call with our team to discuss your project so we can create a blockchain for your business.

Hire Expert Developers For Your Next Project

FAQ

Q. What are the key features required for enterprise blockchains?

A. These are the following key features required for blockchains:

  • Private networks
  • High throughput time
  • More privacy and security
  • Flexibility to limit network accessibility.

Q. How is blockchain used in enterprise networks?

A. Blockchain enterprise solution allows companies to ease their data operation and business processes on their private blockchain networks. A private blockchain network offers companies better transaction speed and processing by eliminating all the intermediaries across all nodes and allowing them more control over their network.

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