What is enterprise blockchain / How does it work ?

What is enterprise blockchain / How does it work ?

 

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What is enterprise blockchain / How does it work ?

If you’re saying BLOCKCHAIN to the standard person and ask them what immediately springs to mind, you’d possibly get references to Bitcoin, the dark net, fortunes made and lost, Facebook’s Libra. Or, you’d possibly just get a blank stare.

What is enterprise blockchain? How does it work ? - etechkey

So once you tell them that a variety of the world’s most conservative firms are using it or that the Italian banking system now depends on thereon, it’s perhaps no surprise when their heads start to spin.

It is indeed true that tons of parents within the ‘enterprise blockchain’ world are working for over five years now to use techniques pioneered by Bitcoin to unravel problems for today’s businesses.

But the technologies we’ve built and thus the applications we’re developing couldn’t be beyond that start line, which we haven’t already done an honest job of taking people on the journey that we ourselves have travelled.

 

¤ Back to the beginning

In the attempting to separated blockchains and Bitcoins, it had seem counter-intuitive to start out by talking about how Bitcoin came about; but the truth is, you can’t explain the history of blockchain without talking about Bitcoin.

When the pseudonymous “SATOSHI NAKAMOTO” released ‘Bitcoin: a peer-to-peer electronic cash system’ in 2009, the earth was introduced to a manifesto which proposed an alternate kind of currency that was a “purely peer-to-peer version of electronic cash”.

This particular kind of alternative cash, as launched by Nakamoto, is Bitcoin.

Importantly, Nakamoto didn’t awaken at some point wanting to ‘build a blockchain’. No. Instead, it clothed that the vision of a peer-to-peer electronic cash system required an architecture where there was no single party in overall control, where each participant could verify transaction histories for themselves, and where everybody needed the way to make sure that their view of the ledger was the same as everybody else’s.

The need for a blockchain’s architecture emerged from Bitcoins requirements.

But once the thought of a shared network where each participant verifies updates for themselves and where there’s an agreed mechanism to form sure people are in agreement has been created, it’s natural to start out bent to spot other problems it can also solve.

So it’s helpful to think about Bitcoin as simply one of a spread of varied applications of blockchain technology.

At core, a blockchain is an architecture for a distribute networking where each participants can verify that their view of any relevant transactions is simply like that of their counterpart’s.

It allows you to make applications where each participant knows needless to mention that “what you see is what I see” (WYSIWIS).

This is what Nakamoto needed to form Bitcoin work: how for each participant to ascertain things for themselves (no trusted third parties) and the way to make sure everybody reaches the same conclusion on what actually happened during a case where two valid but competing actions happen at near the same time (double-spend prevention).

But, what does that basically mean, and therefore the way does it apply in an enterprise context?

 

¤ Unpicking the enterprise blockchain definition

The description I even have above doesn’t sound like much.

But once you recognize you’re in sync alongside your trading partners and know you’ve agreed up front what the principles are for any updates, it creates some extremely powerful possibilities.

For example, consider a borrower negotiating a loan from a complicated syndicate of lenders.

Lots of moving parts, many lawyers, many incompatible IT systems, and a gaggle of contracts which can last for the next thirty years.

If you’ll make sure that every one participant ultimately ended up with the same view of the deal and shared the same business rules about how the contract would evolved within the approaching year’s, you will massively reduce the number of error, duplication, queries and reconciliations.

The “WYSIWIS” idea, when applied to networks of companies trying to manage a classy business process, is extremely alluring. And it’s the basic promise of a blockchain architecture.

But there’s also a haul.

The traditionally permission-less blockchains architectures between which all the data is shared with all parties upon which the likes of Bitcoin were built, do not fit well in an enterprises environment.

Permissionless blockchains try hard to obscures the identity of their participants, whereas businesses want to be completely sure who they’re signing contracts with!

So my firm et al. found ourselves during a curious position at the starts of our journeys five years ago.

This is why the blockchains getting want to unravelling real problems for businesses today are almost entirely ground-up developments.

A heavily inspired by the public platforms, but architectural different in fundamental ways.

 

¤ Email, except for machines?

At its heart, enterprise blockchain is creating the how of allowing different systems to talk to at least one another during a way that ensures they will make certain they’re in sync, in order that businesses can do what they already do, but better.

One way to consider blockchain is as email for machines.

Emails work alright to permit us to speak and shared information with people in the least of the firms we work with.

But, blockchain let’s us communicates and shared information with systems within the firms with which we work.

It is a standard technology which will be employed by all industries.

This is the essence of what you would like to link applications in several firms together.

Moving from a world where every body build and runs their own distinct applications, which are endlessly out of sync, to at least one where everybody is employing a shared market-level application, dramatically drives down deviations and errors.

And

That’s what we mean once we mention ‘helping businesses do what they are doing better’.

Herein lies the important opportunity for blockchain technology: to optimize not just entire firms, but entire markets.

Most businesses are centralized but the markets that the majority businesses operate in are decentralized.

 

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¤ Market-level optimization

Enterprise blockchain platform’s achieved a number of their magic because they are create seemingly trivial improvements to inter-firm business processes.

In doing so, they dramatically approach levels of automation and consensus.

The promise of enterprises blockchains has made incredible headway since it 1st came to mainstream consciousness some five years ago.

We have seen uses cases in only about every industry imaginable and there are few sectors which couldn’t enjoy its core features of trust and transparency.

As with any disruptive technology, understanding its premise and coming to terms with the thought of departing from the established order will perhaps be the best challenge in unlocking an enterprise blockchain at scale.

When blockchain applied to unravel business is not about upending legacy systems, but connecting them and offering a replacement technology which will enable them to figure together, better.

If the primary fifty years of monetary technology were focused on optimizing the operations of individual firms, the longer term will undoubtedly be about optimizing entire markets.

This is the last word promise of enterprise blockchain technology for financial services and beyond.

 


 

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