Enterprise blockchain solutions enable companies to optimize and automate business processes sector-wide. Following the recent innovations in hybrid and private blockchain solutions, enterprise adoption of blockchain technology is soaring. Some of the biggest companies in the world use blockchain technology to increase efficiency in supply chain management, database management, asset transfers, and beyond. This includes Microsoft, IBM, and Coca-Cola. However, enterprise blockchains differ from public blockchain networks like Bitcoin and Ethereum. So, if you’re one of the many business leaders wondering, “What is an enterprise blockchain?”, read on!

In this article, we’re going to dive deep into the world of enterprise blockchain solutions. We’ll answer some of the most pressing questions surrounding enterprise blockchains, such as “What is an enterprise blockchain?”, “How do hybrid blockchains work?”, and “How can my business benefit from blockchain?”. Also, we’ll explore the 10 most-popular blockchain platforms for businesses and how you can integrate blockchain into your workflow.

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What is an Enterprise Blockchain?

So, what is an enterprise blockchain? When we talk about blockchains, we usually refer to public blockchains. Public blockchains are decentralized networks with no central authority. However, enterprise blockchains are private and permissioned networks that suit the needs of enterprises better than public blockchains. Some enterprise blockchain solutions combine elements of both public and private blockchains to help businesses scale, track goods throughout supply chains and make global payments. That said, the overall goal of most enterprise blockchain solutions is to combine the benefits of decentralization and constant uptime associated with public blockchains, while restricting access and permissions to a specific group.

Public blockchains are often overlooked by businesses that don’t want to broadcast all of their sensitive data to the entire world. Despite this, many hybrid blockchain solutions use public blockchains like Ethereum for settlement or as “middleware”. As such, enterprise blockchain solutions can combine the best components of each type of blockchain to create a bespoke service that caters to the exact needs of the client. 

Unlike public blockchains, a company has direct control of an enterprise blockchain. This makes it easier for companies to enforce laws or block malicious transactions from their networks. Also, enterprise blockchains can be edited, whereas public blockchains cannot. Plus, anyone with the correct permissions can select who is allowed to participate in the network.

Top 10 Enterprise Blockchain Solutions

Now that we’ve addressed the question of “what is an enterprise blockchain?”, it’s time to take a closer look at the top enterprise blockchain solutions. Below, we dive deep into the most popular and widely-used Web3 platforms for businesses in 2022.

Enterprise Ethereum

Ethereum is the second-largest public blockchain network by market capitalization after Bitcoin. It is the home of decentralized finance (DeFi), smart contracts, and one of the biggest developer communities in the world. Enterprise Ethereum is “a series of guidelines and technical specifications” that aims to expedite enterprise blockchain adoption. It enables businesses to harness the power of Ethereum in a range of bespoke private, public, and hybrid blockchain solutions.

Furthermore, Enterprise Ethereum is overseen and maintained by the Ethereum Enterprise Alliance (EEA), a non-profit organization comprising more than 250 industry-leading businesses from around the world. Moreover, Enterprise Ethereum is one of the most popular solutions for building enterprise-grade blockchain networks for various use cases.

Hyperledger Fabric

Launched in 2016, Hyperledger is an open-source cross-industry blockchain solution hosted by Linux Foundation. Hyperledger Fabric is one of eight projects occurring under the Hyperledger umbrella. It aims to create a framework for creating modular enterprise blockchain solutions using a multi-lateral developer and vendor community consisting of more than 185 collaborating enterprises in finance, technology, manufacturing, and supply chain.

Hyperledger Fabric uses a plug-and-play architecture that allows businesses to experiment with different components and create highly-composable hybrid blockchains to suit the specific needs of their operations. Accordingly, Hyperledger Fabric is intuitive and easy to learn, making it ideal for non-developers and businesses. Plus, users gain access to a wealth of tools and libraries from some of the most prominent development teams.

Corda

Launched in 2015 by the world-leading consortium of financial institutions, R3, Corda is an open-source enterprise blockchain solution that aims to tackle the inefficiencies of traditional technology platforms. Although Corda was initially designed to integrate with the banking sector, its use cases extend sector-wide. This includes supply chain management, healthcare, trade, and government bodies.

Furthermore, Corda seamlessly integrates with existing systems. One of the greatest misconceptions about enterprise blockchain solutions is that they must be used exclusively and that they can only replace legacy systems. However, platforms like Corda make it extremely straightforward to integrate blockchain with little friction.

Baseline Protocol

Announced in March 2020, Baseline Protocol is a suite of open-source tools and techniques for creating bespoke enterprise blockchain solutions governed by the Ethereum OASIS Open Project. It provides an open standard for businesses and enterprises that can be applied to synchronize state across multiple systems of record without friction. The common frame of reference for these cross-system communications is the Ethereum public blockchain network. Using a hybrid of public and private solutions, Baseline Protocol helps to optimize business practices, increase transparency, and improve the security and operational integrity of corporate databases and record-keeping systems.

Furthermore, Baseline Protocol allows businesses to share data with each other in a trusted manner. Resultantly, the platform helps to reduce capital expenses and automate business processes. Some of the high-profile companies involved with Baseline Protocol include Microsoft, Coca-Cola, IBM, ConsenSys, and EY. These companies and many others benefit from the advanced communications, record management, and supply chain management solutions afforded by Baseline Protocol and the open-source community built around the project.

Additionally, Baseline Protocol uses Ethereum as the “middleware” of its enterprise solutions. As such, businesses can count on these services being censorship-resistant and available round-the-clock. However, businesses can also communicate sensitive data on the Ethereum blockchain using Baseline Protocol without exposing it to unauthorized parties. To learn more about the real-world use cases for blockchain in enterprise, check out the Baseline Protocol and Unibright course at Moralis Academy.

Ripple

Established in 2012, Ripple is a blockchain-based digital payment and cryptocurrency network that aims to replace the SWIFT payments system with a borderless decentralized blockchain network. Unlike traditional financial systems, Ripple operates without intermediaries. The native XRP cryptocurrency allows businesses to transact from anywhere in the world and settle using a broad range of native currencies with minimal fees and zero friction. 

The aim of the ripple network is to connect banks, financial institutions, payments providers, and governments using a highly-scalable global payments network. The average transaction time on Ripple is around four seconds. Also, Ripple achieves this using much less energy than other legacy blockchains. Despite the Ripple network serving global corporations and governments, it also provides an attractive service for small businesses and merchants without access to basic financial instruments. As such, Ripple is becoming an increasingly popular solution for businesses and enterprises of all descriptions.

Quorum

Quorum is an open-source protocol that leverages the Ethereum blockchain to create enterprise-ready private, public, and hybrid blockchain solutions. It was developed on Ethereum by J.P. Morgan in 2015 and was acquired by leading blockchain technology firm, ConsenSys, in 2020. Also, the Quorum codebase is a fork of Ethereum. It uses the Go implementation of Ethereum to deliver a highly-flexible solution for incorporating blockchain into existing business practices and optimizing outdated procedures. 

The Quorum enterprise blockchain platform enables businesses to use smart contracts to automate agreements between parties without relying on trust. Additionally, Quorum allows businesses to accelerate blockchain integration while mitigating many of the risks that cause barriers to adoption. 

IBM Blockchain

IBM Blockchain is the enterprise blockchain division of the leading technology company. It provides highly-customizable private and permissioned blockchain services using Hyperledger Fabric. Also, IBM is a founding member of the Hyperledger consortium. It enables businesses to create bespoke blockchain solutions for optimizing business practices, from supply chain management to identity management and global payments. This is made possible thanks to the extensive library of open-source tools developed by over 250 companies.

In 2016, the company developed IBM Food Trust. IBM Food Trust uses blockchain technology to trace food items through each step of the supply chain. This allows more than 80 different businesses to monitor the quality of their products and minimize food waste. Notable customers include Walmart, Albertsons, Dole, and Nestle.

Furthermore, the IBM Blockchain World Wire is a cross-border payments network that facilitates frictionless value transfer between financial institutions via the blockchain. The project aims to reduce the amount of time it takes to send money overseas using near-instant blockchain settlements with minimal transaction fees.

Deloitte

Deloitte is a US-based auditing service provider. The firm’s enterprise blockchain offering Deloitte Blockchain Labs provides pragmatic solutions to help businesses enter the world of Web3 with confidence. It achieves this by helping businesses prioritize initiatives and manage opportunities. Plus, it helps to iron out the various kinks associated with blockchain integration and scaling. 

The platform helps businesses to align incentives and develop dynamic strategies for incorporating Web3 technologies. Also, Deloitte Blockchain Labs can create robust risk assessments to meet industry-specific needs. Moreover, the platform facilitates rapid implementation of highly-customizable blockchain services that allow businesses to thrive in the world of Web3 and realize their full potential.

XDC Network 

XDC Network is a hybrid blockchain solution with smart contract functionality. It uses a novel delegated proof-of-stake (XDPoS) consensus mechanism to facilitate low-cost, high-speed transactions. Also, XDC Network provides a highly interoperable and developer-friendly suite of tools and services to help businesses integrate blockchain technology.

Furthermore, XDC Network provides near-instant settlements via a secure, enterprise-grade architecture designed to address the shortcomings of the legacy financial ecosystem. Also, the platform allows businesses to execute settlements using automated, immutable agreements via smart contracts. Moreover, XDC Network aims to empower businesses by facilitating frictionless cross-border trade and fund transfers.

Lighting Network

The Bitcoin Lightning Network is a layer-2 solution that operates on the Bitcoin blockchain. It facilitates high-speed, low-cost transactions that use the Bitcoin network as a settlement layer. Furthermore, the Lightning Network uses bidirectional micropayment channels to allow payments providers to harness the security of the Bitcoin blockchain while benefiting from ultra-fast transaction finality with low fees.

Legacy financial services are painfully slow. With the Lightning Network, you can send payments of any size from anywhere in the world. Also, the Bitcoin blockchain operates around the clock, so your customers don’t have to wait for their payments to clear. Save our “What is the Bitcoin Lightning Network?” article to learn more!

Top 10 Enterprise Blockchain Solutions – Summary

Blockchain technology can optimize business practices sector-wide. Also, as the demand grows for enterprise blockchain solutions, innovation in Web3 continues to disrupt legacy business infrastructures and replace the outdated practices that dominate the business landscape. Furthermore, several enterprise blockchain projects are collaborating and pooling resources in a manner that suggests consolidation and cohesion throughout the dominant players. 

Enterprise blockchain solutions could save your business time, energy, and resources, by removing unnecessary intermediaries and automating various time-consuming procedures. Selecting the best enterprise blockchain solution for your business will depend on your specific needs and requirements. Be sure to conduct your own research into the different ways you can integrate blockchain into your company. After reading this article, you should be able to answer confidently the next time someone asks you, “what is an enterprise blockchain?”.

If you want to gain a firm understanding of blockchain technology and Web3, we strongly recommend the Blockchain & Bitcoin 101 course at Moralis Academy. This course has been taught to business leaders worldwide and provides the perfect starting point for your corporate training in blockchain. Elevate your team into the world of Web3 today with Moralis Academy!