Enterprise Ethereum :How it Differs from DLT?
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You might have come across the
concept of enterprise blockchain projects as it is now gaining more popularity
each day. Numerous companies are collaborating with these business networks for
streamlining shared business processes such as tracing real-world goods,
managing data, and tracking transactions.
Understanding Enterprise Ethereum?
Ethereum, as most of us would
already know, is a public blockchain that allows us to write codes to control
money and build applications that are accessible from anywhere in the world. It
is a public blockchain which allows application developers to pay using Ether
(Ethereum’s cryptocurrency) for services availed on the Ethereum blockchain.
An enterprise Ethereum is one where
the Ethereum codebase is used by enterprises across the world to form business
blockchain networks. While there is no single product called “Enterprise
Ethereum,” the term refers holistically to blockchains that are developed using
modified Ethereum clients like Quorum and Pantheon. These address the specific
needs of the enterprise, such as increased performance, scalability, and
privacy, along with permissions and governance controls.
Another significant fact to note
here is that enterprise Ethereum networks will not face the same privacy or
scaling constraints as the public Ethereum. As the network size of enterprise
Ethereum networks is smaller and the block sizes and the gas limits can be
adjusted, it is possible to scale more transactions per second like other
distributed ledger technologies (DLT).
Reasons for Ethereum Being More Than
a DLT
R3’s Corda and Hyperledger Fabric
are the other enterprise solutions that have gained popularity. Let us now
understand the various features that make enterprise Ethereum the most powerful
and versatile blockchain for business.
- Enterprise Ethereum Can Access the Public Ethereum, the
Most Developed and Secure Blockchain Platform in the World
Enterprise Ethereum is faster due to
increased participation. This is not the case with distributed ledger
solutions. Right from 2015, many people have purchased millions of dollars of
Ether on the public Ethereum. Many developers have built more than 2,000
decentralized applications on Ethereum. This is what makes Ethreum’s public
network the most advanced and tested blockchain platform in the
world.
So, how does enterprise Ethereum
benefit by developing on the public mainnet? Building on Ethereum will help
enterprise solutions quickly adopt updates to Ethereum and benefit from the
innovation of the ecosystem. It offers them an active and vast high-value
public blockchain and all the elements of its ecosystem.
2. Enterprise Ethereum Can Be
Rapidly Deployed and has the Lowest Cost Business Model
The open-source and flexible
codebase of Ethereum helps enterprise Ethereum have a low-cost business model
as it eradicates dependence on a single large solutions provider whose business
model focuses on upselling and feeding on deep dependencies cloud and
consulting services. Private, permission Ethereum networks can be set up within
weeks when compared to other solutions that are difficult to maintain. New
business solutions are constantly launching like Kaleido’s blockchain business
cloud, which is an example of a SaaS platform to build and run enterprise
blockchain solutions.
3. It Offers the Largest Enterprise
Ecosystem
Ethereum is the most active
technical blockchain community across the globe, with more than 2,000
decentralized applications and more than 300K infrastructure experts and
developers. The enterprise and consumer arenas of Ethereum are developing
standards to guide regulation and promote interoperability for the future
success of the blockchain.
4. Enterprise Ethereum Helps
Future-Proof Companies
Future-proofing is the concept of
protecting companies against obsolescence. For enterprise Ethereum solutions,
future-proofing can be applied to three things, namely your company’s data,
your company, and Ethereum itself. Future-proofing can also mean the actual
functioning of a blockchain. A blockchain helps keep data safe, immutable, and
future-proofed. Decision-makers may even define future-proofing as mitigating
risk to ensure prolonged success for their businesses.
Conclusion
I hope you have now understood the
aspects in which an Enterprise Ethereum can be considered to be more than a distributed ledger technology.
To become an Ethereum expert and get
instant updates about blockchain certifications, check out Blockchain Council.
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