Personal life and business are similar. They said Blockchains are 100% transparent. But do that 100% transparency worthy like being 100% transparent to your closed one? Is that truly helpful for a business? Sometimes, a few things should be confidential to live happily in our life as well as to succeed in business.
Blockchain technology has been around for over a decade now. However, its adoption in the enterprise world has been slow due to its complexity and decentralization features. While businesses desire the benefits of blockchain, such as data provenance and immutability, they may not necessarily require complete decentralization.
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What is in the blog? We are going to discuss a centralized solution that offers blockchain properties, simplifying usability and reducing management overhead for enterprises.
𝑰𝒔 𝑩𝒍𝒐𝒄𝒌𝒄𝒉𝒂𝒊𝒏 𝑹𝒊𝒔𝒌𝒚 𝑭𝒐𝒓 𝑬𝒏𝒕𝒆𝒓𝒑𝒓𝒊𝒔𝒆𝒔?
Blockchain promises to offer data immutability and transparency that comes with a steep learning curve and a complex network architecture. As a result, it won’t suit all business needs. Decentralization is both a boon and a boom to businesses. So, Businesses should be cautious before choosing a blockchain solution. A customized or partially centralized or public, private blockchain? It must be up to your business requirements.
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𝑨 𝑪𝒆𝒏𝒕𝒓𝒂𝒍𝒊𝒛𝒆𝒅 𝑺𝒐𝒍𝒖𝒕𝒊𝒐𝒏 – 𝑺𝒊𝒎𝒑𝒍𝒊𝒇𝒚𝒊𝒏𝒈 𝑫𝒂𝒕𝒂 𝑴𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕
The centralized solutions act similarly to any NoSQL or document database. These solutions offer blockchain properties including data provenance and immutability. This makes it easier for businesses to adopt blockchain without learning an entirely new architecture.
For instance, in the automotive industry, these centralized solutions collect information from IoT devices in cars, such as temperature, brakes, and engine data. This data will be combined into a kind of passport for the car. These data in turn will be accessed by insurance companies in case of accidents or problems.
𝑻𝒉𝒆 𝑩𝒆𝒏𝒆𝒇𝒊𝒕𝒔 𝑶𝒇 𝑩𝒍𝒐𝒄𝒌𝒄𝒉𝒂𝒊𝒏 𝑫𝒂𝒕𝒂𝒃𝒂𝒔𝒆 𝑾𝒊𝒕𝒉 𝒑𝒓𝒐𝒗𝒆𝒏𝒂𝒏𝒄𝒆
These centralized solutions provide provenance, which makes it easier to trace data history and roll back data to identify errors or mistakes. This is particularly useful for systems that manage sensitive internal information inside a corporation. Because, at organizations or companies, even a small mistake can significantly impact their salary and benefits. However, with provenance, businesses can find the root cause of the error and resolve it quickly.
𝐓𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐟 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞𝐬
If you want to simplify the adoption of blockchain technology in enterprises, these centralized solutions are the best suitable ones. It reduces the complexity of the network architecture and makes it easier for businesses to manage their data. As more businesses adopt this solution, we anticipate seeing more use cases for blockchain technology in the enterprise world.
Therefore, by using these solutions, businesses can enjoy the best of both worlds- a regular database with a layer of cryptography that offers the most benefits of blockchain technology without the complexity.
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