Although blockchain technology is still in the nascent stage by most standards, it has nevertheless matured significantly. Enterprise blockchain, in particular, refers to a blockchain network designed for enterprise-level use as it can sufficiently meet enterprise-level demands.
The interest in and implementation of blockchain technology by large companies such as Facebook, Microsoft, IBM, Walmart, and FedEx, among others, help drive its adoption faster than ever. Proofs of successful integration, after all, help reinforce the credibility and validate the soundness of investing in such technology.
It can be expected that as the promised benefits of blockchain become even more apparent in real-world applications, adoption can simply spill over to relatively smaller enterprises across the world. Without a blockchain strategy in place, enterprises run the risk of missing the opportunity to leverage this technology as a competitive advantage.
It is exciting to see how blockchain will fundamentally reshape more enterprises across various industries down the line. At the very least, enterprises willing to experiment can enjoy benefits such as ease of use, data security and decentralization of operations, to name a few.
Furthermore, blockchain can help eradicate instances where genuine products are replaced by counterfeit goods. It can also help determine the source of contamination across the supply chain. Blockchain can make both possible by enabling companies to properly track their assets.
Apart from the advantages earlier identified, enterprises who would follow the lead of blockchain-powered companies can likewise change the way they operate for the better. As a Gartner report noted, blockchain similarly vows to lower transaction costs and settlement times and improve cash flow. Moreover, it can help companies establish and strengthen trust by enabling value exchange and providing transparency in their transactions.
The versatility of the blockchain technology is on full display as its adoption becomes even more rampant. And it is looking good on all fronts. It brings us closer and closer to an era where there are more accountability and transparency in everything we do.
