The many use cases for blockchain in the enterprise ecosystem are drawn through the various blockchain features that fill in the loopholes and gaps.
The expected benefits are driven by blockchain features that match the shortcomings of enterprises.
- Decentralization in a peer-to-peer network
In corporate institutions, it is commonly believed that everything from compliance to communication should be done in a centralized way. However, by incorporating a decentralized mechanism, commonly referred to as the Blockchain of Things, into your business communications and compliance networks, your enterprise can not only move all communication and compliance into a permission system that is secure from unauthorized access, but also enable the enterprise to function in a system that cannot be hacked. - Immutability breeds quality and completeness
The fact that Blockchain operates on the basis of an immutability mechanism, making it impossible to change what once enters the blocks, makes quality and correctness of the most important.
In a traditional system, quality becomes a matter of multiplicity, leading not only to a delay in delivery time, but also to an end result that does not guarantee quality or even compliance with what was originally required.
But when an enterprise is under pressure to lock its data into the system, the likelihood of information completeness and quality assurance automatically increases.
- Transparency leads to accountability
The fact that the blockchain opens everything up to the public is leading to a whole new wave in how responsibly employees and stakeholders act in business. The transparency functionality offered by blockchain is set to change the future of transactions. - Blockchain provides cost savings
One of the most popular benefits of blockchain technology, both in the corporate world and beyond, is the cost-saving advantage.
With its numerous offerings such as smart contracts, decentralization, and even transparency, Blockchain is somehow presenting the corporate world with some serious cost savings, saving them from investing money in verification, tracking the authenticity of goods, checking the quality of services offered, etc.
The blockchain features and their impact on enterprise customization that we have just seen remain relevant only until the point where the enterprise blockchain solutions you have invested in and implemented in your organization become good enough – a point we have detailed in our accessible guide to Blockchain Application Development.