The World Economic Forum predicted during the WEF DAVOS conference in 2017 that 10% of the World’s GDP will be stored on blockchains by 2030. Those predictions have started coming true as brands like Bumble Bee Foods, IBM, Walmart and Visa have deployed blockchains solutions in their day-to-day operations..
Private blockchains eliminate intermediaries, optimize cost and simplify data sharing between trusted vendors in a fast-efficient and peer-to-peer basis. Hence they have paved the way for enterprises who want to enjoy the security and transparency without compromising the identity to enjoy the upside of a decentralized operation.
In this piece, we shall see some of the best enterprise blockchain solutions of 2023 making headlines to transform the business landscape.
Because every enterprise is different and so is their needs, hence a one-size fit all solution could terribly off-set adoption. Due to such a trait offered by HyperLedger Fabric, , enterprises get a unique angle towards defining their consensus mechanism. As a result of this, more than 185 organizations have been using the HyperLedger Private blockchains in sectors like banking, finance, manufacturing, technology, and IoTs because it provides cutting edge technology support, optimum IP handling infrastructure, and a collaborative approach.
Key Features of HyperLedger Fabric
- HyperLedger Fabric has a modular architecture which allows enterprises to adjust their operations with a plug-&-play model. In this way, the consensus mechanism is easy to set up and agree to with specific premium membership services.
- The availability of smart-contracts and compatibility with a wide range of data sets allow frictionless interoperability with other participants in the network.
- The federated nature of the blockchain allows validator background checking and selection based on social status and market identifiability restoring the trust in the system.
- HyperLedger Fabric allows protection of digital and private keys.
When Is It Best to Use Hyperledger Fabric?
Hyperledger Fabric is best suited for use when two parties that do not trust each other have a business interest that involves volume transaction with each other. Due to such a requirement, they have to either trust a third party to install the infrastructure to manage all of it.
The downside to this approach is the third party charging a hefty sum of money. On top of this, now Party A & B need to trust Party C, which is the intermediary between the two. And Party C is relying on humans to complete the task, which might create the best case for human errors in accounts matching and reconciliation.
What would hyperledger fabric do in this regard?
Hyperledger Fabric induces smart-contracts based on a business logic that all participating entities agree to with each other. The hyper ledger fabric ecosystem connects with each of the participating entities and provides them with a private key through which they can access the information.
So, if any of the participating entities choose to alter any data that leads to non-reconciliation of the books, it gets triggered at the end of the servers of other parties participating in the ecosystem who can right away see the changes done . Thus it makes transaction processing instantaneous, transparent and consensus based.
However there’s an alternative scenario to this efficacy as well where some exceptional hacker could barge in and tweak with the ledger. Could the ledger protect itself then?
If that happens, even then the HyperLedger Fabric ecosystem can survive by protecting itself because cryptographic verification will not happen simultaneously. But with this trade-off, it does expose the data to other participating nodes in the ecosystem, which almost sounds like an elephant in the room from a data privacy standpoint.
Who Should Use HyperLedger Fabric?
HyperLedger Fabric is meant for those businesses that want to have complete control over their data and want to enjoy a fortified privacy.
Quorum is an enterprise-focussed Ethereum blockchain that has revolutionized how the in-house blockchain ecosystem works. JP Morgan has worked on this project to ensure that hundred to hundred-fifty transactions can be processed in a second. In this way, Quorum has attracted more than 10,000 projects on its network. Central banks, voting and asset transfer on a 1:1 peg have been triggered by the Quorum blockchain to name a few use-cases. Due to its protocol based design, enterprises have the discretion to deploy blockchain solutions with a permissioned infrastructure.
Key Features of Quorum
- Quorum assures very high performance
- It has a voting based consensus mechanism ensuring reliability and trust.
- Quorum can be deployed as per the varying needs of the organization. Hence making the entire process of deployment plug & play ready.
- Quorum nodes, constellation transaction management and enclaves make transaction efficiency enhanced and optimally secure for deployment.
When Is It Best to Use Quorum?
Businesses in banking/finance, insurance, healthcare, digital identity and supplychain desire to eliminate intermediaries which could reduce the cost. For that reason, going for enterprise blockchains like HyperLedger Fabric makes sense since they are smart-contract ready. However there’s a major downside to this approach from the standpoint of data privacy because any change in the state of the blockchain will be broadcasted on all the nodes active in the ecosystem.
Due to this reason, it creates a major data privacy breach. In regions, which follow strict GDPR compliances, it could create a major hassle for enterprises who want to enjoy the safety and transparency of the blockchain but do not want to make the data public. Through the Quorum blockchain, severe data privacy issues for enterprises could be resolved through the use of ZKPs, homomorphic encryption, and private cryptography. To better make you understand the scenario, let’s take an example.
There are two parties, A and B. When A sends the transaction to B, A would wrap that up in a Transaction Quorum node A along with the payload. A would keep the PayLoad Private Only, which shall be the Public Key of A & B.
What the Quorum Node does is transfer the transaction to the transaction manager. A subsequent encrypted message will be requested with the transaction payload. Once that is done, it will be forwarded to the recipient. Now the transaction manager or smart-contract on Quorum will create a symmetric key for the transaction payload.
Subsequent two-random nonces will be generated along with the payload. Through one of the nonces and the TX keys, the data will be encrypted and sent to the receiver. The receiver shall decrypt the data with the private key. This process will be followed for multiple nonces and private keys which shall be matched with the respective public key bearing the separate nonce of the hash.
All the transactions are propagated to the network between both AB with a ZKP or Zero- Knowledge Proof. Everytime a query is triggered, it will go to the transaction manager who shall give the results to the GoQuorum nodes, from where the transaction can be accessed via the private key.
Who Should Use Quorum?
Quorum is well suited for financial institutions like banks and the government, because these are the stakeholders who do not want to make their data public but they need a very strong security system to safeguard the network.
Corda blockchain was built by the joint collaboration of financial institutions to deploy decentralized solutions in their working. However over the years, Corda has transcended to other sectors like supply chain, healthcare, and public improving their operations. Like the above mentioned Ethereum blockchains, Corda also uses consensus algorithms in validating transactions and providing transparency in operation.
Key Features of Corda
- It is a permissioned blockchain allowing only the chosen validators to validate the transaction.
- Corda doesn’t have a native token allowing any corporation to build their own infrastructure and deploy blockchain solutions in their operation.
- Corda allows better interoperability with the network peers allowing cross environment business operation.
- Ready to deploy framework allows quick launching of the project where enterprises are looking forward to integrating the security and efficiency of blockchain.
When Is It Best to Use R3 Corda?
The present financial system doesn’t want to compromise on the status-quo but they do not want to stay behind either in the race of one-upmanship when it comes to control and transparency. R3 Corda has allowed the financial institutions to function with their existing tech infrastructure by scaling up with the ethos of both centralization and decentralization with a hybrid model.
So it is suited for those enterprises that want to use the security of blockchain and the control of the centralized systems. R3 allows multi-party operation through chains of data instead of chains of blocks. Such a feature ensures that data doesn’t get published; but at the same time, the network could enjoy security and scalability at large. It wouldn’t be an understatement that R3 Corda helps explore the gray region between decentralization and centralization through its unique technological architecture which uses JVM instead of EVM for functionality.
Who Should Use Quorum?
Quorum fits in the bill of the government that doesn’t want to dilute control but they do want to be left behind either when it comes to using DLT privately.
Enterprise needs are highly different when compared to retail adoption; as a result, they need a different approach to data sharing without compromising on the scalability. Polygon Edge provides a dedicated infrastructure where developers instead of forking the chain can set-up their own consensus mechanism as per the need using JSON and libp2p.
Key Features of Polygon Edge
- The chain can switch between PoA and PoS as per their need. For doing the switchovers, it is not necessary to reset the chains back and forth.
- Polygon Edge comes with a backup and restore mode that completely eliminates the need to turn off any node while initiating the updates.
- Storing private keys on a disk exposes vulnerabilities which Polygon Edge resolves by storing the data on HashiCorp Vault and AmazonSecrets Manager.
- Polygon Edge comes with stress-testing simulation where the network creates an artificial environment to check the efficacy of the blockchain. Through this feature, the developers can easily pick the right tools that can help them scale and make the blockchain work with any glitches.
When Is It Best to Use Polygon Edge?
Enterprises can look forward to Polygon Edge when they want maximum control over how the transactions are handled. For example, they simply want to shift from a low fee transaction to a no-fee transaction. Through the use of Polygon Edge, they can set-up a base layer networking that broadcasts the change of the state of the blockchain. For performing these functions, they use simple commands and rely on gRPC to give the most authentic state transition for better functioning of the network. Hence Polygon Edge is well suited when enterprises are looking for the security of Ethereum but without compromising on the scalability. For that reason, DogeCoin has already hosted on Polygon Edge which allows its ecosystem to remain EVM compatible and share data with other blockchains allowing interoperability and massive adoption in the long run.
Who Should Use Polygon Edge?
Polygon Edge is meant for those enterprises that want to use the security of Ethereum but not at the cost of scalability and even marginal gas cost.
HyperLedger SawTooth (HLST)
Choosing the language to construct the architectural design on which the ecosystem can stand seems like a challenge for enterprises when they want to host on top of DLT solutions. HyperLedger SawTooth has eliminated that obstacle through separating the core system from the application domain.
Due to such a feature, developers can easily develop custom solutions because of the modular nature of the HLST blockchain. Developers have the discretion to define their own transaction rules, permissioning and consensus mechanism based on the requirement of the project.
Key Features of HLST
- There’s a clear distinction between application and core system allowing developers to create abstracted smart contracts where they can put logic based on the need of the project or business.
- Developers have the choice to set-up an application business logic or a smart-contract business logic and put their functionality on a hybrid model so that they can co-exist and work in the best interest of the business.
- There’s provision to set-up a transaction family hierarchy which allows low-level functions to be performed. In this way, there could be a clear demarcation drawn between application performance and information storage in blocks.
When Is It Best to Use HLST?
If you wish to have a predefined business logic that complies with the business need and at the same time, it provides an immutability trade-off to the stakeholders to verify the veracity of the transaction, at such times, the use of HyperLedger SawTooth is much preferred. Why? HyperLedger SawTooth uses Proof of Elapsed Time, Practical Byzantine Fault Tolerance, Devmode, Raft, and PoET CFT. These consensus mechanisms render speed and efficiency without sacrificing scalability. So to an extent, they foster trust even though enterprises wish to remain centralized while using decentralized solutions.
How does this help build trust?
For example, let’s explain that through an example. If you are running a business supplying milk. There are two things that you wish to achieve for your business and your end clients: (i) Establish Trust (ii) Track process.
HLST uses barcode scanners that would provide the provenance of the entire process of manufacturing and delivery of the milk. In this way, it can help bridge the trust and specific hybrid model of the consensus mechanism allows faster transaction finality. In this way, appealing to businesses which want to have a hybrid model in their operation.
Who Should Use HyperLedger SawTooth?
Those enterprises that want to develop decentralized applications or platforms can look forward to HyperLedger SawTooth. Why? It demarcates the development layer from the main network; thus allowing information sharing across partner networks without compromising any participant in the network.
Private blockchains operate in a particular environment for speed and scalability but they do compromise on security at a certain point. Due to such flaws, the need arises where private blockchains can work in tandem with the public chains without diluting their control but mirroring the security and interoperability of public blockchains. That’s where HyperLedger Besu pitches in.
As an open-source Ethereum client, HyperLedger Besu allows businesses to run dedicated use-cases as per their need on Ethereum protocol via specific APIs. Furthermore, HyperLedger Besu allows interaction with different Ethereum clients for better synchronicity of data for an up-end transaction execution.
Features of HyperLedger Besu
- Turing complete EVM compatible
- Different consensus mechanisms based on block production, block validation & transaction validation can be deployed as and when required.
- It also comes with user-facing APIs in the form of EEA JSON RPC that allows connections with protocols that are based on web sockets and HTTP.
- Privacy is another key feature of HyperLedger Besu which makes it ideal for enterprise adoption.
When Is It Best to Use HyperLedger Besu (HLB)?
If you are looking forward to creating a common feature among different EEA or Ethereum Enterprise Alliance projects, in such a case, it is highly beneficial to set-up HyperLedger Besu because it creates a uniform environment for all the participants that can participate and exchange data without any vulnerability. Hence it has found its use justified in the pharmaceutical segment.
Through Besu, enterprises can easily handle stringest regulations and complex data policies. So if you are operating your business in the European Union which has strict GDPR compliances, use of HyperLedger Besu can simply end-to-end operation with no lag and instant finality with very little cost incurred because of its hybrid consensus mechanism. In this way, it is turning out to be a drug repository system/ecosystem for pharma through its private-public operations where any client can participate in the ecosystem to donate or receive help without compromising their identity.
Who Should Use HyperLedger Besu?
Organizations stumble upon accessing the right data at the right time that would promulgate growth. Why? Because they have a lot of intermediaries involved that set-up hierarchical standards which acts as a major bottleneck towards attaining faster decision making and optimizing the growth potential. To deal with the odds, the need for a solution arises which should have a modular infrastructure that can be adjusted as per the need of the enterprise. Fluree, a blockchain based data management platform simplifies data sharing among stakeholders in a fully permissioned, secure and scalable manner using the ethos of DLT.
The modular nature of the technology allows businesses to develop the infrastructure as per their need and the Semantic Graph Database of Fluree allows enterprises to build full-stack applications on a data centric architecture. Through the use of Fluree, it is easier to create a unified and immutable data-set. Hence protecting the data against misuse, at the same time, making valuable data readily available at the right time based on query functions to the right stakeholders. The use of DLT ensures the data is traceable and accountable.
Features of HyperLedger Besu
- Semantic Graph Database which helps in executing sophisticated graph queries.
- It has a singular and scalable data security model which helps businesses to protect their IT infrastructure from bloating under APIs.
- Governance as a code allows complete control over data.
- Provides a provable audit trait that helps in managing the data effectively.
When Is It Best to Use Fluree?
At the moment, most enterprises face a problem where they cannot strategically place their data which can enhance decision making. For example, if they have been using a system that calls data for processing through APIs, it leads to excessive data exposure, which might be vulnerable for the enterprise. If they set-up a data management and governance body, it would lead to additional costs and multiple points of failure.
For such enterprises, if they do not want to bloat their operations with APIs and allow a permissioned infrastructure on top of which data should dwell and be ready to be processed, for such a need, Fluree comes with all the trade-offs. Through the use of its AI-Machine Learning Data Transformation Software, Fluree enables preparation of raw data from disparate sources. The enterprise need not have to set-up additional master data management or data quality tools. Hence they can save costs in an unprecedented way.
Those businesses that wish to shift their legacy data management system to a modular structure which gives the best of both worlds: centralized & decentralized, Fluree is an ideal choice.
Who Should Use Fluree?
Those enterprises that want limited data exposure while interoperating with different departments and businesses can switch to the Fluree ecosystem.
Which One Is Better?
The question which blockchain is better shouldn’t be an easy guess because some of them are solving scalability challenges, whereas, some from the list provide a modular architecture for operations. Or, others have solved data management and interoperability challenges. For example, HyperLedger Fabric has allowed banks to deploy the mix of deFi-banking under one roof. Through CryptoEnter, banks can easily deploy DeFi. Likewise, Polygon Edge is allowing enterprises to develop solutions in their private space and use Edge to enjoy the security of Ethereum.
On that note, we shall look at a table that compares all the above blockchains based on the benefits that they bring;
Challenges While Deploying Enterprise Blockchain
Deploying enterprise blockchain can present a number of challenges, including scalability, security, and cost issues. While deploying a node in a local set-up using technical documentation may seem straightforward, scaling it for enterprise-grade output can be challenging.
In addition, the cost of maintaining an in-house blockchain deployment can be high, especially if you do not have the right team or resources to support it. Most of the times it does not make sense to use a dedicated setup, as it may not be necessary for your organization’s needs.
Security is also a critical concern, with continuous monitoring of security vulnerabilities, DevOps, NodeOps, and network upgrades being essential to protect the integrity and confidentiality of the blockchain. Even if these challenges are addressed, the setup may not be scalable enough to handle sudden increases in network traffic, which could impact the overall performance of the system.
Managing all of these issues requires significant human resources, time, and cost, making the deployment of enterprise blockchain a complex and challenging process that should be approached with careful planning and consideration.
What’s the Way Out?
If you are looking for a simpler and more efficient way to deploy and manage your blockchain infrastructure, you may want to consider a no-code blockchain infrastructure platform like Zeeve. With years of experience and a team of experts, Zeeve can help address the challenges associated with deploying a production-grade network, making the process headache-free and ensuring that the node is set up correctly, runs smoothly, and is secure.
Moreover, Zeeve provides access to in-depth analytics, monitoring, and alerts, ensuring that you are immediately notified of any issues that require your attention. This saves you cost and reduces your time to market, allowing you to focus on your core business activities instead of managing a complex blockchain infrastructure.
If you’re interested in simplifying your blockchain deployment and management experience, we encourage you to set up a call with our team to see how Zeeve can help meet your needs. We are confident that our platform will save you time, money, and effort, while also providing you with the peace of mind that comes with knowing your blockchain infrastructure is secure and running smoothly.