The term ‘Blockchain’ is the latest buzzword in the digital diaspora today with custom Blockchain development the next budding prospect for enterprises. To put the Blockchain workings in simple words – It helps people draft entries into a ledger while a community of users inspect and command how this record of information is updated into the ledger.
ublic & Private Blockchains
Private Blockchain – The Crux
Scope of Private Blockchain Solutions Development
The Key to Consumable Custom Blockchain Development
Auditing and Logging
For complying by the standards set by regulated systems and statutory authorities regarding non-repudiation, fraud analysis, technology root cause analysis and other enterprise systems.
Unlike public Blockchains, in enterprise-grade Blockchain solutions the participants have well- defines roles and are thus, required to be identified and tracked.
For complying by the regulations and generally accepted IT practices regarding high availability, capacity planning, pattern recognition and fault identification.
This includes integration with incumbent System of Record (SoR) to aid both existing and incumbent systems, have Blockchain as a transaction processingsystem to secure SoR as a temporary approach for adopting Blockchain and opting for least disrupting path to speed up enterprise adoption.
It is important to generate connectors for existing SoR to delegate the reporting and regulatory requirements till the time the Blockchain gets familiar with the enterprise software or vice-versa.
What is the Future of Private Blockchain for Businesses?
Some of the possibilities that we can expect in future with the advent of Blockchain are:
- Central banks adopting Blockchain cryptographically secured currencies.
- Reduced cyber risks owing to the identity authentication through a visible ledger.
- Small and medium enterprises using Blockchain to build trusted trading platforms amongst themselves for Accounts Payables and Receivables for example.
- Robustness and transparency within the post-trade environment.
- National economy to be dominated by Bitcoin and cryptocurrency.
- Blockchain technology could aid social welfare in developing nations.