The idea of using blockchains for an enterprise really interests corporate personalities and us. A deep study is going on to make sure everything works accurately when it comes to real-world applications. Businesses depend on applications, and they cannot survive without them. In case entrepreneurs take things to a decentralized network, it is crucial to analyze compatibility deeply. When blockchain works with Bitcoin, there is no problem because both are virtual. Blockchain stores transactions while people send and receive funds. Many experts are carefully observing the outcomes of blockchain in enterprises. Here, we will see, ‘is blockchain good for enterprises’.
Is Blockchain Good For Enterprises Or Bad For Them?
Blockchain debuted in 2008 when Bitcoin started the journey. It is the underlying technology behind this and other successful cryptocurrencies. Although countries from all around the world are exploring the applications, first comes an established enterprise for which blockchain matters. Enterprises have to look beyond Bitcoin and dig deep into the core principles working. They actually need a system that records events that happen in our world, not in the crypto world. The point has really attracted the attention of the corporates as they are locking real-world applications with this decentralized technology. Corporates are going back to 2008.
It is the right approach to look at the year when it all started. When people first heard about Bitcoin, a majority of them were puzzled by learning the fact that they would exchange Bitcoins using their well-earned dollars. That time was to give a tangible asset to the virtual environment, and that too with less reliability. One response that appeared was Bitcoin is valuable. You keep some of them, and they would offer future benefits. A few took chances and made millions and billions now. Bitcoin blockchain has recorded all the Bitcoin HODLers, and it is continuing to do so.
After looking at the efficiency of blockchain, entrepreneurs thought of using it for storing records. However, doubts raised when they came across the records the system is storing. Actually, the record should be independent of the technology, which is not seen anywhere in its case. When Bitcoin blockchain holds records, the records themselves are nothing more than Bitcoin holdings. In other words, the blockchain is recording its own holding distributed among the people who are owning crypto. Thus, Bitcoin and blockchain are working for themselves and not for real-world facts. There is a need for it to store real-world data.
People make mistakes. In case we make mistakes, a system should be such that it allows us to modify the records previously entered. We know that blockchain is a decentralized technology, and it is next to impossible to tamper with the data. Storing real-world records in blockchain means that they will always remain as they were entered. Blockchain will be the one to consider your wrong information always valid. This is a significant disadvantage of using blockchain systems for enterprise applications. So if we have to use blockchain, we must make sure that the data entered is already accurate.
Should We Use Centralized Blockchains?
Recent developments have given rise to centralized blockchains. Such a blockchain would be under the control of a particular government or company. Governments are going to use these blockchains to introduce CBDCs before us. Quite happily, they are working on CBDCs because they always crave to govern. Without authorization, we cannot imagine a government. On the other hand, companies can store and alter data whenever they want. And for this reason, the centralized blockchain is a complete failure. We have databases to store the data. Blockchain is also a network maintained by thousands of nodes lacking any centralized control.
One blockchain solution could be a system that is both decentralized and centralized. In theory, it could be a network where only one updation is possible. Once done with that, blockchain would take care of immutability. None other than a few employees can change data. But then again, we have tampered. We are using cloud-based systems in today’s time. They are perfect in the way we can store and modify data. Tech giants like Microsoft and Amazon are analyzing blockchains, and they are worried about this thing. An immutable system is perfect if the data is depending on it.
Is blockchain good for enterprises? The answer is, maybe. If we are confident about the accuracy, blockchain is the perfect system. Looking besides blockchains, cryptos are assets booming in the market. Also, the future for an ICO exists by observing the way people are interacting with new offerings in today’s time. Cryptocurrencies and blockchains work together, but if we look at their uses, they have different fates. Millions of people are now interacting with the crypto world as they see profits coming into wallets. Despite massive crypto adoption, entrepreneurs should examine many things in blockchains. Ultimately, strong dedication is required.