Is Enterprise Blockchain Dead?
TL; DR: No. But enterprise blockchain platforms, system integrators, and business network operators need to update their offerings and move to SaaS, PaaS, and BaaS models.
The recent insolvency of the Marco Polo Network, with €5.2m debts and €XXm assets lost 😭, raises questions about the commercial viability of blockchain-based trade finance platforms. Despite the potential benefits, many organisations hesitate to adopt blockchain technology due to the required changes in existing systems, regulatory uncertainty, limited scalability, high costs, and lack of interoperability.
Some authors like Tim Wagner for The New Stack even stated that Enterprise Blockchain Is Doomed and later in the article stated that “The Future of Business Blockchain Is Brighter than the Present”. At INDUSTRIA we remain undeterred by setbacks in the industry like we. Trade, B3i, TradeLens, Marco Polo Network, and the blockchain project by the Australian Stock Exchange. Similarly, to the Dotcom collapse new names and businesses will emerge from the ashes of the old ones, but I will come back to this later in this article.
Why Do Enterprise Projects Go Belly-Up? 🤷
Blockchain, this crazy-cool tech with massive potential, has sadly been linked to a bunch of project flops and ghosted ventures 😱. Even though it can enable real-time data sharing across multiple parties, clouds, and geographies, OG blockchains like Ethereum and Hyperledger Fabric have faced some real struggles in the enterprise world. The main culprits are high costs, complexity, and the time it takes to roll out (check out the Crucial Hurdles in Adopting Enterprise Blockchain Tech & How to Crush ‘Em! below for more details 📊).
First-gen blockchains lack support for data models and files, making it tough to handle critical business data 🤯. They also don’t offer SaaS goodies or horizontal scaling, which means deployment can be a costly affair in terms of staffing, support, and setting up the infrastructure. Plus, they’re not that friendly with cloud integration, adding more complexity and expense to integration projects.
But fear not! Second-gen blockchains have learned their lessons and are bringing their A-game 💪. They’re all about public clouds for scaling and integration, provide data models that vibe like traditional database tables, and make files first-class citizens. They also serve up low-code SaaS services with seamless scalability and fault tolerance. Compliance programs like SOC2 and GDPR are baked right into these platforms’ core, making them ready to handle mission-critical storage and PII/PHI data like a boss.
One example of how to cut costs and be a game-changer is the upcoming Corda 5, a second-gen enterprise blockchain (or DLT) platform 🚀. Still, in the works, Corda 5 is set to slash costs for maintenance, SaaS, and PaaS while streamlining complexity and adding fresh features. This upgrade will boost the appeal of blockchain adoption in trade finance, letting companies enjoy the perks of this tech without breaking the bank 💸.
Now, let’s dive into the details! 🌊
Crucial Hurdles in Adopting Enterprise Blockchain Tech & How to Crush ‘Em! 💪🚀
Alright, time to get down to business, some technical details, and be a bit more serious! 😎👍
Required Changes in Existing Systems
What is the Problem?
Current enterprise blockchain adoption often necessitates changes in existing IT systems due to its fundamentally different approach to data management and security. Blockchain technology relies on a decentralised, distributed ledger for secure and transparent data sharing among multiple parties. To integrate this technology, businesses must reevaluate and modify their existing centralised systems and processes to accommodate the new decentralised infrastructure. This may involve redesigning data storage, communication channels, and workflows, as well as retraining staff to work with the new technology. Such transformations can be time-consuming, costly, and complex, leading to hesitation among organisations when considering the adoption of enterprise blockchain solutions.
What Might be the Possible Solution?
The issue of enterprise blockchain necessitating changes in existing systems can be addressed through the following approaches:
- Seamless integration: Develop enterprise blockchain solutions that can easily integrate with current systems and infrastructure, minimising the need for significant modifications.
- Interoperability: Implement blockchain platforms that support interoperability with various existing systems and protocols, allowing for smooth data exchange and communication.
- Modular design: Design blockchain solutions with a modular architecture, enabling individual components to be updated or replaced without disrupting the entire system.
- Gradual implementation: Plan for a phased deployment of the blockchain solution, allowing for incremental changes to existing systems and processes, and reducing the risk of major disruptions.
- Collaboration with stakeholders: Engage stakeholders, including IT staff, system users, and partners, in the planning and implementation process to identify necessary changes and ensure smooth integration.
- Education and training: Provide proper education and training to personnel involved in implementing and maintaining the blockchain solution to ensure they understand the required changes and can manage them effectively.
In a concise summary, the enterprise blockchain should not drastically change the way customers operate or should only impose minimal changes for the following reasons:
- User experience: Preserving a familiar user experience is essential for customer satisfaction and adoption. Significant changes may lead to confusion and frustration, negatively impacting customer loyalty and retention.
- Reduced disruption: Minimising alterations to customers’ operations ensures that their workflows and processes are not heavily disrupted, allowing them to maintain productivity and efficiency.
- Lower costs: Limiting changes to customer operations can help reduce costs associated with training, system modifications, and support, making the blockchain solution more cost-effective and appealing.
- Faster adoption: If the transition to the enterprise blockchain is smooth and minimally invasive, customers are more likely to adopt the technology quickly and start reaping its benefits.
- Competitive advantage: A blockchain solution that integrates seamlessly with customers’ existing systems and processes can provide a competitive edge over other solutions that demand more significant changes.
By ensuring minimal changes to customers’ operations, enterprise blockchain solutions can enhance user satisfaction, promote adoption, and deliver maximum value without causing unnecessary disruptions.
Regulatory Uncertainty
What is the Problem?
Enterprise blockchain experiences regulatory uncertainty primarily due to the lack of a comprehensive legal framework governing its use and implementation. As blockchain technology continues to evolve rapidly, governments and regulatory bodies around the world struggle to define clear guidelines and policies. This uncertainty creates hesitation among businesses to adopt blockchain technology and poses challenges in securing funding, ensuring compliance, and achieving widespread adoption. Additionally, the technology’s association with cryptocurrencies further complicates the regulatory landscape, as governments grapple with establishing suitable rules for digital assets.
What Might be the Possible Solution?
Yes, regulatory uncertainty stemming from the use of enterprise blockchain can be addressed and mitigated. Corda, a permissioned blockchain platform designed specifically for businesses, can help resolve this issue in several ways:
- Compliance by design: Corda is built with compliance in mind, providing features and functionalities that enable adherence to various regulatory requirements. Its permissioned structure allows for control over data access and sharing, ensuring that sensitive information is only disclosed to authorised parties.
- Interoperability: Corda’s design facilitates interoperability with other systems and platforms, which is crucial in a heavily regulated environment. This enables businesses to integrate Corda-based solutions with existing systems and comply with regulatory requirements across multiple jurisdictions.
- Legal identity: Corda incorporates real-world legal identities for participants on the network, ensuring that transactions can be traced and audited if required. This feature helps satisfy regulatory demands for transparency and accountability.
- Data privacy: Corda’s privacy features, such as point-to-point communication and selective data sharing, ensure that sensitive information is protected, in line with privacy regulations like GDPR.
- Collaboration with regulators: R3, the company behind Corda, actively engages with regulators and policymakers to ensure that their platform remains compliant with evolving regulations. This proactive approach helps Corda stay ahead of regulatory changes and avoid potential compliance risks.
By leveraging Corda’s features and R3’s commitment to regulatory compliance, businesses can overcome regulatory uncertainty while harnessing the benefits of blockchain technology.
Absence of SaaS Solutions and Horizontal Scaling
What is the Problem?
First-generation blockchains epitomize the 1990s “DIY” data centre technology, relying solely on vertical scaling through “single box” deployments and lacking support for user-friendly SaaS-style deployment and adoption. This makes attempting to utilize the technology burdensome in terms of staffing, support, and infrastructure setup costs, even before a potential project can take off.
What Might be the Possible Solution?
Addressing the absence of SaaS solutions and horizontal scaling in enterprise blockchain platforms can be achieved by adopting next-generation blockchain technologies that offer SaaS-style deployment and support horizontal scaling. These solutions streamline the implementation process, minimize infrastructure requirements, and enable seamless integration with existing systems. By leveraging such platforms, businesses can benefit from enhanced scalability, flexibility, and cost-effectiveness in their blockchain projects. A prime example of a second-generation blockchain SaaS offering is the BSN Spartan Network, a non-cryptocurrency enterprise blockchain platform. I am thrilled to mention that INDUSTRIA is a proud partner in this cutting-edge project, further showcasing our commitment to innovation and progress in the blockchain space.
Limited Scalability
What is the Problem?
Existing enterprise blockchain platforms often face limited scalability, which hinders their ability to handle growing transaction volumes and accommodate expanding networks. This challenge stems from the inherent design of blockchain technology, which relies on decentralised consensus and replication of data across multiple nodes. As the number of users and transactions increases, so does the computational and storage burden on each node, potentially leading to slower transaction processing times and network congestion. Additionally, some platforms may lack the flexibility to scale horizontally or vertically, further limiting their adaptability to changing business needs. This limited scalability can impede the widespread adoption of blockchain technology in enterprise settings and constrain its potential to drive innovation and efficiency across various industries.
What Might be the Possible Solution?
Tickling the limited scalability of enterprise blockchain is as simple as embracing innovative platforms that can scale like Jack’s Beanstalk! By adopting cutting-edge blockchain technologies, we can transform scalability from a pesky gremlin into a smooth operator, giving businesses the power to grow without breaking a sweat.
Now, seriously, addressing the limited scalability of enterprise blockchain boils down to leveraging next-generation platforms that incorporate advanced consensus algorithms, efficient sharding techniques, and interoperability with other blockchain networks. By doing so, we can catapult enterprise blockchain’s performance to soaring heights, ensuring that businesses can thrive in a scalable and secure environment.
Corda 5 addresses limited scalability by optimising transaction throughput and latency, supporting horizontal scaling, featuring a modular architecture, and introducing advanced consensus algorithms. These enhancements allow for efficient handling of increased workloads, better resource utilisation, and consistent performance, making Corda 5 a suitable choice for enterprises seeking scalable blockchain solutions.
Lack of Data Model Support
What is the Problem?
Unlike databases where the data model (schema) represents a vital component of the solution, both public and private blockchains disregard data types. This forces potential adopters to figure out how to fit their essential business data into a collection of untyped strings, resulting in an architectural disaster akin to attempting to construct a house on a foundation of soggy spaghetti noodles (as suggested by Tim Wagner).
What Might be the Possible Solution?
Addressing the absence of data model support in enterprise blockchain can be accomplished by employing sophisticated blockchain platforms and incorporating strong data management strategies:
- Adopt next-generation blockchain platforms: Newer blockchain platforms have recognised the importance of data models and provide built-in support for them. These platforms allow businesses to define, store, and manage their data using familiar database structures, which simplifies integration with existing systems and improves overall efficiency.
- Utilize off-chain data storage: In cases where on-chain data model support is limited, enterprises can use off-chain data storage solutions. This approach involves storing the data in a traditional database or a distributed file system, and only recording the hash or reference to the data on the blockchain. This method can provide more flexibility and control over data models and data management, while still leveraging the security and immutability of the blockchain.
- Implement data standardisation: Standardising data formats and structures across the enterprise and the blockchain network can help ensure consistent data models, even when native support is lacking. This practice enables seamless data exchange and communication between different systems, reducing the need for data transformation and manual intervention.
- Leverage middleware and APIs: Middleware and APIs can be used to bridge the gap between the blockchain platform and existing systems, allowing for seamless data model management and integration. By implementing these tools, businesses can ensure that their data models are consistent across both on-chain and off-chain environments, making it easier to manage and utilize their data effectively.
- Development of custom solutions: In some cases, businesses may need to create custom solutions to address data model support limitations. This could involve developing middleware or APIs that facilitate data model management and integration between the blockchain platform and existing systems.
Custom solutions and APIs represent the essential components of the services provided by the Professional Services team at INDUSTRIA.
High Costs
What is the Problem?
Existing enterprise blockchain solutions can impose high costs due to several factors. First, the development and implementation of blockchain technology can be resource-intensive and expensive, especially for start-ups or small businesses competing with larger, well-established firms. Second, running a blockchain network often entails significant operational costs, including infrastructure, energy consumption, and maintenance, which can be a barrier to entry for companies operating on a tight budget. Lastly, integrating blockchain technology often necessitates substantial changes to existing systems and processes, leading to additional expenses in terms of time, staffing, and training. These high costs can deter organisations from adopting blockchain solutions, hindering its widespread use and potential benefits in various industries.
What Might be the Possible Solution?
Overcoming the high costs associated with enterprise blockchain platforms can be achieved through a combination of technological advancements, efficient deployment strategies, and collaboration. Let me provide some ways to address this issue:
- Adopting next-generation blockchain platforms: Newer, more efficient blockchain platforms are being developed that offer better scalability, lower maintenance costs, and improved interoperability. By adopting these advanced platforms, enterprises can reduce the overall costs associated with blockchain implementation. As mentioned earlier, Corda 5 (soon to be in GA) is setting up a standard for reducing cloud costs for customers and business network operators.
- Leveraging cloud-based services: Utilising cloud-based blockchain-as-a-service (BaaS) offerings can help enterprises minimize infrastructure costs, reduce maintenance burdens, and increase scalability. These services enable companies to focus on their core business functions while outsourcing the technical aspects of blockchain deployment and management to cloud providers.
- Implementing modular architectures: Designing modular blockchain systems allows enterprises to add or remove components as needed, leading to cost-effective customisation and scalability. This approach enables businesses to build their systems incrementally, avoiding substantial upfront investments in infrastructure and development. Reusing often-used modules is a job for the ISVs and the system integrators.
- Collaboration and consortia (Yes, they are still alive but need revamping): Forming partnerships or joining consortia can help enterprises share the costs and resources associated with blockchain implementation. Collaborative efforts can also lead to the development of shared platforms, reducing the need for individual companies to invest in their infrastructure and development efforts.
- Open-source solutions: Leveraging open-source blockchain platforms and tools can reduce costs by providing access to shared resources and a collaborative development community. Open-source solutions also enable faster innovation and adaptation, as they can benefit from the contributions of a diverse group of developers and organisations. For example, within the Corda world we almost always start with the Community edition and if the idea is proven to be successful, we move to the commercial versions of the platform.
Lack of Interoperability
What is the Problem?
Current enterprise blockchain solutions often lack interoperability due to the existence of multiple blockchain platforms and protocols, each with its distinct architecture, consensus mechanisms, and data structures. This diversity makes it challenging for different blockchain networks to communicate and share data seamlessly. As a result, companies using different platforms might face difficulties when trying to collaborate or integrate their systems, limiting the potential benefits of blockchain technology. Overcoming this interoperability challenge is essential for wider blockchain adoption and for unlocking its full potential in streamlining business processes and fostering cross-industry collaboration.
What Might be the Possible Solution?
Solving the lack of interoperability in enterprise blockchain requires the development and implementation of standards, protocols, and frameworks that enable different blockchain platforms and systems to communicate and share data seamlessly. Here are several technical approaches to address this issue:
- Cross-chain communication protocols: Develop protocols that enable interaction between different blockchain networks. Examples of such protocols include Polkadot’s cross-chain message passing (XCMP) and Cosmos’ Inter-Blockchain Communication (IBC) protocol. These protocols allow value and data transfers between heterogeneous blockchains, facilitating seamless communication and data exchange. Another alternative could be the usage of the Quant Network managed by Gilbert Verdain, a long-time professional friend.
- Blockchain middleware and APIs: Create middleware solutions and standardised APIs that allow developers to build applications that can interact with multiple blockchain platforms. These solutions act as a bridge between different blockchains and allow applications to access and process data from various networks without requiring a deep understanding of their underlying technologies.
- Blockchain integration platforms: Develop platforms that serve as a hub for connecting various blockchain networks and traditional systems. These integration platforms offer pre-built connectors and adaptors that enable businesses to connect their existing IT systems with multiple blockchain networks, allowing for seamless data flow and collaboration.
- Interoperability-focused consortia and alliances: Encourage collaboration between industry players, developers, and researchers to create open-source frameworks and standards that facilitate interoperability. The Enterprise Ethereum Alliance (EEA), Hyperledger, and R3 are examples of organisations working towards standardising blockchain technology and promoting interoperability.
- Off-chain and layer-2 solutions: Implement off-chain and layer-2 solutions that allow transactions and data processing to occur outside the main blockchain network. This approach can help alleviate network congestion and improve scalability, making it easier for different systems to interact without being bogged down by the limitations of individual blockchain networks.
Understanding the Role of the Enterprise Blockchain
What is the Problem?
Companies and market participants often experience confusion when it comes to understanding enterprise blockchain and its implications. Many people still associate blockchain technology with cryptocurrencies, like Bitcoin, and are not fully aware of its broader applications in a business context. This lack of understanding can lead to the misconception that enterprise blockchain solutions are centralised systems, like traditional databases.
What Might be the Possible Solution?
Enterprise blockchains are decentralised systems that offer enhanced security, transparency, and data integrity compared to centralised systems. They can help streamline processes, improve collaboration between multiple parties, and reduce the need for intermediaries. However, the concept of decentralisation and distributed ledger technology may be unfamiliar or difficult to grasp for some businesses and individuals, which can pose a barrier to widespread adoption and understanding of the true potential of enterprise blockchain solutions. To overcome this challenge, continued education and awareness-building are essential for dispelling misconceptions and fostering a deeper understanding of the benefits that enterprise blockchain technology can bring.
Blockchain Standardisation
What is the Problem?
Standardisation is crucial for enterprise blockchain because it promotes interoperability, facilitates integration, and fosters widespread adoption. By establishing common protocols and data formats, standardisation ensures that different blockchain platforms can seamlessly interact with each other, enabling businesses to collaborate and share information more effectively. This interoperability is essential for the scalability and efficiency of enterprise blockchain solutions, as it allows organisations to leverage existing infrastructure and avoid costly retooling.
In addition, standardisation simplifies the integration process for businesses looking to adopt blockchain technology. By adhering to a set of widely accepted standards, developers can more easily create and deploy blockchain applications that are compatible with various systems and platforms. This streamlines the adoption process and reduces the likelihood of technical issues arising from incompatibility.
Finally, standardisation contributes to the widespread adoption of enterprise blockchain technology by creating a cohesive ecosystem that is accessible and easy to navigate. As more organisations adopt standardised blockchain solutions, the technology’s credibility and value proposition will be further reinforced, encouraging even more businesses to embrace this transformative technology.
What Might be the Possible Solution?
The standardisation issue within enterprise blockchain is being addressed through various initiatives and collaborations aimed at creating unified standards and best practices. Some of these initiatives include:
- The International Organisation for Standardisation (ISO): The ISO has established a Technical Committee, ISO/TC 307, dedicated to blockchain and distributed ledger technologies (I am a happy member of this Technical Committee and Working Group 6 on Use Cases representing Small Business Standards of the EU). The committee is working on creating global standards for various aspects of blockchain technology, including security, privacy, and interoperability.
- The Global Blockchain Business Council (GBBC): The GBBC is a global industry association that promotes the adoption of blockchain technology by engaging with regulators, policymakers, and businesses. It seeks to establish a common understanding of the technology and facilitate the creation of global standards and best practices.
- The World Economic Forum (WEF): The WEF has undertaken several initiatives to address standardisation in the blockchain space. These include the development of the Blockchain Deployment Toolkit, which provides guidelines and best practices for organisations looking to implement blockchain technology.
- European Blockchain Partnership (EBP): The EBP is a collaboration between the European Commission and 30 European countries. It aims to develop a European Blockchain Services Infrastructure (EBSI) that will enable cross-border digital public services. By promoting a common approach to blockchain technology, the EBP aims to facilitate the adoption and standardisation of blockchain across the EU. The European Blockchain Partnership’s main focus has been building the European Blockchain Services Infrastructure (EBSI) and I am happy to share the fact that INDUSTRIA (the company I am working for) is part of a consortium to make EBSI provide better public services for all Europeans.
- European Blockchain Observatory and Forum (EBOF): The EBOF was established by the European Commission to support blockchain innovation and adoption in Europe. It serves as a platform for gathering information, monitoring developments, and promoting common standards and best practices in the blockchain ecosystem. The EBOF also conducts research and publishes reports on various blockchain-related topics, including standardisation.
- International Association of Trusted Blockchain Applications (INATBA): The INATBA is a global multi-stakeholder organisation that brings together industry, start-ups, policymakers, international organisations, and regulators to promote a common approach to blockchain standardisation, governance, and interoperability. Although not exclusively focused on the EU, the INATBA has strong European roots and is supported by the European Commission.
- There are blockchain initiatives from CEN (European Committee for Standardisation) and CENELEC (European Committee for Electrotechnical Standardisation). CEN and CENELEC, as European standardisation organisations, play a significant role in developing standards that facilitate blockchain technology adoption and interoperability. In 2018, CEN and CENELEC established the Focus Group on Blockchain and Distributed Ledger Technologies (FG BC/DTL), which is aimed at analysing the impact and opportunities of blockchain and distributed ledger technologies on the European standardisation landscape.
There is a funny and bright joke for those of you who reached this point:
Why did the scarecrow win an award? Because he was outstanding in his field.😂
The Future of the Enterprise Blockchain
Though the initial wave of blockchain projects has faced challenges, the future of business blockchain remains bright. Distributed ledgers and blockchains already save companies millions in reconciliation expenses and streamline operations. Stock exchanges like SIX are using the enterprise blockchain technology, Rebalance Earth are using it for ESG, Contour is revolutionising global trade, the Plastic Bank stopped more than 4 million bottles from entering the ocean, Coadjute makes property transactions better for everyone and many projects that are live and in production.
With continuous innovation and feedback from early failures, the next-generation of blockchains can reach their full potential as business and cloud infrastructure solutions.
Going Back to the Roots
This afternoon in the office I had a brief chat with Richard Gendal Brown (aka ‘RGB’, R3 CTO and very difficult to catch up person) on things from pricing to fragmentation and CordApp architecture). What I’ve stated is that Corda should consider returning to its roots as a global blockchain network because its original design principles and goals are still relevant and valuable in today’s ever-evolving enterprise and blockchain in the general landscape. The Corda Introduction paper showcases the platform’s unique approach to solving critical issues such as privacy, security, scalability, and interoperability, which are still pertinent challenges in the blockchain industry.
But why a global network? The industry has been battling against data silos for several decades. The rise of computerised information systems in the 1980s and 1990s led to the creation of isolated data repositories within organisations. These silos made it difficult to access and share information across different departments and systems, leading to inefficiencies and suboptimal decision-making.
Since then, numerous technologies and methodologies have been developed to break down data silos, including data warehouses, data integration tools, and enterprise resource planning (ERP) systems. The growth of cloud computing, APIs, and more recently, blockchain technology, has further facilitated the integration of disparate data sources and systems, allowing organisations to move towards a more unified and holistic view of their data. However, despite these advancements, data silos continue to persist in many organisations, posing challenges to effective data management and collaboration.
And yet we are facing a fragmentation issue. Instead of the isolated servers we had in the past, the enterprise blockchain risks the creation of fragmented and isolated networks (think about LANs that are unable to talk to each other).
Fragmentation and the risk of creating isolated networks are significant concerns in the blockchain space. When multiple blockchain platforms operate independently and without interoperability, it leads to the creation of siloed networks that hinder the exchange of information and value across different ecosystems. This fragmentation can impede the realisation of blockchain’s full potential, as it hampers collaboration, reduces efficiency, and makes it difficult for businesses to leverage the benefits of a truly connected, global network.
Similarly, to TCP/IP, once a market participant is connected to a global network using its identity it can communicate to various other sub-networks or segregated ones. As long as I am on the global network, I can build whatever I can and talk to whoever I want. Once a Bank X is connected to the network and they are using (for example) a payment or smart legal contract application, they can receive and send payments or sign contracts with whomever the bank wants. No repetition, using DRY (Don’t Repeat Yourself) and KISS (Keep It Simple, Stupid) principles.
To overcome this challenge, the industry must work towards standardisation and the development of interoperable solutions. By fostering collaboration between various blockchain platforms and ensuring seamless communication, the risk of fragmentation can be minimised. This will enable businesses to benefit from the enhanced efficiency, transparency, and security offered by interconnected blockchain networks, ultimately unlocking the true potential of this revolutionary technology.
Blockchain as a Service
Enterprise blockchain firms should concentrate on delivering Blockchain as a Service (BaaS) for several wicked cool reasons:
- Smooth sailing with deployment and management: BaaS lets businesses harness the power of blockchain technology without breaking a sweat. They can skip the hassle of developing, deploying, and managing their blockchain infrastructure and focus on rocking their core business processes instead.
- Lowering the drawbridge: By offering BaaS, enterprise blockchain firms make it a breeze for businesses to jump on the blockchain bandwagon and experiment with this cutting-edge technology. This sets the stage for rapid blockchain adoption across various industries, sparking innovative use cases left and right.
- Scaling like a boss: BaaS gives businesses the flexibility to scale their “blockchain mojo” (another quote by RGB he mentioned to me during a Christmas event two years ago) as their needs evolve. They can effortlessly add or remove nodes, tweak consensus algorithms, or integrate with other systems on the fly, all through a well-managed service.
- Cost-effective awesomeness: BaaS helps businesses slash the upfront costs and ongoing maintenance expenses tied to managing their own blockchain infrastructure. This brings blockchain technology within reach for a broader range of organisations, making it more affordable and accessible.
- Rock-solid security and reliability: Enterprise blockchain firms can flex their blockchain expertise to provide a bulletproof and dependable BaaS platform. This helps businesses build trust in their blockchain applications and guarantees the integrity and availability of their data.
- Interoperability and standardisation like a pro: By zeroing in on BaaS, enterprise blockchain firms can join forces to develop industry-wide standards and boost interoperability between different blockchain networks. This paves the way for a more connected and efficient ecosystem, enabling seamless data exchange and collaboration across diverse platforms.
Offering Blockchain as a Service, enterprise blockchain firms can make the adoption and implementation process a walk in the park for businesses, while providing a scalable, cost-effective, and secure solution that ignites innovation and growth in the blockchain realm.
In the enterprise blockchain space, it’s essential to break free from the shackles of outdated enterprise software models and embrace the future. Remember the meteoric rise of cloud giants like Adobe and Salesforce, who left traditional software companies like Oracle and SAP behind by seizing the opportunities presented by cloud computing. Just like these companies, enterprise blockchain providers should adapt and evolve, focusing on delivering blockchain as a service, catering to modern business needs, and ensuring a seamless customer experience. By moving away from the rigid, traditional enterprise software model, enterprise blockchain can tap into new markets and unleash its full potential, capturing the hearts and minds of businesses and their customers alike. Embrace the change, and let’s create a new wave of innovation that will propel the industry forward.
Wrapping Up With a Chuckle: A Light-Hearted Enterprise Blockchain Conclusion 🤣🎬🔚
To all my fellow enterprise blockchain enthusiasts out there, let’s keep the fire burning! 🔥 The enterprise blockchain is far from dead — it’s just beginning to spread its wings and soar to new heights! 🚀🌟 We’re all in this together, and I can’t wait to witness the fantastic innovations and breakthroughs that the future holds for this fantastic technology. 🤖💡 I’d love to hear your thoughts in the comments, and if you’ve made it this far, I hope you’re not bored to death! 😅 Let’s band together and watch enterprise blockchain take the world by storm! 💪🌍🎉
Long live enterprise blockchain! ❤️ (curtains close)
