You gain serious benefits once you understand the top 10 enterprise blockchains. Enterprise blockchains come in all shapes and sizes. Large businesses leverage these networks to streamline crucial processes. These customizable networks help businesses face challenges and manage complex operations more efficiently.
There have been a lot of innovations in the enterprise blockchain sector recently. As such, it’s a smart investment of time researching which ones can fulfill your business’s needs. Today, you see a drive to consolidate, collaborate, and integrate these systems with traditional options. Here are the top 10 enterprise blockchains, in no particular order.
What is an Enterprise Blockchain?
An enterprise blockchain is similar to a traditional blockchain in that it is distributed and provides real-time data to users. What makes these networks stand out is their focus on large business demands. Enterprise blockchains need to be permissioned to enable firms to access sensitive data while keeping the same information out of the wrong hands.
To accomplish these tasks, these networks employ various methods to keep personal data protected. These methods can include restricting node access, requiring specific authentication such as NFT tokens, and other logistical requirements. There are even many enterprise-grade blockchains that are legally bound, meaning that their contracts are valid and enforceable in court.
Rs Corda is an open-source aBFT ( Asynchronous Byzantine Fault Tolerance) powered blockchain. The network features a host of features that improve the design and deployment of enterprise-grade Dapps and permissioned networks. The platform leverages a pluggable framework and simplistic design to accomplish this task effectively.
R3 Corda entered the market in 2015 and has seen considerable adoption since its launch. The network’s focus on the enterprise sector has paid off. Today, some of the world’s largest tech firms, including Intel and Microsoft, leverage the network. Notably, R3 has strategic partnerships with +60 firms currently, and the list continues to expand.
Some of the most appealing options of R3 Corda is its permissioned and privacy-centric structure. Businesses can create secure networks that only allow permissioned access to certain digital records. As such, the network has seen integration into finance, healthcare, logistical, and government systems to date.
Additionally, the developers focused on ensuring interoperability with legacy business systems. Since day one, this strategy helped R3 Corda secure a valuable and active community. Uniquely, R3 Corda doesn’t have a native utility token.
EOSIO-Taurus launched in 2018, intending to serve large businesses globally. The network provides high performance and security to clients. It’s an open-source project that combines various benefits that make it stand out. For example, there is a built-in debugging tool for developers. This tool streamlines smart contract auditing from creation to execution.
Integration was a main concern for the EOSIO team. As such, they went to great lengths to simplify the processes required to connect to legacy systems. For example, you can easily publish blockchain events to and from external systems.
EOSIO is a strong competitor in the market. Its structure offers low-latency transactions and queries of data. The network includes a streaming and query interface, significantly improving efficiency. The streaming interface enables smart contracts to publish messages, while the query option enables developers to access data in real-time.
Dapp develops will find that EOSIO offers some advanced features that are ideal for certain industries. For example, Dapps, with higher security requirements, may integrate signature providers and signature algorithms to improve security. All of these options make it easy to see why EOSIO is on this list.
Many people are surprised to learn that IBM has been in the blockchain market for many years. The firm entered the market in 2017 via the IBM blockchain. This network leverages the open-source hyperledger fabric technology to provide reliable and scalable options to the market, albeit with additional security services.
The IBM blockchain provides a combination of systems, making it easier for businesses to create, deploy, and manage blockchain networks. The project helps simplify the most complex blockchain integration and management processes. To accomplish this task, the developers ensured the system was user-friendly and backward compatible with legacy systems.
The IBM blockchain offers full transparency and real-time data to clients. Businesses can create and deploy smart contracts in a low-cost and efficient manner using the platform’s interface. Currently, the IBM blockchain’s primary use cases are within the logistics sector, where features like the IBM Blockchain Transparent Supply make keeping tabs on products internationally a breeze.
Hyperledger Fabric began offering enterprise solutions in 2015. The developers wanted to create a permissioned blockchain that would be ideal for membership and exclusive systems. Hyperledger Fabric leverages the PBFT consensus mechanism to provide low latency and high performance.
The hyperledger fabric structure makes it ideal for firms seeking to create proprietary networks and systems. Key features include a modular structure with plugin components that streamline dapp creation. Businesses gain access to a plethora of helpful tools, including advanced frameworks, libraries, and tools.
The Hyperledger Fabric community is on the rise. The group currently consists of +185 firms that span across nearly all major sectors, including healthcare, finance, and tech. You can expect to see more growth from this community as the Hyperledger Fabric community continues to expand its tools and libraries. Today, it remains an attractive solution for businesses looking to save time and effort when creating membership-centric platforms.
Quorum entered the market in 2015 as an open-source enterprise-grade blockchain. The network has no native utility token. It was developed by the financial giant JP Morgan and is supported by ConsenSys. Notably, the network leverages Ethereum as its foundation which improves its interoperability and accessibility.
Uniquely, Quorum was built from the ground up to service the financial sector. As such, it offers some cool options, such as conducting private transactions. To make this option possible, the network introduces Constellation technology. This system encrypts specific messages in enclaves, keeping them away from the public eye.
Quorum provides reliable service and scalability through the use of the Quorum-Chain consensus mechanism. Businesses enjoy permissioned management features that allow developers to assign certain nodes certain capabilities and data access.
Another cool feature of Quorum is that it supports hybrid smart contracts. These smart contracts can be executed across both private and public blockchains. Notably, private transactions are faster on Quorum because they only need to access the approved nodes to achieve finality.
The RippleNet is one of the most established enterprise blockchains in the market. The firm has operated since 2012 and recently won a significant SEC judgment. Ripple provides firms with real-time gross settlement options and much more.
The platform raised eyebrows when it entered service with the specific goal of aiding banks and businesses in lowering costs associated with international money transfers. Today, the platform community includes many reputable firms, such as Western Union and Santander Bank.
RippleNet enables companies to save time and money when sending payments globally over the XRP network. RippleNet users enjoy high performance, including 4-second settlement times. Additionally, the system allows these firms to receive their payments in local currency and without massive fees compared to legacy systems, thanks to the use of the XRP token as a medium of exchange.
The XDC Network is another contender that businesses should take some time to research. This high-performance, EVM-compatible blockchain offers support for the creation and management of both private and public assets and networks. Additionally, the protocol integrated some impressive tech to improve performance.
XDC leverages a sharded architecture, which makes it much faster than traditional blockchains. The master node structure improves performance by reducing the number of confirmations required before finality. XDC Network users enjoy a 2-second confirmation time, and the network can support 2000 tps according to bench tests.
Another cool feature of XDC Network is its private chain generation options. These systems work in tandem with the hardware integration capabilities to provide more flexibility to businesses. XDC is a DPoS (Delegated Proof of stake) blockchain that leverages 108 pre-approved master nodes to reduce transaction costs while improving transaction throughput.
Hedera Hashgraph is a third-generation distributed ledger that offers a host of cool features and high performance to businesses. The network operates using an aBFT consensus mechanism that provides scalability without sacrificing security. Notably, Hedera Hashgraph is a legally bound distributed ledger.
Hedera Hashgraph users gain some major benefits, such as high performance and low fees. The public blockchain supports creating private and proprietary networks to meet your business demands. Some key features include support for multi-signature accounts, transactions, and smart contract execution.
HBAR is the utility token for the Hedera Hashgraph blockchain. It’s used to access network features and services. HBAR can be sent internationally in seconds and can be used in Dapp development to help track and improve systems. Hedera’s structure and performance have helped it secure a strong market following.
Ethereum is by far the most widely used and largest blockchain ecosystem globally. As such, it’s no surprise that there is a strong demand for enterprise services from the community. The Enterprise Ethereum network leverages the maturity of Ethereum to offer businesses easy access to everything they need to integrate blockchain solutions.
The network supports full integration into the ERC-20 ecosystem. Businesses can easily create and execute complex smart contracts in real time. Additionally. all assets remain interoperable within the full Ethereum ecosystem.
The Ethereum Enterprise Alliance (EEA) is a non-profit organization dedicated to the Ethereum Enterprise goals of driving adoption in the business sector. The community includes +1000 professionals and +33 businesses from across the globe. These members include academic, government, and corporate research institutions.
Tezos is a PoS-powered blockchain that offers businesses reliable access to decentralized applications and more. The project and its utility token (XTZ) operate as open-source options for businesses and individuals. Tezos was designed to be scalable and environmentally friendly. As such, it doesn’t require miners to validate the state of the blockchain.
Additionally, Tezos has a modular design that makes it easy for firms to add and remove features as they desire. The network supports complete upgrades without the need to hard fork. Hard forks have become major pain points in the past as they require nodes to download upgrades. History has shown that not all may agree with the decision, which splits the community and weakens the network.
Tezos has a lot of features designed to make integration easier. For example, there is an automated NFT weaving process that makes it simple for businesses to start leveraging these advanced digital assets without delay. When you combine these features with other options, such as smart roll-up technology, it becomes clear that Tezos deserves to be on this list.
Risks and Considerations of Enterprise-Grade Networks
In many instances, the same features that give an enterprise-grade blockchain higher performance also could be security concerns. Whenever you have a private and permissioned blockchain, there are inherent risks. For example, many of these networks have an admin account, which, if compromised, could result in an attack, gaining access to vital aspects and altering the network.
Additionally, you should be aware that whenever you reduce the number of validators, as is the case with masternode systems, you lower the security slightly. This lowered security comes from the fact that there are now fewer nodes able to view and validate the transactions. To combat this issue, master nodes get vetted and approved.
Top 10 Enterprise-Grade Blockchains – Major Players in the Game
All of the projects listed here have secured a reputation as reliable and secure networks in the market. There is no room for error when dealing with enterprise-level transactions. As such, you must stick to the top-rated options in the market to avoid potential losses in the future.
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