What even is enterprise blockchain?
In a nutshell, these are decentralized platforms that help companies streamline their business operations through crypto payments and other tools. They are based on private blockchain networks that are only accessible to select users, unlike the public blockchains, which are open to everyone.
All blockchain networks are decentralized, meaning they can’t be controlled by a single entity, such as a corporation or a government agency. This benefits both individual users and companies, as it lets them avoid dealing with intermediaries. It also allows them to better protect their data, especially since blockchain networks are notoriously tough to hack.
When it comes to the blockchain technology market, in 2024 things are still looking promising. Experts predict that by 2032 the global blockchain sector will grow to nearly $1 trillion. The cryptocurrency market, which is strongly tied to blockchain, is also thriving: by 2028, the number of crypto users is expected to reach almost 1 billion.
Types of enterprise blockchain solutions
Now that we’ve covered the basics of what enterprise blockchain technology is, let’s explore some of the most common types of B2B blockchain platforms:
DeFi solutions
Decentralized finance is one of the largest niches in the blockchain space. These solutions are mostly built around cryptocurrencies. There are many DeFi platforms for enterprise use, such as Centrifuge, which lets businesses lend and borrow digital assets without relying on middlemen like banks.
We at Purrweb have also had experience developing DeFi platforms. Take a look at one of our crypto wallet projects.
Platforms like BitPay allow businesses to integrate crypto payments directly into their websites. This method is popular with VPN providers, since it helps them expand their reach.
Supply chain management platforms
Blockchain-based enterprise solutions like CargoX and IBM Food Trust are designed for retailers, manufacturers, suppliers, and shipping companies. They allow businesses to cooperate with each other and efficiently manage supply chains.
Each company participating in these private networks has access to relevant info through blockchain. For example, suppliers can see production schedules, and shipping partners can track delivery-specific data.
Platforms with smart contracts
Smart contracts are automated protocols that verify and approve crypto transactions without any human involvement. For example, if you’re buying a digital product, they can check if you sent the right amount of money to the recipient. If everything’s correct, your purchase will be automatically approved.
When it comes to B2B blockchain networks, smart contracts are used to monitor transaction status, make regular purchases, and streamline insurance payments. Platforms like Chainlink connect companies to the blockchain, letting them use smart contracts to automate business processes based on real-life conditions.
Enterprise blockchain: what are the benefits for business?
But how can blockchain technology be helpful for business? Let’s discuss the key benefits of enterprise blockchain:
Decentralized management
Blockchain applications give users and businesses control over their own data. Every participant on the network has a set of private keys — a unique password that gives them exclusive access to the platform. Businesses can manage data by themselves, without intermediaries like governments and banks, which can be helpful for enhancing security.
Platforms like Hyperledger enable companies to create their own innovative solutions on blockchain. They are highly modular, letting you build custom blockchain applications.
Financial transparency
Blockchain offers a secure and transparent record of every transaction. It’s also called a distributed ledger — a sort of digital notebook that automatically logs every financial operation. This ledger copies itself onto every blockchain node, making it impossible to change or tamper with the transaction history. That way, businesses and their clients can view the status of payments at any moment and protect themselves from fraud.
High security
Storing crucial business data in the cloud raises some security concerns. What if hackers steal all of the sensitive company info? After all, standard web-based solutions are prone to cyberattacks.
That’s why many companies prefer blockchain solutions. They’re often better protected than traditional web platforms. Thanks to its decentralized architecture, finding a single weak point in a blockchain network is near impossible. That makes such platforms a lot more resilient to data breaches compared to cloud solutions.
What do you need to create an enterprise blockchain app?
Decentralized apps can be challenging to build. Here are the components you’ll need to develop a successful enterprise blockchain platform:
An experienced team
First of all, hiring a team of professional developers is crucial. They should have experience in fintech and crypto, as understanding virtual currencies is a must if you want to build a solid blockchain platform. The team must also include security experts, since you’ll need to integrate data encryption mechanisms in your B2B solution.
A solid product plan
Before you begin developing your blockchain app, come up with a solid product plan. Consider several key questions. What types of businesses will your platform serve? What are the main pain points your product will address? When do you want to launch your platform, and what are the key risks? These are just the first steps. The more detailed your product plan is, the higher your chances of success.
To plan out your project, consider a product discovery. It’s a process that makes it easy to analyze your audience’s pain points, validate ideas, and save money during development.
An extensive tech stack
Like with any app, you’ll need an efficient tech stack to develop a blockchain platform. If you’re building a DeFi solution, opt for tools with robust smart contract capabilities, like the Ethereum-based Solidity language. It’s also important to choose a system that features the distributed ledger technology. These include Ripple, Corda, and IOTA.
Platforms like Corda allow you to create private blockchain networks with wide capabilities for third-party integration. It’s especially useful for building decentralized fintech solutions.
Legal support
Decentralized apps need to follow legal guidelines, which can be tough, since the blockchain industry is constantly evolving. That’s why we recommend consulting with legal experts when planning out your product. They’ll help you understand all the relevant laws and data privacy standards when it comes to blockchain app development.
Enterprise blockchain: key features
Here are some of the best business-oriented features to include in your blockchain platform:
Data encryption
Information stored on the blockchain is usually protected by multi-layered encryption protocols. This is a key component of any decentralized app. It provides high security and allows you to comply with legal guidelines for data privacy.
Here’s how cryptographic encryption works in a nutshell: it takes real data and converts it into a digital cipher. This coded message can’t be cracked by anyone except those who hold a unique decryption key. Using this key, the data can be decoded back into readable text. Because of this, stealing decrypted data is much harder, since you’d also need to obtain a unique cipher key to unlock it.
Nowadays, every popular blockchain development platform includes some form of data encryption. Ethereum supports advanced cryptographic encryption
Virtual tokens
These include every type of digital asset that exists on the blockchain: from cryptocurrencies like Bitcoin to NFTs — non-fungible tokens. You can use tokens in a variety of ways. For example, pay for products or services and even prove ownership of both real-life and virtual items.
Businesses can also benefit from virtual tokens. They can create their own currencies to reward customers for engaging with their products, or take them as payment for access to premium content. Tokens can even be used to streamline supply chains: check the authenticity of products and track active deliveries.
Audit trail
Every decentralized logistics platform should include the audit trail feature. It’s based on the blockchain’s immutable ledger tech, allowing participants to view detailed transaction history and assign permissions on the private network. This feature is invaluable for keeping records on blockchain platforms, helping companies verify transactions and make accurate financial reports.
Analytics dashboards
Every B2B blockchain platform needs to have tools for analytics. It’s especially important in decentralized finance — a market that heavily relies on cryptocurrencies. To stay in the loop and make informed decisions, your customers need to have access to the most accurate info. That’s why graphical dashboards with analytics are helpful. They let users see all relevant data at a glance, without having to navigate through countless pages.
Here’s a crypto wallet that we designed. We’ve included informative dashboards and made sure they blend well with the platform’s clean, minimalist look.
Best examples of enterprise blockchain solutions
Next, let’s look at some of the best blockchain products designed for companies in various industries:
Kaleido
Kaleido is a blockchain development platform that allows companies to quickly create decentralized solutions. It has many pre-built options and templates, as well as an intuitive user interface.
The platform includes everything from cryptographic encryption to smart contracts and third-party integrations. Kaleido is an all-in-one solution that will make the process of creating a blockchain platform easy.
Ripple
When it comes to decentralized finance systems, Ripple is one of the best. It allows companies to set up quick crypto payments by connecting them to dozens of financial institutions across the world. This helps businesses to increase transaction speed and expand to other markets. Ripple also supports traditional currencies, which makes the platform very flexible.
OriginTrail
OriginTrail is an AI blockchain platform that lets businesses see the most accurate info on supply chains, trace shipments, and check the authenticity of products. These features allow companies to improve customer trust and streamline production through data transparency. Thanks to the platform’s AI capabilities, you can chart your own knowledge networks and verify them using the blockchain.
IBM Blockchain
IBM offers one of the best enterprise blockchain products on the market. It’s designed for supply management, leveraging smart contracts to streamline business processes. The IBM blockchain suite allows companies to reach a high level of transparency in logistics, reducing risks and improving operational efficiency.
How to develop an enterprise blockchain app in 8 steps
1. Outline the pain points your product will solve
Every business has its pain points, and your platform can succeed by offering a solution. Analyze the needs of your target audience and talk with partner companies to decide what type of product to build. For example, if you cater to traditional businesses that want to move to blockchain, ease of use and data security will be most important.
2. Set measurable goals
As with any product, it’s important to set clear goals before starting enterprise blockchain development. For example, if you’re creating a supply chain management platform, you’ll want to minimize operational costs for all businesses using your product. After your platform’s launched, you’ll be able to easily calculate this metric. If your product lets companies save money, you’ll be able to attract other clients through word of mouth.
3. Choose who will participate in your blockchain network
When developing a B2B blockchain platform, ensure that only authorized entities are able to access it. Unlike a public blockchain, a business network needs to be limited to certain types of participants, which often include suppliers, logistics partners, or customers. Otherwise, all of your sensitive corporate data will be visible to everyone. That’s why it’s important to carefully distribute access and invest in the security of your platform.
4. Hire a development team with experience in blockchain
It’s crucial to find a capable team of developers experienced in creating decentralized apps. They will help you build custom features for your blockchain product and ensure secure transactions on your private network.
5. Pick a blockchain development platform
To build your decentralized app, you’ll need to choose the right blockchain development platform, such as Corda, Ethereum, or Hyperledger. These serve as a foundation for any blockchain solution.
For building a specialized enterprise solution, we recommend opting for Corda or Hyperledger. These platforms support a wide range of third-party integrations and provide a high level of security.
Polkadot is one of the best blockchain development platforms. It allows you to build custom blockchains and seamlessly link them to third-party tools.
6. Develop the app
By now, you’ve chosen the tech stack and designed the architecture of your blockchain platform with the help of your development team. Now it’s time to write code. To speed up this process and save money, it can be helpful to split the development into sprints. This way, you can efficiently track the progress and give regular feedback.
7. Conduct QA tests
After your team has finished writing most of the code for your blockchain platform, make sure to test every feature before the release. Conduct quality assurance tests to fix bugs, check your product’s security, and refine its functionality.
8. Release and maintain the product
When your blockchain product hits the market, it’s important to keep rolling out updates with bug fixes and other improvements. In the blockchain space, quickly adapting to regulatory and technical changes is a must. By doing this, you’ll ensure that your platform is helpful to businesses in the long run.
Key challenges in enterprise blockchain
The enterprise blockchain sector is complex, and like any new industry, it’s facing some challenges. Let’s explore some of them to help you navigate the decentralized space:
Compliance with laws
The blockchain space is still in a legal gray area in most countries around the world. Due to blockchain’s decentralized nature, governments can’t fully control it, which often leads to compliance issues.
B2B solutions often avoid this problem, since they are based on private blockchains. These networks can be accessed only by authorized users, which allows companies to improve their privacy policies and follow legal guidelines.
Slow transactions
Compared to typical credit card payments, transactions on public blockchains can be slower. For example, Bitcoin, the most popular crypto network, can process a maximum of 8 financial transactions per second, often creating long wait times for regular blockchain users.
Enterprise grade blockchain can avoid this issue, as B2B solutions are meant to serve a limited number of users. This helps prevent network congestion and increase the speed of private transactions between different companies.
Low compatibility with other tools
Most companies across the world depend on traditional development tools to create and update their products. The blockchain ecosystem usually relies on specialized platforms such as Ethereum, so it’s often not compatible with some standard frameworks by default.
If you’re creating a B2B blockchain product and want to connect it to traditional web-based platforms, consider using middleware to bridge the gap between them. Companies like Microsoft and IBM offer such software, letting you integrate third-party platforms into your blockchain based solution.
To sum up
Any company can benefit from developing a blockchain enterprise platform. It’s clear from the statistics that today’s market offers a lot of opportunities for launching a decentralized B2B product, so it can be very profitable.
Whether you’re in DeFi or supply chain management, we can develop an MVP to help you validate your ideas. We’ll do it in just 4 months, and with any budget. If you want to tell us about your product concept, fill in the form below, and we’ll reply within 48 hours.
