What Is an Enterprise Blockchain?
An enterprise blockchain is a type of distributed ledger technology (DLT) that is designed to be used by businesses and organizations. It provides an immutable, secure, and transparent platform for data storage and transactions. Unlike public blockchains such as Bitcoin or Ethereum, which are open-source networks accessible to anyone with internet access, enterprise blockchains are private networks that require permission from the network administrator in order to join. This allows companies to control who has access to their data while still providing transparency into how it’s being used.
The main benefit of using an enterprise blockchain is its ability to provide trust between parties without requiring them to know each other personally or have any prior relationship. By leveraging cryptography and consensus algorithms, all participants can agree on the validity of a transaction before it’s added onto the chain. Additionally, because these systems are decentralized they don’t rely on one single point of failure like traditional databases do; this makes them more resilient against malicious attacks or outages caused by natural disasters. Finally, since all records stored on the chain are immutable they cannot be altered retroactively making them ideal for use cases where accuracy and reliability are paramount such as supply chain management or financial services applications.