The Rise of Enterprise Blockchain Solutions; Five Innovations that Will Set the Stage for Mainstream Adoption 

Blockchain technology may have gained popularity through cryptocurrencies, but it is slowly being adopted by enterprises. This nascent tech has pioneered the distributed ledger infrastructure, challenging traditional systems which are centralized in nature. At the core, blockchain-built ecosystems are decentralized and immutable (tamper-proof); given this value proposition, it is not surprising that large corporations are considering the technology. 

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BlackRock, the largest asset manager globally, is the latest kid on the block to jump on the blockchain bandwagon. The firm recently announced that it will soon offer exposure to crypto assets through its Asset, Liability, Debt and Derivative Investment Network (Aladdin). According to the report by CoinDesk, the Aladdin investment management platform will allow BlackRock’s corporate clients to trade various crypto assets. 

Notably, this is not the first time BlackRock is taking an interest in the crypto space. The firm owns 16.3% of MicroStrategy and has filed to introduce CME Bitcoin Futures. Apart from BlackRock, tech giants such as IBM have also been working on enterprise blockchain solutions. A trend that will likely catch up with smaller firms as more industry stakeholders realize the underlying value of decentralized architectures. 

So, which decentralized projects are making the integration possible? The next section of this article features some of the prominent enterprise-oriented blockchain innovations. 

ParallelChain 

ParallelChain is a layer-1 blockchain protocol designed for enterprise use. The platform features a permissioned private chain dubbed ‘ParallelChain Private’ where corporations can build and run decentralized ecosystems. Launched in 2018, ParallelChain enables institutions to enjoy a piece of the blockchain pie; the network can handle up to 120,000 transactions per second (tps), with an average confirmation time of 0.003 seconds. 

Besides the technical capabilities, ParallelChain features compliance solutions, including eKYC and AML RegTech tools. Enterprises building on this blockchain can leverage these functionalities to remain compliant while running their businesses on a distributed ecosystem. The project is also set to launch a more secure and interoperable public chain powered by a unique proof-of-stake consensus ‘ParallelBFT’. 

Like most decentralized ecosystems, the ParallelChain network will be governed through a native token XPLL. So far, this token has undergone several private rounds and is scheduled to go public later in the year. 

Tezos 

Tezos is a proof-of-stake (Pos) blockchain who has had major success with enterprise adoption. Thanks to its energy-efficient algorithm, the project has risen the ranks to attract several corporations within the sports industry. Most notably, Tezos is the official blockchain partner of Manchester United; the project has been branded on the first team training kit, according to a recent announcement. 

As for technical innovations, Tezos is currently working with leading F1 teams (Red Bull and Mclaren) to design NFTs for the teams’ fans. Commenting on the partnership, Red Bull Racing Honda Team Principal and CEO Christian Horner noted Tezos’ potential in building a carbon-neutral digital ecosystem for the F1 community, 

“Crucially, its energy-efficient design also matches our own long-term future environmental ambitions, and as Formula One moves towards carbon neutrality, the low-impact methodology pioneered by Tezos will be a valuable asset.”

Besides the sports arena, Tezos has also attracted French video game company Ubisoft, which is currently in process of launching its first NFTs ‘Digits’. These collaborations are already setting the stage for enterprise blockchain adoption, a role that Tezos seems to be playing quite well. 

Dexalot 

Unlike Tezos and Parallel Chain, Dexalot is a decentralized exchange (DEX) built on the Avalanche blockchain. This platform features an advanced Central Limit Order Book, giving users a similar trading experience with centralized exchanges. As such, Dexalot is an instrumental platform in the adoption of crypto assets, not to mention the favorable fees and high transaction throughput based on Avalanche’s C-chain infrastructure. 

The Dexalot trading ecosystem also features irreversible and verifiable on-chain transactions, allowing both individual and institutional crypto traders to operate in a trusted environment. In addition, one can bridge their crypto assets from the Ethereum network through the Intel SGX-supported Avalanche bridge. With this DEX in the picture, crypto traders in the DeFi market do not have to worry about liquidity and price slippage issues.

Authtrail  

Authtrail is a blockchain-based data integrity SaaS platform whose goal is to solve the challenges in enterprise data management. The platform was initially launched on the Ethereum blockchain but is now hosted on Moonbeam to increase its scaling capabilities and offerings within the DeFi ecosystem. 

At the core, Authtrail provides institutions with a blockchain-built ecosystem that can be used to increase transparency through data processing and verifications. Institutions can leverage the platform’s data integrity SaaS solution to hedge against compliance uncertainties and reduce the operational costs associated with data management. 

Some of the institutional players that have already integrated Authtrail’s decentralized data solutions include Iskratel (telecommunications), IBO (manufacturing) and AVL (automotive). Prospective institutional clients can anchor data on the Authtrail DApp ecosystem by purchasing the project’s native token AUT, after which they can access integration credits. 

HyperLedger Fabric 

The HyperLedger Fabric is an IBM enterprise blockchain solution designed for industrial use. Launched in January 2020, this platform features an updated smart contract tech, high transaction throughput and data sharing functionalities. Most notably, institutions can launch their own private networks on HyperLedger Fabric to streamline their operations. 

Some of the prominent firms using this blockchain architecture include PayPal, MasterCard and DBS Bank. Given the growing corporate needs, IBM plans to integrate more blockchain-oriented solutions as the firm positions itself to be a leading blockchain SaaS provider. The tech giant is currently competing with R3 Corda, another private-focused DLT ecosystem. 

Conclusion 

As mentioned in the introduction, blockchain tech will solve most of the underlying challenges in institutional operations. While it may still be early to predict which platforms will take the day, signs on the wall show that the market will feature several projects, leaving clients to choose a perfect fit for their business model. That said, enterprise blockchain integrations are inevitable given the paradigm shift to digital ecosystems. 

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