Introduction of the enterprise system
An enterprise system refers to an IT infrastructure to assist businesses of large corporations such as banks, conglomerates, and telecommunication companies. The enterprise system is a compound of highly advanced technologies that process large amounts of data and transactions.
An enterprise system in various business environments should be equipped with the following characteristics.
- Powerful functions to handle large amounts of data with ease
- Stability that can withstand the most extreme situations of failures
- Strong security responsible for securing privacy and restricting user permissions in a clear manner
- Monitoring that enables to check the entire system in a glance
- Management tool that can be easily controlled by a small number of human resource
If the blockchain solution aims to enter the enterprise market, it should be able to fulfill the above requirements.
The significance of blockchain for enterprise clients
Although the concept of blockchain has existed for a long period of time, due to a variety of reasons, the technology had not been put to active use until recently, when it became one of the most actively discussed technologies through converging with other technologies such as one-way encryption and P2P for the purpose of implementing decentralized cryptocurrency.
Decentralization and anonymity are the major terms used to explain the concept of blockchain. In the past before the emergence of blockchain, it was impossible to exchange a particular asset online without exposing one’s identity, and without the control of a central authority. The concept of everybody sharing every history of transactions so that there is no concern about losing data also had not existed in the past.
Due to such a concept, blockchain may not be an appropriate technology in an enterprise environment where all data must be under control. However, when we think about blockchain for enterprises, we should focus on the technology itself than the ideology of the conventional blockchain for cryptocurrencies. Blockchain, which is capable of sharing data without a single loss and preventing data modification from hacking or simple accidents can be a perfect technology to complement the defects of traditional data saving and sharing technologies.
Blockchain for the enterprise environment
Blockchain solutions, which are mostly based on open-source, are well equipped with basic technologies to sustain public blockchain. However, some features of public blockchain solutions are not appropriate or not necessary for enterprises. Since such features become barriers when entering the enterprise market, blockchain for closed enterprise environments must be implemented based on different standards from the public blockchain.
Blockchain features required in the enterprise environment
Listed below are the most appropriate features for the enterprise environment, among the various features of blockchain
- Secure storing and sharing of data based on distributed ledger
- Authentication and saving of actions by using PKI key pair and non-changeable characteristics
- Integration of data and business logic through programming (Smart Contract)
Factors that should be improved to fit the enterprise environment
Listed below are the features of public blockchains that are unnecessary or require improvement in the enterprise environment.
- Consensus algorithm that consumes considerable resource
- Unrestricted accessibility to participate in chains
- Sharing of the transaction history for everyone
- Fees to be paid to the node provider to record transactions
- Absence of ownership which also means absence of subject to be held responsible
Necessary requirements to be fulfilled in the enterprise environment
Listed below are the features that blockchain solutions for enterprises must have, in accordance with the characteristics of the enterprise system explained in the first paragraph.
- Fast consensus algorithm that is appropriate for private environments
- High degree of completeness and reliable quality assurance
- Strong security that only allows authorized nodes and users to access the system
- Monitoring that can promptly check performance and situation of failures
- Management tool that enables easy checking blockchains, creating and changing chains with even a small number of human resource
Additionally listed below are the features that can make a blockchain solution highly marketable.
- Various migration tools to be easily integrated with the conventional legacy environment
- Development and test tools to enhance development productivity
- Rich library that supports a variety of languages
- User-oriented intrinsic interface
Targeting the enterprise market without adjusting the conventional public blockchain solutions is a result of an insufficient understanding of the enterprise environment. An accurate understanding of the enterprise environment demands that one should take what is necessary and add features appropriate for the enterprise environment from conventional blockchain solutions.
Blocko has strived to provide blockchain solutions that are appropriate for the enterprise environment from the very bigging of the history of blockchain in Korea. By leveraging our long-term experience, we are setting clear standards on the necessary features of blockchain solutions for the enterprise environment to the market and in the process of developing a product named AERGO Enterprise that fits these standards.
We hope to enable more easy decision making of enterprises considering the adoption of blockchain through AERGO Enterprise and aspire to provide enterprises with a breakthrough opportunity to create a new business through blockchain.