Consider this: 94% of the top 100 blockchain projects are built on Ethereum.
And the network boasts over 500,000 daily transactions, which is greater than all other blockchains combined. Ethereum has thus brought in the age of enterprise blockchain.
If you’ve been taking in all the chatter about the Ethereum blockchain but don’t get the hype, hang tight. We’ll unpack that for you right here, so keep reading to learn more.
Blockchain Network and Distributed Ledger Technology
You already know that the USP of blockchain technology is its decentralized architecture. The core goals of blockchains are comparable to their distributed ledger counterparts. Many distributed nodes can run the software while building records in parallel on the blockchain network.
All of this gives your enterprise the certainty that your work will always remain secure and uncompromised. You can also buy netcoins and other versions of tokens with security.
Business Benefits of Using the Ethereum Blockchain
As an enterprise, you want all the core benefits of blockchain and more. Yes, you’ve come to rely on blockchain’s certainty and security. But large global enterprises need much more.
This is where the Ethereum blockchain comes in. It is arguably the most adaptable blockchain out there. Ethereum lets you build and run a vast and versatile range of applications.
Two core Ethereum enables this versatility: its ‘rich statefulness’ and its ‘turning completeness’. This lets you as an enterprise build any decentralized application and execute smart contracts.
Is Ethereum Too Secure to Be Practical for the Enterprise?
The immutability of Ethereum makes it difficult to hack. But it also makes it difficult to alter, if need be. What if you discovered an error in a contract and need to make a change?
Enter EVM – or Ethereum Virtual Machine. It is a testing mechanism that lets enterprise developers build applications and smart contracts. Like traditional sandbox testing, developers use EVM to test their Ethereum code. They can then check for bugs before implementation.
In a Bubble or on a Superpower Network?
What about the benefits of the universal nature of blockchain networks, you ask. Well, Ethereum combines private blockchain and public blockchain ecosystems. This allows you to retain the privacy of your code while leveraging the advantages of public blockchains.
For all practical purposes, Ethereum operates as any distributed ledger would. However, its makeup is created uniquely. This strengthens and creates new possibilities for business systems.
As an enterprise, the most attractive aspect of Ethereum is its programmability. This enables agreements to be embedded directly in the code for automatic executions. Agreements thus executed can have an unlimited number of formats and conditions.
Closing Thoughts
In a final analysis, the business benefits of Ethereum to the enterprise are enormous.
The Ethereum blockchain technology overcomes all of the limitations of previous enterprise blockchains and more. Built on the core emphasis on security, scaling, and development time, there isn’t a blockchain technology out there that’s more suited to the enterprise as Ethereum is.
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