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Becoming a digital enterprise: harnessing the power of blockchain technology

The global enterprise blockchain industry will grow to $87.17 billion in eight years. One group of believers believes that blockchain enterprise use cases will change just the smallest fraction of the enterprises in which they are implemented. In contrast, another group believes it is a poison that will kill everyone and produce no beneficial results. This has made Blockchain contentious, especially in its role as an enterprise blockchain. No matter what the skeptics claim, the reality is that Blockchain is moving from a Proof of Concept (PoC) to a technology that is helping businesses become more efficient at a fundamental level of cost.

At this moment, Blockchain has passed its point of inflection, and the impetus is transferring from the idea of Blockchain travel to the creation of business applications. A trend is evident in the growing number of businesses looking to invest in using Blockchain to replace their current systems. The top 5 uses of digital assets in an organization are shown below, along with the areas that need regulation to make it easier for businesses to utilize blockchain technology.

Businesses intend to replace some of their existing procedures with blockchain-based ones to take advantage of the benefits they believe Blockchain will bring to the business ecosystem.

Enterprise Blockchain Features You Must Know

Due to the variety of blockchain characteristics that fill in the gaps and loopholes, many blockchain use cases exist in the enterprise ecosystem.

Here is what the enterprises feel about the benefits that Blockchain has to offer –

The attributes of the Blockchain that address the weaknesses of the businesses are what give rise to the apparent benefits. Let us clarify what we are referring to without being overly cryptic: The role of Blockchain in the business world

Decentralization in a peer-to-peer network

It is common knowledge that everything in an organizational setup, from compliance to communication, should be centralized. However, your business could not only bring all communication and compliances in a permission-based, tamper-proof system but also give a provision to the enterprise to function in a system that is unhackable by incorporating a decentralized mechanism, commonly referred to as the Blockchain of Things, in the business communication networks and compliance mix.

Immutability breeds quality and completeness

Quality and correctness are crucial because Blockchain relies on an immutability mechanism that makes it hard to change data once input into a block.

In a conventional system, quality degenerates into a series of back and forth, which causes not only a delay in delivery and an outcome without any assurance of quality or even agreement with the original requirements.

However, when an organization is forced to operate under the strain of having its data locked in a system, the likelihood of information completeness and quality maintenance naturally rises.

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Transparency leads to responsibility

The fact that Blockchain makes everything transparent results in introducing a new wave in how responsibly the employees and stakeholders are active in the organization. Blockchain's transparency feature is expected to revolutionize how transactions are done in the future.

Linking brings cost-cutting

The advantage that comes with cost savings is one of the most well-known uses of blockchain technology, both inside and outside of the commercial world.

Blockchain, in one way or another, offers the business sector with some serious cost-saving components by sparing them from investing money in verification, tracking the authenticity of goods, observing the quality of service provided, etc.

The blockchain features and their influence on an enterprise setup that we just saw are valid only until the blockchain enterprise solutions that you have invested in and implemented in your company are up to par, as we have explained in our easily digestible guide to blockchain app development.

Requirements of a good Blockchain Enterprise Solution

Blockchain presents a very mixed picture depending on whether it is used in a public system or a corporate ecosystem. Additionally, there are variances in the demands made regarding functionality or specifications and how Blockchain use cases are presented to businesses.

The following are the main expectations for a business blockchain solution:

  • Privacy
    Data on a public blockchain is accessible to everyone. However, in the case of corporate Blockchain, data and information can be used by users who follow the laws and regulations of organizations.
    The technique used must be based on permissioned viewing for use cases of blockchain technology to arise. The technology should only permit authorized stakeholders to view the information in a business setting, not the entire firm and the world.
  • Security
    Although closely related to privacy, the security functionality in the case of Enterprise Blockchain, as opposed to the Public Blockchain system, is also significantly different.
    When it comes to a public blockchain system, components like Know Your Customer and Anti Money Laundering are optional. However, these components become crucial when it comes to an enterprise setup. While Blockchain promises increased security and a hack-proof system in and of itself, when the data and information are something as sensitive as that used by businesses, it practically becomes a requirement to ensure that additional levels of protection are added to your Blockchain for the company setup.
  • Throughput Time
    Every second, the number of blockchain transactions varies significantly across public and permissioned blockchain systems. While the quantity of transactions is typically more scalable when using a public blockchain. Additionally, scalability makes it possible for more nodes to participate in a consensus process, positively affecting throughput time by reducing it.
    However, because business blockchain functions in the exact opposite way, blockchain app developers must minimize throughput times to an absolute minimum.
  • Operational Cost
    Saving on operational costs is unquestionably one of the most crucial factors for any business, regardless of the size of its income. Businesses like to operate within the constraints of predictable operational costs that are also cheap. The Blockchain corporate application should run on an affordable platform that relies on steady, predictable transaction fees.
    The requirement set we just mentioned has prompted an increase in demand. The blockchain industry has responded by providing Private and Permissioned Blockchain platforms built to meet these enterprise demands.

LET'S BUILD TOGETHER ON BLOCKCHAIN

Enterprise Blockchain Platforms

As they continue to speed up and facilitate the development of blockchain-based applications, there has been a surge in the number of blockchain platforms. Here are a few enterprise blockchain development tools frequently employed to build cutting-edge blockchain solutions for companies.

  • Ethereum
    The platform is the foundation for creating most decentralized applications already in use, particularly in enterprise settings. Because of the platform's wide range of advantages, including security and safety, stability, zero downtime, and corruption prevention, the Blockchain community wholeheartedly trusts Ethereum.
  • Hyperledger Fabric
    By providing transaction authority and identity access, the permissioned network makes it simple for enterprises to register users. This creates a large region where users can subsequently work and necessitates granting permissions to new users.
    Data partitioning technology into the platform enables businesses to store information that might otherwise be deemed sensitive due to various legal ramifications.
  • Quorum
    The permissioned network built on Ethereum allows both private and public transaction types. It is regarded as the best platform for creating apps requiring fast processing and speed of private blockchain ecosystem transactions. The platform, which is constantly evolving, has integrated itself into the blockchain journey of many businesses and is no longer solely limited to providing Decentralized Finance solutions.

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Why us

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Why Rejolut?

1 Reduce Cost

We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.

2 Define Product Strategy

Designing a successful product is a science and we help implement the same Product Design frameworks used by the most successful products in the world (Ethereum, Solana, Hedera etc.)

3 Speed

In an industry where being first to market is critical, speed is essential. Rejolut's rapid prototyping framework(RPF) is the fastest, most effective way to take an idea to development. It is choreographed to ensure we gather an in-depth understanding of your idea in the shortest time possible.

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I have worked with developers from many countries for over 20 years on some of the most high traffic websites and apps in the world. The team at rejolut.com are some of most professional, hard working and intelligent developers I have ever worked with rejolut.com have worked tirelessly and gone beyond the call of duty in order to have our dapps ready for Hedera Hashgraph open access. They are truly exceptional and I can’t recommend them enough.
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Rejolut is staying at the forefront of technology. From participating in, and winning, hackathons to showcase their ability to implement almost any piece of code. To contributing in open source software for anyone in the world to benefit from the increased functionality. They’ve shown they can do it all.
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