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Blockchain in Enterprise System

Oct 30, 20242 min read

Blockchain in Enterprise System

Study keywords at Blockchain Terms in Enterprise Systems There’s multiple Types of Blockchain

Blockchain Uses

Blockchain – Not Suitable For

  • High-performance transactions (requiring millisecond speeds)
  • Small organizations without a business network
  • Database replacement
  • Messaging solution
  • Transaction processing replacement

Challenges and Limitations of Blockchain Technology

  • Scalability

    • Blockchain data (e.g., Bitcoin) grows at 1 MB per block every 10 minutes.
    • Ethereum data has reached up to 3 terabytes.
    • Projected data growth by 2025: 175 zettabytes per year.

  • Security and Privacy

    • Since blockchain is an open ledger, everyone has access to your data.

  • Energy Consumption

    • Proof of Work (PoW) consensus mechanism consumes around 66.7 terawatts of energy per hour.

  • Immutability

    • Blockchain is not suitable for environments where frequent update or delete operations are needed.

Summary

  • Blockchain Technology offers innovative tools for authentication and authorization in the digital world.
  • Blockchain allows multiple parties to write new entries into a system of records, bringing flexibility.
  • The key principles of blockchain are distributed, shared, and immutability.
  • Key features of blockchain include:
    • Shared ledger
    • Smart contracts
  • Types of blockchain:
    • Public
    • Private
    • Hybrid blockchain
  • Benefits for businesses:
    • Reduced costs and complexity
    • Improved discoverability
    • Trusted recordkeeping
    • Shared trusted processes
  • Challenges of blockchain:
    • Scalability
    • Security
    • Energy consumption
    • Immutability

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