Blockchain-based solutions are transforming how institutions and organizations from different fields conduct their businesses.
From September 2021 to June 2022, the blockchain sector has received over $6 billion from approximately 40 top-tier companies like BlackRock, Alphabet, Morgan Stanley and Goldman Sach. This clearly outlines the faith of enterprises and institutions in blockchain technology and Web3 despite the bear market.
According to an August research from Blockdata, 44 out of the top 100 public companies globally are using blockchain technology. These are enterprises from Tech, media and telecom, consumer and retail, healthcare, finance and more industries.
With so much room to grow, developers might feel overwhelmed when choosing a reliable blockchain platform for their business. The next list comprises the top enterprise blockchain platforms solving pain points in different industries and boosting Web3 adoption.
Ethereum is a decentralized blockchain ecosystem for transacting cryptocurrency coins and tokens and creating decentralized applications (DApps) using the platform’s smart contracts.
Ethereum’s open-source infrastructure has allowed various organizations, institutions, and companies from all sectors to build enterprise-grade blockchain applications for their businesses. Some of them use Ethereum-based platforms.
Ethereum Enterprise Alliance is the organization that supports and spreads the use of Ethereum as a blockchain service to enterprises.
Some examples of Ethereum-based applications for businesses are investment bank JP Morgan, which used Quorum, a private Ethereum iteration for enterprises to launch the JPM Coin; and Microsoft, which used the Ethereum blockchain to create an anti-piracy software system called Argus.
2. Hyperledger Fabric
Hyperledger Fabric is a blockchain framework created by the Hyperledger Foundation. Enterprises can use this framework to build permissioned (private) networks with fully customizable parameters. These applications are built in a modular, general-purpose infrastructure to use across different fields, such as supply chain, online banking, payment systems, etc.
Hyperledger Fabric’s network is composed of different members, similar to network nodes. These members are organizations like banks, financial institutions, and other organizations that perform different tasks and can communicate with each other
Alchemy is a blockchain development platform that offers a varied product suite that can be used across multiple blockchain networks, including layer-1s like Ethereum, Solana, and Flow, and scaling solutions like Polygon, Arbitrum, and Optimism.
Alchemy allows clients from Web2 to Web3 to build or connect their apps, such as crypto wallets, NFT projects, and DeFi, to these blockchain ecosystems and scale their businesses. Alchemy simplifies the development process with the Alchemy SKD (Software Development Kit).
4. Stellar Lumens
Stellar Lumens is a layer-1 platform primarily designed to provide financial applications to developers, startups, and institutions. These apps can be used for asset issuance, online banking, cross-border payments, remittances, CBDCs, and more.
The Stellar network is governed by its community of XLM holders. All transactions on the network are paid with XLM, and users can trade it alongside other coins or tokens in the platform’s decentralized exchange (DEX).
Stellar Lumens allows institutions to create digital representations of fiat currencies, like Argentine pesos or dollars, and transact them with their clients or businesses. These assets are exchangeable for traditional money, as each token is backed by an equivalent deposit.
It provides extensive documentation and SDKs to help developers create decentralized applications. Developers can also ask for help and discuss their projects in the Stellar Community Forum.
Avalanche is a high-performance layer-1s in the DeFi sector. Its blockchain is composed of three different subnets that allow it to scale and enhance its throughput to thousands of transactions per second.
Avalanche allows startups, institutions, and organizations to create and build blockchain applications using development tools, fully customize their DApps or create private subnets within the Avalanche ecosystem. Other features are asset issuance, CBDCs, digital identity, and document tracking.
Polygon is an Ethereum layer-2 solution that has been working closely with businesses of all kinds, from wearables and fashion brands to payment processors and social media platforms.
Polygon inherits Ethereum’s security components, but it’s far more scalable, fast, and cost-efficient. This is the reason why several companies are using Polygon to enhance their apps or create new systems on top of its blockchain. For example, Instagram is using Polygon to allow users to showcase NFTs on its platform.
Payment processor and SaaS company Stripe leverages Polygon’s blockchain to allow freelancers, content creators, and service providers to pay in crypto. Adidas and Prada have launched their NFTs collections using the Layer-2.
Fantom is an Ethereum and Binance Smart Chain (BSC)-compatible blockchain that offers high-speed transactions at a low cost and the tools to build blockchain applications on its platform.
Fantom offers enterprise blockchain services around its consensus-as-a-service, allowing clients to build public or private blockchains with their own parameters and can be applied to different use cases.
Ripple is an open-source payment settlement platform for cross-border transactions, remittances, and issuing CBDCs, created in 2012 by Jed McCaleb and Chris Larsen.
Ripple’s core structure is made up of a Merkle tree. This system encrypts blockchain data in individual branches, allowing anyone to view specific transactions without having to download the entire tree data.
Ripple’s enterprise solutions have been leveraged by dozens of financial institutions worldwide, including Bank of America, SBI Remit, Novatti, and Banco Rendimiento.
9. Cardano – Enterprise
Cardano is a blockchain platform developed by Input Output (IOHK) and incorporates smart contract programmability for different use cases.
Cardano Enterprise is Cardano’s institutional-grade platform offering blockchain products to private and public entities across different fields, including universities, retail, agriculture, government, finance, and healthcare.
One of its flagship products is Atala PRISM, a self-sovereign identity (SSI) system built on Cardano. It offers decentralized identifiers (DIDs) to secure IDs and credentials on the blockchain and allows individuals to instantly share their data and achievements within their respective organizations, whether it be universities, financial institutions, or governments
For agriculture, healthcare, manufacturers, and other important players in the supply chain industry, Cardano offers Atala Scan, a supply chain tracking system that can verify the quality, history, and provenance of items using “smart seal,” a sort of label incorporating a near-field communication (NFC) chip, and small enough to be incorporated in bottle caps.
Tezos is a blockchain platform allowing Web2 companies to leverage blockchain technology across all fields, including NFTs, DeFi, CBDCs, cross-border payments, and payment systems.
Tezos has been a key player in accelerating cryptocurrency and blockchain technology to the mainstream world. Its partnerships and case studies list includes McLaren, Manchester United, Red Bull, and Misfits Gaming.
In 2020, Societe Generale, a French multinational financial institution, uses the Tezos blockchain to launch a CBDC for interbank settlements. By 2021, Tezos partnered with game publisher Ubisoft to introduce NFTs to Tom Clancy’s Ghost Recon Breakpoint. This was the first time a major video game company transitioned into Web3.
Final Thoughts: Blockchain for Enterprises
These enterprise blockchain platforms are offering innovative ways to solve decades-long pain points across different industries, and have varying network costs.
Other blockchain platforms have a different focus: to bring Web2 platforms like social media companies into Web3, offering vast opportunities across DeFi, NFTs, and more for their businesses and applications.
However, Web3 is still in its infancy with plenty of trial and error.
Whatever it is, the amount of money poured into these blockchain-based solutions is testament to the faith many institutions and enterprises have in this technology.
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