Shortly after Bitcoin gained traction in 2017, blockchain enterprises took to the mainstream.
That’s quite a drift from its earlier state, where blockchain rested chiefly as an entity defined by private blockchain networks and used for specific businesses, like supply chain management.
Fast forward to 2020, the industry witnessed a slew of positive use cases for enterprise blockchain services leveraging public networks.
Reportedly, the pandemic season has been befitting as both large and small-scale companies used blockchain to certify their proof of health. Take tourism for instance, where enterprise-level blockchain services made a strong foray. According to a 2020 report by PwC, enterprise-level blockchain services are predicted to boost the global GDP by no less than $1.76 trillion by the end of 2030, which makes it equivalent to 1.4% of the global GDP.
With revving markets, multiple companies have shown increased interest in decentralizing finance, thereby taking a step ahead to boost growth across the sector. In this post, we take a dig at the five most promising enterprise-level blockchain service providers you need to know about in 2022.
1. XDC Network — A forward-looking community for Trade Finance, NFTs, and Tokenization
One of the most promising among enterprise-level blockchain service providers, XDC Network primarily focuses on international trade and finance.
Over the years, the Singapore-based firm has been able to effectively overcome the gap that existed across legacy systems by embarking on a network protocol using a paradigm of consortium blockchains. This is what makes them different from other public, private or permissioned blockchains.
Keeping in terms with a broader network user base, the firm decided to design its application with a host of features that include:
- Origin v1.0. The no-code smart contract tokenization platform.
- Observer v1.0. A feature-rich block explorer as well as an analytics platform.
- Network Stats v1.0. XDC network’s very own stats monitoring platform.
- SDKs. A host of software development kits to encourage and help developers to build their stuff on the network.
Besides, XDC renders support for both private as well as public networks, and owing to this hybrid model, it can effectively combine the several merits of decentralization along with security as well as high transaction speeds for private blockchain services.
XDC, which is the network’s cryptocurrency, also takes a different stance than regular Bitcoin as it does not require or use any Proof-of-Work. Instead, they use
XDC Delegated Proof-of-Stake (XDPoS), an indigenous mechanism that rests on
108 trusted distributed master nodes to help meet all staking requirements, thereby securing and running the network.
The Proof-of-Stake mechanism thus finds itself to be a decentralized way of validating all transactions across the web. Furthermore, XDPoS also supports low transaction fees and transaction confirmation time for as low as 2 seconds only.
XDC network has been exclusively designed to offer optimum support for all EVM-compatible smart contracts and atomic cross-chain token transfers, along with the protocols. Being a growth-oriented firm, XDC has also been tirelessly involved in research thereby incorporating newer scaling methods that include private chain generation, EVM parallelization, and sharding along with integrating newer hardware into the framework of XinFin Network’s Master Node architecture.
As XDC Network claims to offer an “ideal and scalable“ solution for smart contract public Blockchain token issues and decentralized applications for both small and large businesses, it primarily aims to cater to chief problem areas of Ethereum systems :
- Network congestion
- High transaction time
- Interoperability and decentralization
Armed with best-in-class tech, XDC Network has been able to provide for:
- Consistent cheaper transactions (as much as 1/100 time the cost of Ethereum systems)
- Confirmation time under 2 seconds
- EVM compatibility that allows interoperability with the Ethereum ecosystem, and
- 2000 TPS to manage robust dApp and token ecosystem
What’s even better, XDC Network has been rigorously working towards developing an ultra-secure ecosystem, which in turn has helped them enter into profitable partnerships across multi-faceted industries like IT, advertising, gaming, robotics, tourism, payment, food and beverages, education, agriculture, research, and much more.
2. Ernst & Young – As better its gets with Enterprise Adoption
As a Big Four organization, E&Y witnessed phenomenal growth with its involvement in enterprise adoption. Reportedly, the English firm was among the first ones to have explored the cryptocurrency space way back in 2016 and had conducted a survey to gauge the potential of digital assets. Since then, E&Y has been a market leader for public enterprise blockchain adoption.
One of the glaring instances is their effective contribution towards the development of Baseline Protocol, which is known to make use of Ethereum public mainnet like a tamper-resistant state machine to help record insightful business data. In the recent past, and that goes back to 2019 when E&Y went ahead with open sourcing their Nightfall code to facilitate private transactions.
Also, going ahead, the firm wants to reinforce and strengthen its nightfall code along with zero-knowledge proofs so that developers can be at ease using them. One of the key minds for blockchain at E&Y, Paul Brody announced that developers will be shifting from working to build decentralized applications to creating more zero-knowledge apps using EY’s blockchain technology.
3. Hedera Hashgraph – Winning Things With Near Real Time Finality
One of the most decentralized public networks, Hedera Hashgraph came into existence in 2016 with the sole aim of helping developers design secure applications that come with “near real-time finality”. Ever since, the form’s network has only witnessed growth and has been able to garner the interest of tech giants like Boeing, Google, and IBM in tandem. Being an innovation-led company, Hedera Hashgraph has always stayed true to the intention of developing decentralized applications that are also scalable. To do so, they rely on a consensus mechanism known as the asynchronous Byzantine Fault Tolerance (aBFT).
Only recently, Hedera took to demonstrating their enterprise-level blockchain use case when they released their “SAFE HealthCheck” app, which was used for remote testing of COVID cases. Arizona State University has been testing it across 70, 000 staff and students setting newer dimensions for digital health verification.
There’s the Hedera Consensus service, the firm’s enterprise blockchain solution used exclusively for early warning systems to detect airstrikes across the Syrian skies. This is how Hedera has managed to take a different stance than other enterprise-level blockchain firms owing to its fast, secure, and fair mechanism and gains ground easily with trustworthy algorithms offering greater transparency. Here’s more on what makes Hedera Hashgraph future-proof:
- It uses the gossip protocol to boost transaction speeds (up to 500,000 transactions every second)
- Virtual voting for network consensus makes Hedera Hashgraph do away with other algorithms, thereby offering a window to low cost and high performance, and mitigating any chance of failure.
4. Baseline Protocol – A Thriving Community Breathing Nothing But Innovation
Eyeing for advanced interoperability for blockchain applications, Baseline Protocol started its humble journey with 14 founding companies and has grown to a community of over 700 members, that comprises industry leaders like Accenture as project sponsors.
For all that it stands, Baseline Protocol lays focus on the inherent dilemma that exists with blockchain interoperability which is still keeping many leading businesses on the block away from Ethereum. Only recently, key players like SAP and Coke One North America have taken a step ahead to leverage Baseline Protocol in sharing and synchronizing business data across several participants.
In essence, the firm’s “Baseline-as-a-Service,” by all means shall pave the way clear for enterprise DeFi, thereby enabling businesses to shift items that are of great value, like financial data across invoices right across several different networks.
Driven by a group of like-minded tech enthusiasts, Dappros has coined a niche for themselves in developing decentralized applications that ensure the finest features that one can expect from an enterprise-level blockchain service provider.
With speed, security, and fast-track customer service, Dappros is going great guns to make the best use of emerging tech like Ethereum, Solidity, and Smart Contracts to give shape to come-of-age decentralized systems.
Dappros’s ingenious platform offers support for more than one type of NFT token, namely fungible (ERC-20) and NFT (ERC-721). Ethora, which is Dappro’s mobile client application, has a default setting in place which makes it convenient for newbie users who otherwise aren’t too aware of Blockchain terminology and might get confused. Headquartered in London, Dappros also has its R&D team operating from Mumbai in India.
When it comes to discussing the future of enterprise-level blockchain service providers, innovation is the keyword that turns things around.
Undeniably, Blockchain as a technology is moving at the speed of light, engulfing almost every industry out there. While that is for the greater good, it also puts the key players at the enterprise level up against stiff challenges as they wrack their brains to introduce even more robust features to battle out the competition.
This is where things get interesting as the emerging crowd of blockchain platforms will need time to identify their objectives and invest in building applications that are scalable and cater to the needs of the new-age gentry.