The Ethereum Enterprise Alliance is a consortium that connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. The EEA aims to establish best practices for enterprise use of blockchain technologies such as smart contracts. In this blog post, we’ll look at some of the benefits of using Enterprise Ethereum in your company.
Let’s look at these benefits.
1. Rapid deployment
With Enterprise Ethereum, businesses can quickly roll out new applications and features. The platform is based on the same codebase as Ethereum, so businesses don’t need time and resources to develop their blockchain infrastructure. Crypto Engine is one of the top trading platforms to choose auto trading with complete privacy and security.
2. Network size
Enterprise Ethereum is a private blockchain solution. The network will consist of only known and validated participants, enabling it to grow significantly in size while maintaining blockchains’ privacy and security advantages. The large-sized Enterprise Ethereum Network can be used for any application where transparency or decentralization might increase productivity: from supply chain tracking to cross-border payments to corporate accounting systems.Â
This represents an enormous opportunity for businesses that rely on transparently managing data flows with their partners or other third parties.
3. Data coordination
Ethereum is a platform where data coordination can be performed with the help of smart contracts. This feature makes it easier to create applications requiring multiple parties to establish consensus on particular transactions and decentralized apps (DApps).
4. Permissioned networks
One of the benefits of Enterprise Ethereum is that it allows for permissioned networks. This means that only authorized participants can join the network and interact with its data. This can help businesses keep their data secure and prevent unauthorized access.Â
Permissioned networks can also help reduce the risk of fraud or cyberattacks. By limiting access to authorized participants, enterprises can minimize the chances of someone compromising their data or systems.
5. Private transactions
One of the key benefits of Enterprise Ethereum is its privacy features. Transactions can be carried out privately, ensuring that only the relevant parties can see the details of the transaction. This is ideal for businesses who want to keep their transactions confidential.
6. Scalability and performance
Factors outside of the blockchain limit Ethereum. The main limiting factor to transaction speeds is bandwidth restrictions, resulting in an average maximum speed of around 20 transactions per second (about half that if you want high security). EOS has great performance with its parallel processing capability and horizontal scaling up to millions of transactions per second; however, it requires fragmentation.Â
Each CPU core processes a single, smart contract rather than all CPU cores working on one smart contract at once.
7. Incentive layer
The incentive layer is a key part of Enterprise Ethereum, as it rewards those who participate in the network. This helps to ensure that everyone has an incentive to maintain the network and keep it running smoothly.
The Bottom Line
Enterprise Ethereum offers several benefits that make it attractive to businesses. The ability for enterprise blockchain networks like Enterprise Ethereum to scale, which is critical when you have thousands or millions of transactions taking place every second. The support and participation from some leading players in the tech industry, such as Microsoft, Intel, and JP Morgan Chase & Co., are open sourcing their contributions to help shape standards in this space so everyone can benefit from them going forward.
