Enterprises are businesses, where a business is planned, initiated and started. It might be a business where production takes place, contains human resources, allocate some task for each employee and pay them remuneration when the work is done. There are different kinds of enterprises like new start-up business, social enterprise, public enterprise, sole proprietor, Partnership firm, LLC (Limited Liability Company) and much more, but the primary motive of any enterprise would be to do something to the society and get more profit in return. The man who undertakes all this work is called an organizer or entrepreneur. Organizing a business and risk-taking are the two main functions of the entrepreneur.
Blockchain is the distributed and decentralized, peer-to-peer network of computers. Every transaction and information entered into the blockchain will not be stored at one place, rather it will be distributed across numerous computes connected to the distributed network. This will help businesses to have immutable record of all the data, while bringing in transparency, enhancing privacy and trust.
Enterprise is a common term, which includes many different kinds of business, right from start ups to large enterprise. There are lots of different business activities that takes place in a business. The common functions of an enterprise include:
As a business grows, its functions, challenges, problems and opportunities too grow. Generally, it is not an easy take to coordinate and control a business as a lot of resource like finance, human resource, customer demand, machine, etc, need to be handled at a same time. Some of the common challenges faced by an enterprise is listed below:
Cash is King of a business. Cash flow management means having a track of how much money comes into the business and how much money is being spent. Since it is manual process, the chance of missing an entry and fraudulent is more. Similarly, since the data is stored in a single place, it cannot be reliable resource.
The hiring process is not a easy task. It takes several days of time as it includes a lot of process like reviewing resumes, scheduling interview, shifting through unqualified candidates to find the right resource and finally offer an attractive package to get them on board and retain in work.
Time management is very much important to be successful in this competitive world. The correct decisions can be taken only when you are clear with what is happening in business and aware about the latest change in competitor business. Maintaining a proper record, which helps to take fast decision is challenging.
Business includes a lot of work process and numerous human resource. A good management must know to allocate the right job to the right person. For this, you must know about the changes needed, works in progress and your employees qualifications. A proper record will help you to plan ahead and delegate task to right person.
In this growing economy, uncertainty is more pronounced now than in past . The possibility of getting unexpected change and problem is common in every business. You must be confident and more clever to handle any uncertainties that takes place in your business.
Problem solving is the major challenge faced by business today. If any problem arise, the decision you take must be analyzed properly because, it must not affect your business name, employee relation, customer relation, no loss to business and must solve the existing problem.
When your business grow, your resource grows, your opportunity increases and more challenges comes. You will need to maintain a proper record of every transactions within business and make necessary decision to enhance growth in business. It needs a lot of storage capacity and time to maintain transactions.
Now as we know the challenges faced by an enterprise and potential of integrating blockchain into your system, know in-depth about the types of blockchain technology. We provide complete support to execute the best blockchain solution in your business.
Public blockchain is a completely open ecosystem, where anyone from anyplace can join your decentralized network. Once any information is put in public blockchain, it will be shared with everyone in the network. Being the best blockchain development company, we connect nodes on consensus mechanism and develop a public blockchain by adding all your business parties into the network. This can save your time and cost by increasing trust and transparency.
Private blockchain is also a distributed ledger just like public blockchain, but you can control the members in your network. This type of blockchain is not open to everyone. Only those whom you permit will be allowed to access your blockchain network. Since you can control your user, privacy is more in this type of blockchain and this saves your business confident information from third party. We are expertise in developing unique private blockchain for your enterprise, based on your business requirement.
Consortium is a type of blockchain which is a combination of both, public and private blockchain. This type of blockchain is specifically designed to meet enterprise needs and offer a lot of features like security, transparency and immutable record of data. We are specialized in developing a consortium blockchain for your enterprise to meet all your business requirements using advanced Hyperledger technology.
Blockchain improves the performance of your enterprise by maintaining a reliable and secured record of all your past and present transactions in a decentralized network. Implementing public/private blockchain in business, can improve efficiency of your business and leads to effective on-boarding process.
In case of system failure, the information and details in the system might be lost in traditional method. But when enterprise implement blockchain into their process, there will be high level of resilience because the can get back all the data through immutable distributed network. Blockchain enables your system to work seamlessly without any glitches.
Privacy and Security is obviously a necessity for any enterprise. Permission Blockchain will allow you to decide on whom to include in the network and you can control the members in the blockchain network. So the data will be shared only with those whom you permit and without your consent, the data cannot be changed by anyone in the network. Hence it is secure and reliable network system.
Blockchain can bring complete transparency into your business. This will reduce fraud, wrong entry or transaction, reduce corruption, make decision and allows you to think proactive. Through decentralization ledger, the records becomes transparent and unchangeable.
Since the past and present records are maintained in the blockchain network, you can predict your business future and plan your business accordingly to succeed in the future days. Blockchain enables you to share data with important parties involved in your business through peer-to-peer node connection, and it becomes a reliable resource at the time of making important decision.
Security is primary key for every business success. In the distributed network of blockchain, you can share information without need of any trusted third party. This will strengthen security and through private blockchain, you can control the members in blockchain network. So the possibility of giving your business confidential details into wrong hand is less.
The complicated issues of an enterprise is being easily overcome by the blockchain technology. It has brought unbelievable changes and prepare your enterprise to sustain in the futuristic competitive business world. Impact of implementing blockchain in your enterprise is listed below.