Top 10 Enterprise Blockchain Networks: Best Of 2023

Enterprise blockchains are a special category of permissioned blockchains, that can be used to streamline large-scale commercial activities including supply chain tracking and international payment settlement.

Companies prefer this type because they have more control over who can see their data, unlike on a public blockchain network like Bitcoin. While there are numerous blockchain implementations, they all serve as distributed ledgers for recording and verifying monetary transactions and related data. They use encryption to make it hard for bad actors to alter the transaction history.

In this list, we have mentioned the Top 10 Enterprise Blockchain Network along with their features and pricing for you to choose from.

1. IBM Blockchain Solution

The IBM Blockchain Platform provides a straightforward interface for establishing a blockchain network and administering associated nodes, channels, and smart contracts. When it's time, the IBM Blockchain Platform makes it easy to add new users, create channels, change governance regulations, manage user IDs and passwords, and so on. Forging a new decentralized business network built on finality, trust, and security, the IBM Blockchain Platform employs Hyperledger Fabric.

Key Features:

• Version 2.4 of Hyperledger Fabric used as the basis for this project is open source. Fabric Gateway is always supported on the platform (the current version of Fabric SDK).

• A variety of dashboards and toolkits are included for both development and operations.

• The Visual Studio Code community has a free add-on available for developers.

• Gaining new subscribers is a quick and easy process.

• Users can quickly and easily set up encrypted private channels with only a few clicks.

• A code snippet representing a scenario applicable across industries is also provided. Node.js, Go, Java, Solidity, etc. are just a few of the many supported smart contract languages.

Cost:

Contact the sales team for the quote.

2. Ethereum

Ethereum, which was created by Russian-Canadian millennial Vitalk Buterin, is a highly developed blockchain platform. It is widely utilized for a variety of business purposes thanks to its adaptability and powerful smart contracting features. The Ethereum Enterprise Alliance (EEA) is a nonprofit organization with over 250 members that serves as a bridge between Ethereum specialists and businesses of all sizes, including those in the Fortune 500, startups, academic institutions, and technology providers.

Key Features:

• Despite its popularity in business settings, Ethereum is fundamentally a permissionless (or public) platform made for universal use rather than private transactions (a typical requirement for privacy requirements in enterprise use cases).

• Additionally, it is PoW (proof-of-work) based, which is not the quickest (perhaps causing latency difficulties) and is an energy-sucker.

• Though in future iterations, it may switch from its current consensus process to the faster PoS (proof-of-stake).

• It's most applicable to the widest range of situations currently possible. Ethereum, like Hyperledger Fabric, has amassed a sizable online community of advocates and regularly releases improved versions of its core software.

Cost:

Contact the sales team for the quote.

3. Hyperledger Fabric

Hyperledger is an open-source, industry-agnostic blockchain initiative announced in 2016 by the Linux Foundation. It aspires, in part, to facilitate the development of distributed ledger frameworks and codebases suitable for use in large organizations. The Hyperledger Project has 185+ enterprise collaborators in the areas of banking, finance, IoT, supply chain, manufacturing, and technology. IBM and Digital Asset first donated to Hyperledger Fabric, one of the 8 active Hyperledger initiatives.

Key Features:

• Its modular architecture makes it a desirable blockchain platform for enterprise solutions, particularly as it permits plug-and-play components surrounding consensus and membership services.

• It just announced the introduction of Hyperledger Fabric 1.0 which promises to be production-ready for corporations.

• The security and speed of the technology are what make it suitable for use in pilot blockchain projects.

• It's compatible with a wide range of data kinds and follows a smart contract paradigm that's available to anyone.

• Since it is a federation of private networks, everyone who uses it has had their identities checked. Keeps high performance, allows for growth, and is trustworthy. based on a modular design that gives network architects more leeway to create unique parts.

• Digital keys and private data are protected on the platform.

Cost:

Contact the sales team for the quote.

4. R3 Corda

As of its 2015 inception, R3 is a collaboration of some of the world's largest financial institutions that have developed an open-source distributed ledger technology known as Corda. Now numbering well over 60, it has an extensive network of business associates. Although Corda was first developed for the banking industry, it is finding applications in other sectors including the supply chain, healthcare, trade finance, and even the public sector.

Key Features:

• Corda is a permissioned blockchain in that it limits access to data within an agreement to only those specifically allowed to it, rather than the entire network at large.

• Neither a token nor a coin is integral to the Corda protocol.

• Managing complex financial agreements is a fact that is reflected in its consensus system.

• Furthermore, it is well-known for its emphasis on interoperability and its simple connection with preexisting systems.

• Corda is a distributed ledger technology (DLT) platform developed by R3 that may be used to create apps that promote and deliver digital trust between players in regulated markets.

• There are now two versions of Corda, Community, and Enterprise, both of which have complete support.

• R3 helps you every step of the way in your blockchain journey and reduces the amount of time it takes you to get your product to market.

Cost:

Contact the sales team for the quote.

5. Ripple

The company originally known as Opencoin changed its name to Ripple in 2015. Through RippleNet, financial institutions, payment processors, digital asset exchanges, and corporations can conduct almost free, chargeback-free international transactions with one another. It facilitates international transactions with the use of its digital asset, "Ripples" (also known as "XRP"), which has quickly risen to third place in terms of cryptocurrency market capitalization, behind Bitcoin and Ether.

Key Features:

• It is claimed that XRP can process 1,500 transactions per second, while Bitcoin can only process 3-6 transactions per second, and that XRP's payment settlement time is under 4 seconds, compared to 1+ hours for Bitcoin.

• There are over a hundred users, and another seventy-five are in various phases of commercial implementation.

• These users are making international payments (using xCurrent), reducing liquidity costs (using xRapid), and transferring funds between networks (xVia).

• RippleNet is a fantastic network that facilitates transactions between financial institutions, money transfer services, digital asset exchanges, and businesses.

• It's superior to other platforms in terms of scalability and payment processing speed.

Cost:

Contact the sales team for the quote.

6. Quorum

Using Ethereum as its backbone since 2015, J.P. Morgan has been working on Quorum. It is a blockchain solution optimized for private transaction processing at high speeds and with a limited set of authorized users. Depending on the configuration of smart contracts and networks, it can execute hundreds of transactions per second without resorting to the Proof of Work (PoW) consensus technique. Quorum was made to grow and change as Ethereum does.

Key Features:

• Quorum is able to swiftly and smoothly incorporate the vast majority of Ethereum updates since it only makes minimal changes to Ethereum's core.

• Quorum, like Etherue, is a decentralized, public blockchain platform that does not charge for its use and actively promotes innovation.

• For businesses interested in expanding and managing blockchain networks, Quorum Blockchain Service (QBS) provides a turnkey solution.

• You can speed up the creation of your entire blockchain app without having to worry about infrastructure management.

• Both the public Ethereum Mainnet and a private permissioned network are viable environments in which to implement blockchain solutions using Quorum.

• Because of Quorum's flexibility, companies can use their product in either a public or private environment.

Cost:

Contact the sales team for the quote.

7. XDC network

XDC network is a Singapore-based blockchain firm that operates on a not-for-profit basis. All of the company's efforts are directed toward expanding its worldwide commerce and financial operations. To become the universal language of business and finance, the XDC network successfully bridges the gap between existing infrastructure and the Blockchain. Unlike other private/permissioned and public blockchains, the XDC network is constructed on a concept of consortium blockchains, which gives the network its own unique protocol. The XDC infrastructure can function as either a private or public network. This means that banks and other financial organizations can integrate their systems with XDC and have their transactions verified by the public ledger.

Key Features:

• XinFin's goal is to bring together the best features of decentralization, security, and private Blockchain's lightning-fast transaction speeds.

• The XDC token is the native currency of the XDC network. As opposed to Bitcoin, XDC does not rely on Proof-of-Work.

• They employ a protocol called XDC Delegated Proof-of-Stake (XDPoS).

• The 108 trusted distributed master nodes that make up the XDPoS consensus mechanism and are responsible for staking and maintaining the network's integrity and functionality are essential to its smooth operation.

• Transactions on the Blockchain network can be validated in a decentralized manner using the proof-of-Stake technique.

Cost:

Contact the sales team for the quote.

8. Hedera hashgraph

The Hedera hashgraph is a public, highly scalable network that does not require a complex Proof-of-Work algorithm to operate. It's put to work in the creation of cutting-edge, distributed software. To achieve consensus, it uses an asynchronous Byzantine Fault Tolerance technique (aBFT). In comparison to other Blockchain networks, Hedera stands out for being impartial, quick, and secure thanks to its one-of-a-kind process.

Key Features:

• To achieve greater openness, it provides algorithms that are both more effective and more reliable.

• In many business contexts, knowing when and in what order a series of events occurred is crucial.

• Consensus timestamps may be proven mathematically, adding credibility to your toolset.

• Data inconsistencies may result from manipulation by both internal and external parties.

• Hedera generates an immutable audit trail of activities, which improves the trustworthiness and veracity of the data for everyone involved.

• Businesses may now use Hedera and the open DID specification to handle credentials in a safe, standardized, and confidential way throughout their entire lifecycle.

Cost:

Contact the sales team for the quote.

9. Kaleido

Multiple blockchain platforms have been released since the advent of this technology. However, no one platform has taken off as a truly global marketplace for enterprise blockchain products.

Kaleido is an exciting startup in this space since it is creating a marketplace for both independent software developers and large corporations. Any business that wants to adopt blockchain technology can profit from the company's extensive partnerships in the field.

Key Features:

• Kaleido's ability to work with the public Ethereum blockchain and the main net is a major selling point.

• The potential for conspiracy after the fact is considerably diminished in this way.

• Kaleido Anchoring can be triggered automatically at checkpoints or manually for exceptional transactions.

• Signatures and timestamps can be recorded using the Kaleido Relay.

• The On-chain Registry is another feature of the platform.

• Kaleido's enterprise-grade platform is highly adaptable, so businesses may use whatever cloud services they already have in place.

• Both Amazon Web Services and Microsoft Azure, which specialize in data security and key management, are integrated with Kaleido.

• The Kaleido platform makes it easy to create and manage blockchains locally or in the cloud.

Cost:

Contact the sales team for the quote.

10. Tezos

Supporting layer-1 blockchain ledgers with its own Proof-of-Stake algorithm, Tezos is an enterprise-grade blockchain platform. Smart contracts and DApps written in the Michelson programming language are both compatible with the platform. Backers of the system say the Michelson programming language is best suited for mission-critical programs. Its developer portal gives blockchain programmers a friendly place to work. Among its many advantages are its adaptability, safety, and confidentiality.

Key Features:

• Formal verification for smart contracts and decentralized applications are available on the Tezos network. This procedure guarantees that decentralized applications (DApps) and smart contracts are impenetrable by unauthorized parties.

• Companies can conduct their transactions with confidence on the Tezos platform.

• Tezos shows promise as a dependable corporate blockchain platform for business owners.

• There are three parts to the Tezos platform: the network, the transactions, and the consensus. It has a modular, distributed, and network design.

• Because of the network layer, a single node may handle all transactions. The Tezos Foundation is always looking for innovative approaches to this critical aspect of nodes.

Cost:

Contact the sales team for the quote.

Things to keep in mind while choosing Enterprise Blockchain Network

How much privacy is required?

In general, you should avoid a decentralized solution if your app requires users to share any personally identifiable information (such as names, addresses, financial records, etc.) with each other. Data that promotes company transparency and trustlessness, on the other hand, should be kept on a public chain where it can be quickly and verifiably accessed by anybody who needs it.

Extend to which you want to grow your application

As databases, blockchains have the theoretical capacity to record every piece of data used by a conventional programme. However, because they are decentralized, their scalability characteristics are drastically altered. It gets more challenging to collect necessary data from all accessible nodes as distributed systems expand (i.e., computers). Latency is the time it takes for a network to locate and route information between nodes. We call this additional work "computational overhead." This routing must be done in a specific order, therefore all networks have some degree of latency.

Conclusion

In this article, we discussed the different Enterprise Blockchain networks. Hope this has given you a clear idea and how you can choose your desired Enterprise Blockchain network.

FAQS

What is the difference between a business blockchain and a consumer blockchain?

Most blockchains used in businesses are "permissioned blockchains," wherein the network is only accessible by authorized users. For instance, they may halt a transaction if it violates their policies or if requested to do so by law police. One of the most notable distinctions between permissioned ledgers and public ledgers like Bitcoin's is this. Public blockchains are immune to censorship since they are decentralized and not owned by any one entity. That's why people have adopted bitcoin and other cryptocurrencies to avoid foreign sanctions and fight extortion at home.

Why is the Enterprise Blockchain important for business?

Blockchain solutions, being decentralised and immutable, offer many advantages to businesses across many sectors. Furthermore, blockchains, as distributed ledgers, ensure that all nodes have access to the same consistent copy of the ledger and the same set of transactions. This ensures that everyone in the network has access to the same data. This increases openness and reduces verification times drastically. Specialists in the field of blockchain technology claim that this new system of record-keeping is more reliable than its predecessors. For each transaction, it generates an immutable, encrypted record that can only be accessed through its connection to the one before it.

What are the different kinds of business blockchains?

Permissioned blockchains are divided into two broad types:

• In a private network, a single entity sets and can alter all of the rules. By validating new transactions, for instance, this authority decides who is allowed to participate in the network. This includes jpmcoin, issued by JPMorgan.

• When two or more parties form a consortium, they set the rules for the network and share responsibility for maintaining it. Among these is the libra, a currency backed by the social media giant Facebook.

What is Enterprise Blockchain?

It's a blockchain network that's only accessible to authorized users, yet it can be used in business settings. Enterprises and corporations are benefiting greatly from blockchain technology due to its transparency, immutability, scalability, security, user-friendliness, and control.

What are some of the basic characteristics of a Blockchain network?

Some of the characteristics of a Blockchain network are:

• Peer-to-peer (P2P) networks help decrease the impact of any one failure point by spreading data over several nodes.

• Consensus-based trust reduces the need for a go-between.

• Confidence is established via exchanges that cannot be altered.

• The confidentiality and safety of hashed data are unaffected.

• Smart contracts automate agreements between parties in a process chain, allowing for interaction without human intervention.

• Both permissioned and permissionless implementations exist for use in the enterprise.