Ethereum for Business: Private Blockchains

• Ethereum for Business focuses on using private blockchains for enterprises.

Key Points about Ethereum

• Ethereum is a decentralized blockchain platform that enables smart contracts and decentralized applications (dApps).
• Ethereum is programmable, unlike Bitcoin.
• Ethereum enables businesses to automate transactions and agreements without intermediaries.

Ethereum Enterprise

• The permissioned blockchain version of the public Ethereum codebase.
• Enterprises use it daily
• Takes advantage of the public Ethereum network.
• Providers modify existing Ethereum clients to create enterprise Ethereum based on the need of the enterprise.
• Enterprise Ethereum accommodates different private network requirements, depending on the enterprise.
• Requirements for enterprise Ethereum include performance, permissions, privacy, scalability, and governance.
• Even though these private chains are separated from public chains, they can still take advantage of the public Ethereum network
• Permission features and identity management are included to offer a permissioned network.
• The privacy level is increased with private P2P transactions to increase scalability and performance.
• Uses different consensus protocols other than proof of work.

Enterprise Ethereum Alliance

• It is a member-driven organization that offers open-source development of Enterprise Ethereum.
• Open-source standard instead of a product
• It governs Enterprise Ethereum deployment according to enterprise requirements.
• It will evolve in parallel to the public Ethereum.
• It will get the best features from the public blockchain of Ethereum.
• Using existing standards
• Facilitates experience form old standards into the new enterprise Ethereum blockchain.
• Harnesses open-source standards from other developments.

How Enterprise Ethereum Works

• Increases the privacy level with private P2P transactions to increase scalability and performance.
• Uses different consensus algorithms other than proof of stake.
• Reduces privacy and scaling issues.
• Allows for faster transaction speeds.
• The network size and block size can be changed, with changes to the gas limit.
• It is an open-source standard, not just a commercial product.

Benefits of Enterprise Ethereum

• Enterprise Ethereum blockchain is affordable, flexible, open, and suited for business between multiple enterprises.
• Acts like a distributed layer when coordinating data.
• Offers a unique architecture, enabling enterprises to integrate into their system.
• Creates new possibilities and strengthens the system for exclusive businesses.

Enterprise Ethereum Use Cases

• Banking & Finance: Faster processing of cross-border payments, higher security/privacy, reduced costs and greater efficiency in transactions.
• Real Estate: Reduces costing of the property, promotes fractional ownership, and increases scalability.
• Healthcare: Prevents drug counterfeiting, tracks patient information, and streamlines multiple test results simultaneously.
• Media & Entertainment: Provides better artist value, connects artists with better pay, and allows efficient marketing on social media.
• Energy: Offers blockchain-enabled energy delivery, the option to trade energy locally, and automates the billing process.
• Supply Chain: Provides a secured ledger system with visibility for tracking all products and quickly detects corrupted personnel with information.
• Government: Secure way to preserve all citizen rights, offers the exponential growth of the economy, and digitizing citizen identification.
• International Trade & Commodities: Improved transparency/trust for trade finance, more control for manufacturers, and reduced paperwork/costs.
• Oil and Gas: Secured freight payment and auditing, improves efficiency by calculating shipments, and saves revenues with greater accuracy.
• Law: Templating legal documents to ease creation, electronic signing systems, and smart contract integration to streamline payments.
• Identity: Offers document-less citizenship, promotes portable identification, and reduces identity theft and data hacks.
• Insurance: Reduces paperwork, allows for faster insurance claims, and prevents consumer exploitation.