Lisk: The most accessible gateway to Enterprise Blockchain adoption
Casting your mind back to 2017 during the ICO mania days, the word “Blockchain” almost became synonymous with a fad. That was because it was merely a buzzword by people looking to launch an ICO and then conjuring practically useless use cases where there was none. It was like the silver bullet needed in your revolver to fleece people of their money. While retail players were raging in their experiments around Enterprise blockchain technology, enterprises kept paying attention.
But as the years passed by, innovators kept pushing the boundaries of blockchain use-cases, even with those in the mainstream sector paying attention as to how this new technology betters their chances. An enterprise has a lot to gain by adopting decentralised ledger technologies such as Lisk into their systems. It’s no longer a question of “who will go first”, but now the case of “why aren’t you implementing the vast potentials of blockchain technology in your organisation“.
One may ask, what are the benefits of adopting blockchain in my enterprise? To get to the answers, let us first understand the qualities of blockchain technology.
The openness of the blockchain makes it easy for parties that interact with your organisation (customers, suppliers, regulators and management) to verify information of value to them quickly.
Parties verifying the data or information of concern can rest assured that the information they get is accurate as blockchain is immutable. Once pieces of information get recorded on it, it’s near to impossible to be altered.
With fewer resources and time spent, information can be pooled effortlessly from the blockchain without a need to rely on intermediaries or even authenticating information. Just by programming a feature, an enterprise can enable automatic execution of processes that help enterprises improve performance and reduce documentation.
Transactions can be traced on a blockchain that improves security, prevents fraud, verifies the authenticity and provenance of assets, and determines responsibility and ownership. Stakeholders can track goods on a step by step basis from the manufacturer to the customer, ensuring a compliant supply chain system.
With all the above, how do enterprises benefit by adopting Lisk as their option instead of others like IBM’s Hyperledger Fabric, Microsoft’s Azure or Amazon’s Managed Blockchain Services?
Advantages of Lisk Blockchain to Enterprises
More so, anyone can access the open-source Lisk SDK with its intuitive user interfaces that enable the easy development of blockchain applications even for enterprises. The flexibility of customisation of the Lisk blockchain is particularly a strong argument why it is a credible alternative for enterprises to adopt.
And as enterprises require a swift transaction pace delivered with lower resources, Lisk blockchain uses the scalable and energy-efficient Delegated Proof-of-Stake consensus algorithm to guarantee transaction finality.
A vast majority of enterprise blockchains are “permissioned blockchains,” meaning companies have direct control over them; Lisk equally affords enterprises this leverage to give them control range they desire while still enjoying the vast benefits of decentralised ledger technology like trust, transparency, traceability and efficiency.
Whether it’s a food and agriculture organisation requiring traceability of raw materials in the production of intermediate or consumer goods, blockchain ensures these material are ethically sourced by immutably recording the collecting phases in the supply chain. The benefits of blockchain might change how most corporations operate. In Media and advertising, blockchain brings transparency and efficiency to spendings. In the Sports and Entertainment industry, blockchain can bring in streamlined experience in the queuing and ticketing system. In the Healthcare industry, blockchain helps manage better patient diagnostic history and the supply chain of pharmaceutical medicine. Many more sectors are ripe for the disruption of blockchain technology.
Lisk currently supports various dapp deployments and also looks to implement interoperability among sidechains in the future. While the evolution of blockchain technology continues, corporations seeking to plug into the blockchain can seamlessly transition into this phase using Lisk as its gateway.