Blockchain Data Analytics For Dummies. Michael G. Solomon
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most enterprises manage sensitive or private data, private blockchains are commonly used because they can limit access to that data.
The blockchain data is still transparent and readily available but is subject to the owning entity’s access requirements. Some have argued that private blockchains violate data transparency, the original intent of blockchain technology. Although private blockchains can limit data access (and go against the philosophy of the original blockchain in Bitcoin), limited transparency also allows enterprises to consider blockchain technology for new apps in a private environment. Without the private blockchain option, the technology likely would never be considered for most enterprise applications.
Combining the best of both worlds
A classic blockchain use case is a supply chain app, which manages a product from its production all the way through its consumption. The beginning of the supply chain is when a product is manufactured, harvested, caught, or otherwise provisioned to send to an eventual customer. The supply chain app then tracks and manages each transfer of ownership as the product makes its way to the physical location where the consumer purchases it.
Supply chain apps manage product movement, process payment at each stage in the movement life cycle, and create an audit trail that can be used to investigate the actions of each owner along the supply chain. Blockchain technology is well suited to support the transfer of ownership and maintain an indelible record of each step in the process.
Many supply chains are complex and consist of multiple organizations. In such cases, data suffers as it is exported from one participant, transmitted to the next participant, and then imported into their data system. A single blockchain would simplify the export/transport/import cycle and auditing. An additional benefit of blockchain technology in supply chain apps is the ease with which a product’s provenance (a trace of owners back to its origin) is readily available.
Many of today’s supply chains are made up of several enterprises that enter into agreements to work together for mutual benefit. Although the participants in a supply chain are business partners, they do not fully trust one another. A blockchain can provide the level of transactional and data trust that the enterprises need. The best solution is a semi-private blockchain — that is, the blockchain is public for supply chain participants but not to anyone else. This type of blockchain (one that is owned by a group of entities) is called a hybrid, or consortium, blockchain. The participants jointly own the blockchain and agree on policies to govern access.
Describing basic blockchain type features
Each type of blockchain has specific strengths and weaknesses. Which one to use depends on the goals and target environment. You have to know why you need blockchain and what you expect to get from it before you can make an informed decision as to what type of blockchain would be best. The best solution for one organization may not be the best solution for another. Table 2-1 shows how blockchain types compare and why you might choose one over the other.
The primary differences between each type of blockchain are the consensus algorithm used and whether participants are known or anonymous. These two concepts are related. An unknown (and therefore completely untrusted) participant will require an environment with a more rigorous consensus algorithm. On the other hand, if you know the transaction participants, you can use a less rigorous consensus algorithm.
TABLE 2-1 Differences in Blockchain Types
| Feature | Public | Private | Hybrid |
| Permission | Permissionless | Permissioned (limited to organization members) | Permissioned (limited to consortium members) |
| Consensus | PoW, PoS, and so on | Authorized participants | Varies; can use any method |
| Performance | Slow (due to consensus) | Fast (relatively) | Generally fast |
| Identity | Virtually anonymous | Validated identity | Validated identity |
Contrasting popular enterprise blockchain implementations
Dozens of blockchain implementations are available today, and soon there will be hundreds. Each new blockchain implementation targets a specific market and offers unique features. There isn’t room in the book to cover even a fair number of blockchain implementations, but you should be aware of some of the most popular.
Remember that you’ll be learning about blockchain analytics in this book. Although organizations of all sizes are starting to leverage the power of analytics, enterprises were early adopters and have the most mature approach to extracting value from data.
www.whatmatrix.com/comparison/Blockchain-for-Enterprise for up-to-date blockchain information.
Following are the top enterprise blockchain implementations and some of their strengths and weaknesses (ranking is based on the What Matrix website):
Hyperledger Fabric: The flagship blockchain implementation from the Linux Foundation. Hyperledger is an open-source project backed by a diverse consortium of large corporations. Hyperledger’s modular-based architecture and rich support make it the highest rated enterprise blockchain.
VeChain: Currently more popular that Hyperledger, having the highest number of enterprise use cases among products reviewed by What Matrix. VeChain includes support for two native cryptocurrencies and states that its focus is on efficient enterprise collaboration.
Ripple Transaction Protocol: A blockchain that focuses on financial markets. Instead of appealing to general use cases, Ripple caters to organizations that want to implement financial transaction blockchain apps. Ripple was the first commercially available blockchain focused on financial solutions.
Ethereum: The most popular general-purpose, public blockchain implementation. Although Ethereum is not technically an enterprise solution, it's in use in multiple proof of concept projects.
The preceding list is just a brief overview of a small sample of blockchain implementations. If you’re just beginning to learn about blockchain technology in general, start out with Ethereum, which is one of the easier blockchain implementations to learn. After that, you can progress to another blockchain that may be better aligned with your organization.
Aligning Blockchain Features with Business Requirements
Blockchain technology is revolutionary because it provides features not found in other technologies. It doesn’t solve all your computing problems and shouldn’t be part of every application. In fact, blockchain’s unique features address only a small subset of the many problems most enterprises face. Unfortunately, too many organizations choose to adopt blockchain technology and then try to find a place to put it. A