Blockchain 3.0 – Standardization of Cryptographic Codes in Blockchain Technology

Blockchain 3.0 – Standardization of Cryptographic Codes in Blockchain Technology

January 10, 2019 Off By Steven Anderson

Enterprise-grade blockchain technology should always be interoperable regarding delivering the solutions. Proprietor solutions have provided for complete data privacy and transaction anonymity in smart contracts.

Creating cross-platform solutions without giving up on the data privacy and security aspects are important when creating solutions for trading enterprises and supply chains.

In the future, several trading and settlement solutions will interoperate with each other. This is not easy, and this is one of the biggest challenges that technology has to solve. Every blockchain platform will be working on a unique code and making all them work together is a challenge.

The idea of bridging can lead to failure, and it should be executed without risks of a breach in trust.  There needs to be standardization of cryptographic codes in blockchain technology in a way to ensure universal acceptance by all parties to ensure safe interoperability within platforms.

When the adoption is successful, this technology can change lives and industries to a great extent.  Several investors, startups, developers, enthusiasts, policy makers, corporates, regulators and venture funds are creating an ecosystem for the establishment of this technology. This in a way to help everyone learn and collaborate.

While it is true that Blockchain 1.0 is a lot related to Bitcoin and Blockchain 2.0 is a lot related to Ethereum; Blockchain 3.0 is being currently designed by having the requirements of larger enterprises in mind.  It will be in this version that a bulk of consortium variations will be implemented.  While privacy seems to be a lot of concern when using the blockchain technology, we are going to witness the public blockchain being used in several important projects in the future.

There are a lot of potential business solutions that can be unlocked by the blockchain technology.  Enterprise blockchain is many things more than just cryptocurrency. There are many things about blockchain and enterprise technology without including cryptocurrency at all. When taking enterprises, we need to talk about the use case beyond the crypto.

Larger enterprises need to run critical business applications and systems. However, they come at a considerable cost and without the investment it is not possible to keep the enterprise running in the competitive market environment. So, enterprises are looking for some guarantee concerning the uptime and security.  They need proven scalability for their critical operations in a highly competitive market.

They are looking for a guarantee when building their enterprise solution in a public network because one of the nodes can be on the desktop in someone’s drawing room. XinFin can help concerned enterprises with developing enterprise-ready solutions on the XDC hybrid protocol.