Practical deployability of permissioned blockchains

Abstract

Ever since the evolution of cryptocurrencies, there has been profound interest in employing the underlying Blockchain technology for enterprise applications. Enterprises are keen on embracing the advantages of Blockchain in applications ranging from FinTech, Supply chain, IoT, Identity Management, Notary, Insurance and to many other domains. Blockchain is often spoken of as the third disruption after computers and the internet, and is being studied for application in several domains. A blockchain, as used in most cryptocurrencies, does not require any authorization for participants to join or leave the system, and hence is referred to as a permission-less blockchain. However, enterprise applications cannot operate in such models. Enterprise applications operate in a regulated, permissioned blockchain setting. This paper provides an industry focused insight into the practicality and feasibility of permissioned blockchains in real-world applications. In particular, we consolidate some non-trivial challenges that should be addressed in making the permissioned blockchain practically deployable in enterprises.