So far, we have extensively discussed Bitcoin and Ethereum as public blockchains. With a public blockchain, anyone can become a node of the network and access all the activities inside it. The key challenges for enterprise adoption are privacy and confidentiality. Enterprises need both of them for legitimate reasons:
- One is that privacy will be enforced by laws and regulations. In Europe, the General Data Protection Regulation (GDPR) is the core of digital privacy legislation. In the US, HIPAA in healthcare and KYC/AML in finance require the business to protect consumer privacy. More importantly, privacy and security in general are competitive advantages for enterprises to gain the trust of and retain their customers.
- The second reason is that all businesses and large enterprises deal with crucial product and services information...