block chain consulting

Blockchain Technology Advisory

What is Blockchain?

Blockchain is a secure distributed electronic ledger, connecting multiple parties in a network of trust and integrity, facilitating the transfer of assets and the information pertaining to those assets. Blockchain’s core technology uses cryptography as well as distributed database architecture and a peer-to-peer protocol to create shared ledgers among different parties. Each transaction in the ledger is verified via consensus of participants in the blockchain network. Once captured, the information in the blockchain cannot be altered, manipulated or erased. The longer the Blockchain and the wider the network the more complex the digital key, and hence the more secure the Blockchain.

Blockchain has emerged as a new trading platform

Trading of goods and services is the way of doing business by most Organizations across the world from a very long time. While Bartering system used to be the means of transaction in a trade, slowly the trading pattern has evolved into a brokering model where in atleast one central third party acts as the broker providing trust into the trade and seeking their own compensation for the role they play.

Blockchain basically alters this trading pattern by bringing all parties in a trusted network without the need for a third party and by recording each transaction sequentially and securely. Blockchain technology’s ability of distributed consensus ledgers presents a right environment for executing Smart Contracts which potentially has the ability to redefine Contract Management. Blockchain not only creates the time and cost efficiencies by removing the legal and financial intermediaries in a contractual agreement but also acts as a trusted liaison for running smart contracts where cryptography can be used for transaction integrity.

How Blockchain can disrupt the way Organizations do business?

The most important aspect that any Organization will look for in adopting a technology like Blockchain is to see how it can impact their Operations, Productivity and Profitability. While the primary objective of being able to transact and exchange value the obvious benefit, Blockchain technology offers many more advantages to businesses of varied verticals. Some examples are mentioned below

  • Traceability in Supply Chain

    Within a supply chain management, Blockchain technology can offer goods traceability by tracking the movement of goods, their origin, quantity and so on. This brings a new level of transparency to B2B ecosystems. Another classic use case of traceability is when any abnormality is detected somewhere along the supply chain, Blockchain system can lead you all the way to its point of origin making it easier for organizations in investigation.

  • Auditability of transactions

    As transactions are recorded sequentially and indefinitely within a Blockchain network there is an Audit trail available for the life of an asset even between parties. This becomes especially important if source data is needed in verifying an assets authenticity.

  • Smart Contract Management

    With the help of Blockchain technology the lengthy and time consuming contractual transactions can be eliminated. With the help of Smart contracts agreements can be automatically validated, signed and enforced eliminating the need of any mediators.

With the help of some of the business benefits outlined above, if you think Blockchain can be adopted to serve your organizations business needs then please do get in touch with us. We would enjoy having a conversation on how we can be of help in your Blockchain journey.

Blockchain is establishing its presence all over the major industry sectors. Here are the top use cases:

Banking & Financial Markets

Financial institutions are constantly looking for new avenues of innovation. Building trust between customers and businesses in digital transactions is paramount to continued loyalty and growth.

Healthcare

Blockchain solutions will transform healthcare enterprises and increase the quality of care by enabling new ecosystems—and new business models—to evolve. Healthcare information stored in blockchain will change not only the way you store clinical information, but how you share information within your organization, with healthcare partners, payers, and most importantly, with patients.

Retail & Consumer Goods

By using a distributed and trusted database, blockchain solutions reduce the barriers that impede business, including siloed management and regulatory systems, time-consuming settlement processes, and uncertainty between entities conducting transactions.