Digital Transformation & Innovation

WHY DO YOU NEED TO KNOW ABOUT BLOCKCHAIN?

There are three reasons why you need to know about Blockchain

1 // Blockchain technology doesn’t have to exist publicly

It can also exist privately – where nodes are simply points in a private network and the Blockchain acts similarly to a distributed ledger.
Financial institutions specifically are under tremendous pressure to demonstrate regulatory compliance and many are now moving ahead with Blockchain implementations. Secure solutions like Blockchain can be a crucial building block to reduce compliance costs.

2 // Block-chain technology is broader than finance

It can be applied to any multi-step transaction where traceability and visibility is required. Supply chain is a notable use case where Blockchain can be leveraged to manage and sign contracts and audit product provenance. It could also be leveraged for votation platforms, titles and deed management – amongst myriad other uses.
As the digital and physical worlds converge, the practical applications of Blockchain will only grow.

3 // The exponential and disruptive growth

The exponential and disruptive growth of Blockchain will come from the convergence of public and private Blockchains to an ecosystem where firms, customers and suppliers can collaborate in a secure, auditable and virtual way.

USE CASES FOR BLOCKCHAIN

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Automotive

  • Track truthful, full history of vehicles from pre-production to sale
  • Supply chain parts management

Banking, Financial, Fintech

  • Streamline payments processing with high efficiency, fast and secure transactions

  • Empower global transactions, tearing down national currency borders

  • Minimise auditing complexity for any financial ledger

Charity

  • Tracking donation allocation, accountability, integrity

  • Reduce overhead and complexity of donation payment processing

Cloud Storage

  • Increased security with a shift from centralised data security to decentralised network

  • Lower transactional costs with a decentralised network

  • Crowdsourcing unused cloud storage

Commercial Vehicles and Transportation

  • Tracking journey stops, paired with IoT to create an immutable ledger of trip data

Credit History

  • Make credit reports more accurate, transparent and accessible

Cybersecurity

  • Fight hacking with immutability of ledger

  • Guarantee validity with data integrity

  • No Single Point of Failure (decrease in IP-base DDoS attack success)

Donations

  • Provide auditable trail for donations to prevent fraud

  • Ensure crowdfunded campaigns receive donations and contributors are compensated

Education

  • Digitised, verifying academic credentials

  • Federated repository of academic information specific to class, professor, and student

Energy

  • Bypass public grids to allow for cheaper, peer to peer energy transfer

  • Smart utility metering

Forecasting

  • Combined with machine learning algorithms, blockchain can provide a decentralised forecasting tool

Government and Voting

  • Reduce voter fraud, inefficiencies with verifiable audit trails

  • Minimise government fraud, digitise most processes

  • Increase accountability and compliance for government officials

  • Identify validation; integrity of citizen registry data

Gun safety

  • Tracking gun ownership and possession related information

  • Tracking criminal ID history and attempts to purchase

Human Resources

  • Background checks: Verification of identity, employment history

  • Payment and benefits process validation – smart contracts

Insurance

  • Improve multi-party contracts

  • Streamline risk contract efficiency

  • Streamline claims adjudication

  • Reduce disputes with transparency of shared data

IOT

  • Ability for IoT applications to contribute transactional data to blockchains

  • Implications across industries (tracking/transportation, supply chain integrity)

Law Enforcement

  • Integrity of evidence, resistance to falsification of case data

  • Documentation of time-stamped, chronological chains of facts

Legal

  • Smart contracts with defined rules, expiration and accessibility for relevant parties

Marketing

  • Bypass intermediaries, providing more cost-effective advertising

Media

  • Control of ownership rights

  • Anti-piracy / copyright infringement

  • Use of smart contracts for artist compensation/legal proceedings

  • Payments processing – cryptographic, secure and anti-3rd party (this opens up content availability internationally)

Medical / Healthcare

  • Drug Supply Chain Integrity

  • Patient Databases / Indexes on blockchain

  • Claims Adjudication

  • Medical Supply Chain Management

  • Transparency and Automation within the patient-to-hospital or patient-to-doctor transactions

  • Clinical trial provenance – integrity with an auditable trail of data exchange

  • Efficiency, privacy, and ownership of patient health data

Music Streaming

  • Prevent illegal downloading of music

  • Provide proper compensation for purchased songs to artists

Public Transportation / Ride Sharing

  • Streamline public transportation

  • Provide more accurate payment for ride, gas, and wear and tear

Real Estate

  • Transparency within agreements

  • Verify Property information, update and decentralise records

  • Reduce paperwork, digitise transactional processes

  • Record, track and transfer land titles

Travel

  • Passenger identification, boarding, passport, payment and other documentation digitised and verified

  • Loyalty programs digitisation and tracking

Wills and Inheritance

  • Smart contracts to determine validity of will and allocation of inheritances

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