Excellent connections create excellent results. What if being connected and carrying out transactions in an ultra-safe, transparent, and effortless way comes to you as a fluent platform capability? Well, there’s a new kid in town that seems determined to stay – even if her street-credibility is being questioned every now and then. The blockchain underpins next-generation ecosystem platforms that act as public ledgers for open, collaborative transactions and “smart” contracts. It provides trustworthy connection capabilities that speed up transactions, cut out the middleman, and provide full transparency, while ensuring data integrity, privacy, and security. It seems we’re in the middle of a chain reaction!
- A basic principle where each transaction on a network is recorded as a ‘block’ and each block chained to the previous, which is immutably recorded using cryptographic trust and assurance mechanisms.
- The building blocks of the enterprise blockchain, ‘Smart Contracts’ can remove intermediaries by executing trusted, verifiable and tamper-proof transactions, building decentralized applications.
- There has been a rapid uptake of blockchain projects with enterprises moving from proof-of-concepts to deployments, with rising investments in blockchain startups and several industry consortia being formed.
- Major technology providers – such as Microsoft, AWS and IBM – have made significant investments in developing ‘blockchain-as-a-service’ platforms, linking to their broader product portfolios and revenue streams.
- Financial Service firms such as Marco Poloare leveraging blockchain to radically reengineer business processes, streamlining trading process and removing barriers to plug the trade-financing gap.
- Global Currency Organization (GCO), a project spearheaded by P. Morgan, Intel and TrustToken, launched USDbacked stablecoin, called the USD Digital (USDD). By opening up the stablecoin model to a global network of partners, GCO can provide end users with multiple gateways to move between fiat and crypto-currencies around the world.
- TradeLensand Food Trust use blockchain in their supply chain to leverage traceability and immutability for anything from large shipments to bananas.
- The Blue Catalystinitiative demonstrated the great potential for blockchain, carrying out transactions around Know Your Customer (KYC) and Know Your Supplier (KYS).
- The Whiteflag protocol– built on blockchain – enables entities protected under humanitarian law to make themselves known in real-time, preventing collateral damage and casualties in conflict zones.
- The Australian Security Exchange ASXdigitized multi-party agreements through ‘Smart Contracts’, automating and securing the transaction and settlement process.
- Cutting out the middleman improves value chain efficiency by building trust in an open, secure platform for collaborative transactions.
- Blockchain enhances data security, privacy, and auditability; all crucial with ever-stricter data protection regulations (such as GDPR).
- Blockchain facilitates low cost, instantaneous peer-to-peer transactions for cross-border payments, eliminating financial intermediaries and reducing waiting times.
- The added value to business from blockchain can also be seen in how the technology integrates with other breakthrough technology drivers such as AI and IoT, for example as done by UNICEF for tracking vaccines.