Digital & Innovation

Blockchain Technology

Blockchain technology represents a range of software applications that are all based on the use of an underlying blockchain, which is simply a distributed digital ledger for the recording and transmission of data. The potential impact of blockchain technology on the large number of business operations that rely on the storage and transmission of data is enormous.

Blockchain technology is already rapidly transforming major business sectors that deal in large and complex data sets, such as finance and logistics, and this trend is set to accelerate in the coming decades.

Companies often rely on consultants when they strive to implement blockchain technology into their businesses’ operations. Blockchain technology is complex and usually needs to be implemented using tailor-made solutions for each company instead of a general implementation that is applicable across the sector.

A Consultport consultant will help your company to navigate the best course for your company in the exciting new world of blockchain technology by assessing the feasibility and potential impact on your business operations.

  • Financial Technology Use Case – Payments and Transactions:  Blockchain-based payment and transaction systems have a critical advantage over their traditional counterparts: they do not rely on third party verification. By eliminating the middle-man between payments and transactions, blockchain technology makes them faster, cheaper and more secure. In a fast-paced world, blockchain based systems will be the future of payments and transactions.
  • Digital Media Use Case – Content Distribution and Intellectual Property: The distribution of digital media has traditionally relied on a third party between the producer and end-user that collects royalties and oversees its appropriate use. A blockchain-based distribution system allows the producer of digital media to collect royalties directly and ensures the safe and appropriate use of the media through a notarization and patent management platform.
  • Insurance Industry Use Case – Remittances and Smart Contracts: Many of the costs in the insurance industry stem from the manual verification and awarding of claims. Smart contracts allow insurance companies to automate much of this process by ensuring that funds are only released when the conditions of the smart contract are met. This reduces the instances of error and fraud while also reducing the cost of processing claims.
  • Energy Industry Use Case – Operation of Decentralised Grids: Unlike centralised grids that rely on human traders and operators to clear the transfer of excess energy, a blockchain-based grid automatically connects producers with end users in an automated P2P payment system. This arrangement reduces the cost for the end user and increases the profits of the producers, while also ensuring the more timely distribution of energy. This adds to the reduction of reliance on expensive storage measures.
  • Logistics and Transport Industry Use Case – Supply Chains: Modern supply chains are highly complex and inefficient webs of different operators using different tracking systems, many of them still paper-based. A blockchain-based supply chain platform offers a universal system for tracking transported goods that automatically registers the time and location of every connection along the chain from producer to end user. The potential gains in efficiency and cost-saving are enormous.
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