Blockchain building blocks for the future

Blockchain is a type of distributed ledger in which value exchange transactions (in bitcoin or other token) are sequentially grouped into blocks. Each block is chained to the previous block and immutably recorded across a peer-to-peer network, using cryptographic trust and assurance mechanisms. Depending on the implementation, transactions can include programmable behaviour.¹

Digital log of transaction details created

Distributed to nodes with cryptographic digital signature

Competition among the distributed nodes to validate transaction to reap economic benefits

Result and confirmation broadcast within network

Block added to all distributed ledgers

Record of validated transactions replicated within network

Traditional business models are being affected by innovations such as Blockchain technologies. Businesses need to be proactive and innovative so they can be sustainable and competitive. Enterprises are willing to invest in innovations and digital transformation, in order to meet customer demand and stay ahead of the game.

Andy Mak

Senior Vice President,
PCCW Solutions

Business value by industry in 2030

The Blockchain-derived
business value will grow to

US$
Trillion
by 2030.²

Retail & Manufacturing
(including Wholesale Trade)

Banking, Securities
and Insurance

Communications,
Media and Services
(including Utilities)

Public (Government,
Education and
Healthcare Providers)

Transportation

US$1,B

US$B

Charts/graphics created by PCCW Solutions based on Gartner research.
Source: Gartner, Inc., Forecast: Blockchain Business Value, Worldwide, 2017-2030,
John-David Lovelock, Martin Reynolds, Bianca Francesca Granetto,Rajesh Kandaswamy, 02 March 2017.

Sources:
¹ IT Glossary. Gartner, Retrieved February 2018, https://www.gartner.com/it-glossary/blockchain
² Forecast: Blockchain Business Value, Worldwide, 2017-2030. Gartner, March 2017, 2 March 2017

Next generation insurance platform

PCCW Solutions’ Next Generation Insurance Platform streamlines and automates operations from agents and brokers engaging customers and handling contracts to processing of data in the back office. Track and analyse documents with ease, support daily operations including new contract development, preservation, claim settlement and statistics. Our product is fully digital with end-to-end processing including: financial needs analysis, quotation and illustration, e-application, e-signature and payment gateway integration. With the adoption of bots, analytics and AI, enabling up-selling and cross-selling.

To find out more about how PCCW Solutions can help you with Next Generation Insurance Platform, please email us at pccwsolutions@pccw.com

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