Driving Business Transparency with Blockchain Solutions
Aug 11, 2021
Blockchain is increasingly viewed as a disruptive technology to transform industries by enabling process efficiencies, cost optimisation, and improving a wide array of business functions. The basic advantages that blockchain can provide organisations include decentralisation of business operations, ability to proof transactions and data security. According to IDC, global spending on blockchain solutions is forecasted to reach nearly US$19 billion in 2024, with a five-year compound annual growth rate (CAGR) of 48%. i
Growing Adoption across Industries
Though banking and finance sector dominates blockchain development, non-crypto use cases and successful deployments of blockchain technology are growing amongst the supply chain, manufacturing, and retail industry. The focus has been in tracking items from manufacturer, distribution to the end consumer, and related payments and settlements that come with goods movements and management.
Digital Identity Management
As business transactions become increasingly digital, proving the authenticity of supplier and customer credentials has become indispensable. Embedding blockchain and biometrics to share and access personally identifiable information and business documentation can accelerate validation, onboarding and facilitation processes.
e-Commerce Data Security
Incidences of online shopping fraud have been rising dramatically in recent years. Through immutability and traceability, a blockchain-based e-commerce platform would serve as a highly trusted, one-for-all solution for suppliers, manufacturers and other chain participants.
Inventory and Supply Chain Resiliency
Immutable record of inventory and end-to-end delivery tracking visibility without human intervention streamlines the exchange of goods and increases accountability. Blockchain makes the supply chain nimbler, faster and more efficient, giving stakeholders insights into the overall supply chain, gaining critical data to swiftly adapt to problems as they arise.
Embracing blockchain technologies promotes low carbon infrastructures, providing enterprises new insights in carbon less strategies. Emerging distributed ledgers through blockchain have the potential to improve current processes and systems, acting as a digital enabler across the infrastructure value chain. ii
Generating Business Value from Blockchain
Blockchain can provide a trusted platform for data sharing and payment settlement, and self-executed smart contracts can significantly reduce the processing time and eliminate intermediaries, revolutionising business practises with resiliency and complete transparency across the value chains. Partnering with an experienced technology provider to identify appropriate use cases and apply a scalable deployment approach can help businesses harness the full potential of blockchain-powered solutions to thrive in the connected world.
i Global Spending on Blockchain Solutions Forecast to be Nearly $19 Billion in 2024, According to New IDC Spending Guide
ii Blockchain can be a vital tool to boost sustainability (sustainability-times.com)
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