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What can blockchain do for you?
Blockchain can help radically improve industries, beginning with banking and insurance. However the opportunities for blockchain go far beyond this. We predict that this technology will be used to create wise(er), more efficient systems for supply chains, Internet of Things networks, gaming, multi-media rights management, car rental, Government proof of identity (or license) creation and insurance record management.
Rethinking enterprises, ecosystems and economies with blockchain technology
Read the latest explore from the IBM Institute of Business Value.
What can Blockchain do for you?
Blockchain can reimagine the world’s most fundamental business interactions and open the door to invent fresh styles of digital interactions. Here are a few use cases.
Reduce settlement time from days to near instantaneous
Liquidates overhead and cost intermediaries
Reduces risk of collusion and tampering
Applying blockchain to business
Business contracts can be codified to permit two or more parties to automate contractual agreements in a trusted way. Albeit information on blockchain is naturally “public”, B2B contracts may require privacy control to protect sensitive business information from being disclosed to outside parties that also have access to the ledger.
Blockchain provides a collective record of the contract status which is updated as the purchase and delivery progresses. It is available to all parties to the agreement, their banks, and playmates.
- Enlargened efficiency and transparency across the supply chain.
- Risk management improved through the near real-time update of all contracts.
Assets such as financial securities must be able to be dematerialized on a blockchain network so that all stakeholders of an asset type will have direct access to that asset, permitting them to initiate trades and acquire information on an asset without going through layers of intermediaries.
An ID management system which permits for only the parties with the correct keys have access to the asset.
- The blockchain liquidates the need for intermediaries and unnecessary cost overhead.
The blockchain fabric must provide a means to permit every participant on a supply chain network to input and track sourcing of raw materials, record parts manufacturing telemetry, track provenance of goods through shipping, and maintain immutable records of all aspects of the production and storage of a finished good through to sale and afterwards.
The block chain acts as a distributed, single source of collective truth. Clever contracts can be leveraged to update the state of transaction, but also be collective amongst parties. Wise contracts can also trigger events that can be used to indicate the success or failure of a transaction.
- Verifiable, preventing any party from altering or challenging the legitimacy of the information being exchanged.
- Efficiencies through greater transparency to complicated global supply chains.
- Permit consumers to make informed purchases.
- Governments can quickly and lightly request reliable information from across the supply chain.