Accenture’s North American Managing Director of IT Strategy, Abizer Rangwala , has recently written a blog post outlining his vision regarding how his company is going to utilise Blockchain Technology.
So here we stand at the dawn of 2016, looking forward to change and trying to predict whether blockchain will indeed prove to be the next Internet-like change driver. I’m aligned with those who see the use of blockchain as continuing to gain momentum and expect it will have a profound effect on business. This is starting to happen now, especially in retail and in banking.
He goes on to note the real advantages:
Security is one of the biggest reasons that companies are investing in blockchain research.
The nature of blockchain as a distributed database makes it difficult and prohibitively expensive to unilaterally edit, since so many copies exist.
Trust is another virtue of blockchain.
The blocks provide transparency and record the history of a particular contract or deal. It’s an effective way to establish provenance of a painting or ownership of a diamond, with all the “paperwork” digitally attached to the item, lessening the chance of fraud.
Dealings are more direct. Blockchain transactions are conducted by the parties themselves with no third party or central body acting as intermediary.
It can be more open or more private depending on how the technology is used.
Efficiency is a major draw for blockchain. Contracts or transactions are frictionless and can be done more quickly and less expensively than conventional business dealings, opening the way for very tailored arrangements.
And adds more on how it can be used:
Blockchain can be used to trade stocks and bonds. Nasdaq is building a system to use blockchain in private markets, while Overstock just received SEC approval to use the blockchain to issue its stock via an alternative trading system (ATS) rather than the NYSE and Nasdaq. Overstock is already issuing bonds through cyptosecurity technology developed by its subsidiary and plans to begin using the technology as a service to allow other businesses to securely issue capital-market products. .
Secure information storage is a valuable usage for blockchain. It can store medical records for health insurance and health care, and Genecoin is promoting a service that allows customers to store a copy of their DNA on blockchain. Similarly, it’s hard to imagine the authentication of IDs, property ownership and value through an immutable ledger not catching on. For insurers, this would be a big boon to reducing fraud and settling claims.
The effect of blockchain for insurance products is a not as clear-cut and will likely take longer to emerge than for banking. The speed and ease with which contracts could be changed and the time-stamping feature of blockchain could, for example, facilitate individualized contracts that reflect actual risk, such as on-demand auto insurance effective only during hours a car is being driven.
Blockchain could prove important in creating and managing large layered commercial insurance programs where different organizations assume separate layers of the risk. Similarly it could also be used to manage insurer-reinsurer transactions.
Another development could lie in affinity group or P2P (peer to peer) social insurance mechanisms that take advantage of blockchain contracts to bypass insurers and fund their own coverage pool. In this case, the role for insurers could be quite specialized in areas like risk management and complex claim handling.
Finally, while there has been tremendous investment in startups using blockchain, there is also a powerful counterforce to keep blockchain open and accessible in the form of the Open Ledger Project. This is a brand new partnership of the Linux Foundation and a diverse group of major companies such as Accenture, Cisco, the London Stock Exchange, IBM and State Street to create a free and open-source version of a new technology under the name “Hyperledger.” Its task is to re-imagine supply chains, contracts and other ways information about ownership and value are exchanged in a digital economy. How would this work, taking into account the ecosystem concept? Think about buying a new house. Imagine signing the multitude of documents, setting up the escrow and title, acknowledging the appraisal, ordering the homeowner’s insurance policy (and tying it to your current car insurance policy) and transferring the money—and doing this all in days rather than weeks or months. Blockchain could help make something like this possible.
- Sun Exchange Raises $1.6 Million Seed Investment to Catalyze Global Shift to Solar Power - October 22, 2017
- Brickblock And Nakamo.to Announce Partnership To Fuse Real-world Asset Trading With The Potential Of IOTA’s Tangle Network - October 22, 2017
- Wirex inks deal with SBI Holdings to establish Asia focussed joint venture – Japanese cryptocurrency payments card expected soon - October 22, 2017
- CrowdWiz successfully raises over $5 million in its pre sale to bring democracy to investing by cutting out the middleman - October 22, 2017
- Soma – launches ICO to tackle marketplace fraud and disrupt the $1.7 trillion global second-hand goods industry - October 22, 2017
- LiveEdu.tv Launches ICO and Announces Presale - October 22, 2017
- Yetta announces ICO of European Commission funded Blockchain Research and Development - October 22, 2017
- Pulsar Venture Capital Holds ICO to Raise Money Using Blockchain - October 19, 2017
- Dash Expands Reach In Asia Through Cooperation With Rising Fintech Company QUOINE - October 19, 2017
- Hacken and Neuromation Partnership Launched to Stomp out Blockchain Cybercrime - October 19, 2017
- Playkey Brings in $1 Million in Pre-Sale Campaign and Welcomes Dillon Seo as VR Advisor - October 19, 2017
- SolarCoin Founders Introduce New Blockchain-Based Network for Global, Decentralized Energy Trading - October 19, 2017
- Kazakhstan’s Lendex.io plans ICO in early 2018 - October 19, 2017
- Swissborg – The Blockchain Era of Swiss Private Banking – Announced ICO - October 19, 2017
- Bank4YOU Group’s launches ICO end of October – Investors Call to Action - October 19, 2017
- Live Pre-sale of Trive: Fights Fake News Using Cryptocurrency and Crowdsourced Research - October 19, 2017
- A New Ozone Layer? Arcona Plans for Augmented Reality Layer to Cover Earth Surface in new AR project - October 19, 2017
- Cofound.it Introduces Seed Program for Early Blockchain Startups - October 19, 2017
- LOOMIA Announces Collaboration With Storj Labs, Introduces Smart Fabrics and Consumer Data to Blockchain Technology - October 19, 2017
- DECENT Launches Beta Release of DECENT GO, The First Decentralized Marketplace for Digital Content - October 19, 2017
- Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System - October 19, 2017
- Pareto – the Peer to Peer Financial Content Marketplace Announces Token Sale - October 19, 2017
- Appsolutely Launches the LoyalPlatform, LoyalCoin and LoyalWallet; Using Blockchain to Usher in the New “Loyalty Economy” - October 19, 2017
- Eidoo Raises $27.9m In Successful ICO To Bridge The Cryptocurrency Gap And Open The World Of Digital Currencies To The Masses - October 19, 2017
- Malta-based RoboAdvisorCoin (RAC) Launches Token Sale for Robo-Advisor Dedicated to Cryptocurrencies and Digital Assets - October 19, 2017
- BLOCKv Announces the Availability of VEE Tokens Through Its Upcoming Token Generation Event – Open to Public on October 19, 2017 - October 19, 2017
- The Fundchain initiative starts again this year with new Research & Development roadmap for the investment fund industry - October 19, 2017
- Digital Cryptocurrency Vault DigiPulse Reaches $1 million in Token Sale - October 19, 2017
- Tickets Cloud Kicks off crypto.tickets ICO - October 19, 2017
- Ex-JP Morgan Vice President Dr Joseph Chen-Yu Wang Joins Ambrosus as Project Manager - October 19, 2017
- Russian Wood for Cryptocurrency – Timber! - October 19, 2017
- Proof Suite Announces Token Sale for Blockchain Platform Designed to Tokenize and Insure Real World Assets - October 19, 2017
- DataWallet Announces Blockchain-Based, Consumer-to-Business Data Exchange - October 19, 2017
- IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise - October 19, 2017
- Horizon State Launches Token Sale to Modernize Global Voting and Collaborative Decision Making - October 19, 2017
- Metaps Plans to Launch Time Marketplace ‘Timebank’ Token Sale on COMSA - October 19, 2017
- Lykke Vanuatu brings Binary.com tokens to Lykke Vanuatu Exchange - October 19, 2017
- After raising $15M in a pre-sale, BitClave is ramping up for its Nov 8 crowdsale, and its plans to redefine the search experience - October 19, 2017
- Kazakhstan Is About To Launch The First Cryptocurrency, Directly Backed By Fiat Money - October 19, 2017
- Positive.com launches to protect Initial Coin Offerings from cyber attack - October 19, 2017
- Latium Launches LATX Cryptocurrency Token Sale for Participation in AI-Based Tasking Platform - October 18, 2017
- IBM Announces Major Blockchain Solution to Speed Global Payments - October 18, 2017
- Launch of SMSCHAIN, a Blockchain-based SMS Gateway - October 18, 2017
- Streamr Concludes a 30 Million CHF Crowd Contribution Period to Build Decentralized Real-Time Data Economy - October 18, 2017
- Publica Building New eCommerce Platform for the Publishing Ecosystem – Token Sale Coming Soon - October 18, 2017
- BLOCKv Partners with Storj Labs to Provide Decentralized Storage Architecture and New Toolsets to Power Next Generation Digital Objects - October 18, 2017
- Coinme Announces the Start of the UpToken Sale Today With Over $40 Million USD in Pre-Registration Signups - October 18, 2017
- Blockbid Announces Launch Of ICO Backed By Multi-Cryptocurrency Trading Platform - October 18, 2017
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017