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Decentralization, transparency and immutability are the hallmarks of blockchain technology and predominantly because of these features; it has been applauded as a pragmatic solution to innumerable business challenges.
According to a survey published by Deloitte on the adoption of blockchain technology in 2019, there was a 10 point increase in the adoption of the technology compared to 2018. Though Fintech continues to drive this technology, the other industry verticals such as the life sciences, finance, supply chain, healthcare, insurance industries telecommunications, and government are gradually opening themselves up to the prospects of this revolutionary technology.
Here are a few industries that have tangibly benefitted from the adoption and implementation of the blockchain technology.
1. Travel - In the domain of Travel, blockchain technology has been widely adopted to eliminate middlemen and create a transparent peer-to-peer business network. The success of Airbnb is a good case study where a single search on accommodation would connect the guest to individual hosts on the website. It is very interesting to note that Accenture has developed what is called the Known Traveler Digital Identity System in collaboration with the World Economic Forum to make the flow of data between the traveller and the customs seamless.
2. Banking- In the banking sector, the greatest offering of this technology has been in the terms of securing the data easily. Bluzelle, a blockchain company, has collaborated with KPMG and a consortium of banks in Singapore to develop a KYC platform to eliminate fraud risks and cut operational costs, resulting from duplication of information, by a staggering 25%.
3. Insurance- The usage of Bitcoins have promoted smarter contracts between two parties and revolutionized the insurance industry whilst skyrocketing the security factor. Insurwave, a joint venture company between Ernst & Young LLP and Guardtime AS, offers blockchain-based service to manage insurance processing in a secure environment. With a record of 30,000 successful transactions sans risks from 2018 till 2019, the company won the 2019 Business Insurance Innovation Award.
Blockchain as a technology is relatively new and offers the great business prospective of being leveraged as BaaS- Blockchain as a Service. To be in a position to utilize this opportunity and create a winning business case calls for a complete understanding of the dynamics and foundation blocks of the technology ecosystem such as:
Without the complete and clear understanding of the working principles, neither an entrepreneur nor the executive body of any organization can successfully implement the technology nor can employ its capabilities. So one of the best ways to understand the potential of this technology and plan for operational efficiency and improved trustworthiness in the market, one can enroll in the Certificate Program in Applied Blockchain by IIM Indore. The course curriculum has been meticulously crafted to include the fundamentals in details, underlying working principle, blockchain platforms, and its application across different domains and risk factors.
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