In the manufacturing and business sector, manual contracts hinder productivity,
efficiency and trust, which leads to increase in the cost of business operations.
In the era of automation and technological advancements, computers and software technology tend
to eliminate the intermediaries and middleman, forming a system more reliable and
trustworthy.
In this sector, smart contracts play their game well. Referred to as a computer protocol which
enforces a contract by digitally facilitating, verifying and enforcing it, smart contracts can
replace any intermediaries efficiently. Smart Contracts in manufacturing will easily eliminate
the possibility of counterfeiting or fraud, also every transaction from a party will be
transparent, promising and hassle-free.
In the manufacturingFrom the traditional system of maintaining hand written reports
and files to moving on to storing data on a computer database system, we had come a long way.
The internet technology has grown rapidly and the movement towards new inventions and
innovations has now become huge. With one such invention, we provide an encrypted learning
management system and certification.
Today, many educational institutes use this software for better data handling, easier
accessibility, and communication. The learning management system we use today, has an easier
scope to change and re-write data whenever you want. But did you ever wonder about a learning
management system application on blockchain?
With integrated blockchain and AI technology, we provide a cloud based learning management
system. It is a one stop source for educational institutes to automate their data management
infrastructure. A blockchain oriented learning management system is a much safer and secure
platform, due to its immutable data which eliminates third party access to any information.
Today’s definition of what business process management is and the definition in the
next few years doesn’t seem the same. The practice of improving a business process as a whole by
analyzing, modelling how it works in different scenarios, executing improvements, monitoring and
continually optimizing the process is one of the best fits in the emerging blockchain
technology.
The use and implementation of blockchain in financial services for business process management
will leverage smart contracts and the auditability of distributed ledger technology facilitate
processes involving multiple parties following specific regulatory guidelines.
Integration of blockchain in this business sector proves to be used primarily as a way to share
documentation, communicate information, track transactions, and provide better visibility among
participants on workflows.
Business Process Management on blockchain enables a peer to peer system that eliminates the
central repository of information and allows multiple corporations to exchange information
directly with counterparties. This technology will allow the participants and counterparties to
maintain control of their own data, rather than a third party.
As a promising use case for financial services, blockchain technology proves to be an out of the
box solution providing various choices and inputs for the business sector as a whole.
A consumer and its loyalty towards your company plays an important role in achieving
brand acquisition and image in the market. Traditional loyalty programs lag interest in offering
possibilities than the blockchain based loyalty programs.
There are various opportunities and challenges that we can link with the integration of
distributed ledgers in the sector, but how these challenges can overcome through the
opportunities is the talk. With traditional loyalty programs, consumers face a problem with
redeeming points creating a low reward redemption rate for loyalty marketers. The use of
blockchain for reward redemption may allow a customer to store all points in a single wallet
instead of managing multiple programs, under separate rules for acquiring points redemption.
When we talk about loyalty programs on blockchain, we resonate with flexibility and easier
access. Rewards on the distributed ledger can be received and redeemed in the real time. Since
the consumer data is stored in a secure, structured and abundant ledger, it can be used for big
time data analysis as well. A sensitive private data stored on company legacy systems can
interact with blockchain to reduce loyalty fraud and can prove to be a cost optimizer as well.
Blockchain, still in its infancy may also put forward a few challenges and drawbacks, but will
surely prove to be a boon if piloted on programs in the financial and industrial sector as a
whole.
How far has technology gone and how far will it go? This is the current question
that bugs a lot of people across the globe. With every year, we have something new that
technology has in store for us, and just like that, we have blockchain!
It seems doubtful, on how technology and something innovative like blockchain can do wonders in
providing a solution for one of the most complex things like certifying a land, and helping in
land title ownership.
If we talk about the process today, registering a piece of land on your name is time consuming
and also has a risk that might lead to an unexpected situation. For example, during a natural
disaster, or a calamity like an earthquake, how do you think you will find the land you own?
Everything stands a mess, and is quite haphazard at that moment. This is where blockchain and
new technologies can give you a sigh of relief.
With the use of blockchain technology, we aim to build a system to fix this problem with an
immortal database. This new technology will incorporate various benefits such that of providing
authentic, tamper free records, a valid permanent linking of the information with the system.
The land title ownership on blockchain, will create a single source of truth of ownership status
and history of a property, which will also help in assuring a buyer or the owner about the
accuracy of the land being bought.
Blockchain is a silent worker but a powerful system. Integration of registry will increase the
citizens confidence in the government and will enhance data security and ensure authenticity of
land records.
A flaw in the financial security system can lead to fraud. Therefore, it is
important to create a safer process for authentication and identification. Verification of
identity is an easy process through government issued documents, but establishing a KYC process
on blockchain can be fruitful to create transparency and eliminate fraudulent activities with
false identification.
As a solution to KYC and Identity Verification, blockchain will accumulate data in a secured
database, on a decentralized network and can be accessed only with permission. In the
traditional system, all the data is stored on centralized databases, and are prone to hacking.
On the other hand, blockchain oriented KYC will have no involvement of a central system, have no
single point of failure and is not hackable, which makes it difficult for unauthorized entities
to exploit identities on blockchain.
With KYC on blockchain, nobody will be able to falsify you in the digital world. An individual
will have the sole control on their identity and will be able to share it more proactively as
and when required.
From the supplier to the manufacturer, and then to the end consumer, supply chain
deals with a lot of hands. The point of question that arises is- Everything that comes to us
(the consumer), a product or service is original, pure and not counterfeited? A procedure so
long can be benefitted by some intermediaries before reaching to its designated location.
To your rescue, we have a helping hand- Blockchain. Supply chain management can increase
revenues, decrease costs, improve quality and sales, accelerate production and distribution. But
the traditional method can be misused. Hence, technology can empower this sector to eliminate
fraud and increase trust.
On a blockchain, supply chain management will be an easier task altogether. Each transaction can
be documented, creating a permanent history of product from manufacture to sale. An instant
reduction in time delays, added costs and human plagiarism can be eliminated. In a nutshell
supply chain management, will enhance transparency, greater scalability, security and
innovation. It has the potential to become a universal “supply chain operating system” in near
future.