You heard a lot about blockchain and the transformational change it is bringing. Perhaps, you even thought through the swiftness of its adoption and the potential disruption to your business. So, the question, as a technology and a business leader, you could be asking yourself is, how to embrace blockchain both as an emerging technology and as a differentiator with minimal impact to your business?
At TechSophy, our approach is to offer enterprise blockchain solutions that are incremental with little or no disruption to your current services. These solutions are aligned to long-term trends and can scale with industry-wide adoption. This approach allows enterprises to be early adapters with minimal risk, while helping them ward off any likely disruptions.
Blockchain is a secure decentralized ledger that keeps track of immutable transaction records that are agreed upon by a peer-to-peer network and are not owned by any one enterprise. The combination of the ‘not owned by anyone’, de-centralized, immutable, and secure transaction ledgers allows certain types of enterprise services to benefit from blockchain technologies. Apart from providing these ledgers, blockchain captures the consensus on the ledgers and incentives to participate in the form of smart contracts. Enterprises can access these ledgers and contracts through Decentralized Apps (Dapps), which can integrate blockchain services into business workflows.
Without getting bogged down by details and terminology, let us look at the broad enterprise service categories that could benefit from Blockchain technology.
There is a class of services that an enterprise provides to its customers that are dependent on its partners or third parties. For example, insurance providers often rely on third-party service providers such as hospitals, automotive services, etc., to serve their customers. Service transactions, which are often singular transactions from a customer perspective, are split up into several processes in disparate systems owned by multiple partners. To resolve a transaction, identify delays or status of a transaction, etc., either the customer or one of the involved parties must interact with other partners for a holistic view of the transaction. A secure blockchain that is common to all these parties records this transaction and provides a uniform and real-time view of the customer transactions. This approach, in turn, reduces delays, removes inconsistencies, eliminates fraud, and increases customer satisfaction. We can term this class of services as enterprise-partner blockchain, where the permissioned blockchain service is limited to an enterprise and its partners with a consistent and comprehensive view to its customers.
There is another class of services that depend on industry-wide data on a specific customer or industry-wide collated data on a set of customers with appropriate anonymity and regulations. This class of services require industry wide adoption that is directed towards overall transparency, operational efficiency, fraud elimination across multiple enterprises, and provides common benefits. Going back to the insurance example, if all the insurance companies share their transactions, it is easy for an insurance company to prevent multiple claims even before spending a single dollar. Depending on the domain, one could easily find many use cases that increase an enterprise’s bottom line. However, for this to happen, all the peers should agree upon a common transaction ledger and deploy Dapps that adhere to that. We can term this as enterprise-peer blockchain.
There are several approaches to implementing blockchains in your enterprise. A good place to start is to offer enriched customer services using an enterprise-partner permissioned blockchain that is limited to a few partners. This approach has several benefits:
This approach will also allow enterprises to get it together for an eventual enterprise-peer blockchain and establishes them as thought leaders in their domain.
The first steps are to:
TechSophy guides your enterprise and provides the technical expertise in each of these steps.
Let’s start engaging in your Blockchain journey today.