Consultancy for enterprise blockchain

Blockchain: A Catalyst for Enterprise-level Transformation

Blockchain: A Catalyst for Enterprise-level Transformation

Consultancy for enterprise blockchain

Blockchain has become a buzzworthy trend, poised to transform every industry – from finance, healthcare to manufacturing. The shared, distributed ledger technology holds immense potential to unlock trust, provide real-time information, reduce cost, and improve efficiency.

Blockchain will not only enhance the payments paradigm but also transform the way people consume healthcare or how individuals travel, ultimately catering to almost every aspect of daily life.

Industries Ripe for Blockchain Disruption

Blockchain’s innovative attributes comprise decentralization, immutability, transparency, and automation. Although initially, the financial services sector was eager to pilot blockchain solutions, now various other industries have jumped on the bandwagon to benefit from blockchain technology and are thus seeking consultancy for enterprise blockchain.

Here is an insight into the industries ready for blockchain adoption and how the technology can bring a profound, positive change to each industry.

    • Banking and Finance

The existing banking and finance services struggle with obsolete operational processes, limited transparency, slow payment settlements, and security vulnerabilities.

Blockchain technology can address these problems by enabling transparent and accountable governance systems, better security, enhanced incentive alignment between stakeholders and efficient business models. Additionally, blockchain allows the digitization of financial instruments, thereby leading to greater liquidity, reduced counterparty risk, lower capital cost and opportunity to tap into a broader investor and capital base.

    • Government and public sector

The conventional approach requires both national and local governments to rely on archaic processes, legacy software solutions, and inefficient operation structures. Yet, the sector needs high-level security.

Blockchain, combined with smart contracts, will enable governments to build trust and transparency, improve accountability and responsiveness, reduce costs, improve efficiency, and establish high-performing functions with highly-secure and cost-effective structures.

    • Healthcare

Currently, problems like incomplete information, data silos, and lack of communication between the hospitals, doctors, and patients beset the healthcare industry.

Blockchain-based data sovereignty complemented with permissioned exchange will forge the path for accelerated, more efficient and secure processes like medical data management and tracking of drugs and other medical devices. This can help ensure the authenticity of drugs in circulation across the globe and lead to enhanced patient care.

    • Real Estate

Real estate investments are usually inaccessible to many individuals. The industry is plagued with problems like limited liquidity and third-party involvement that leads to higher transaction costs.

Blockchain can benefit the real estate industry by making third-party functions redundant, thereby streamlining processes. In addition, blockchain will enable the digitization of assets and financial instruments, resulting in increased liquidity, fractionalization of ownership and democratized access to real estate investments.

    • Supply Chain

The current global supply chain industry is affected by poor tracking process and inefficiency. The huge paperwork involved can account for half the cost of container transport, and there exist various cases of mislabeling of products.

Blockchain builds a shared IT infrastructure that streamlines workflows along the supply chain. The technology will enable accurate asset tracking, improved licensing of products, services and software, and bring more transparency to the provenance of consumer goods.

Take Away

Blockchain has a huge potential to transform the way business done. From offering more transparency and security to streamlining workflows and increasing efficiency – blockchain offers myriad benefits and can transform any business for better.

At Millennial Partners, we serve as reliable enterprise blockchain consultants and developers, helping enterprises to identify blockchain use-cases, and pilot and implement blockchain solution to navigate to a decentralized world.

People-Concept

Digital transformation is a must

Digital transformation is a must

People Concept-27

An enterprise looking to sustainably grow into the increasingly digital age MUST embark on its digital transformation if not already. It isn’t a luxury, rather a necessity under the present digital environment.

It is a natural evolution. The pace of change is accelerating and these emerging technologies are threatening to disrupt the landscape and result would be those refusing to change will fall like a house of cards. Today, companies are being replaced on the S&P approximately every two weeks.

Technology is driven a fundamental shift where business processes have to be re-designed to fully align with the realities of the digital environment. The business model transformation is thus the very foundations of the change followed by adapting various technologies in the enterprise environment.

Enterprise leaders have become aware this wave of change and are increasingly allocating resources to best augment themselves. Worldwide spending on technologies and services that enable digital transformation (DT) will reach $1.97 trillion in 2022 per the (IDC), achieving a five-year compound annual growth rate of 16.7 percent along the way through to 2022.

This is now perceived as the long term investment which must be given a priority at the boardrooms and c-suite ranks well beyond just the CIO’s domain.

“IDC predicts that, by 2020, 30 percent of companies will have allocated capital budget equal to at least 10 percent of revenue to fuel their digital strategies,”

Organizations are falling different approaches to their DT Organizations and at different pace. But speed is of essence as executive leading the DT journey have to show that digital initiatives are translating into rich dividends for the organizations.

The starting point is identifying a digital leader who can drive the digital vision of the organization and then embarking on a journey which requires fundamentally re-designing the entire operations from outside in based on the vision that customers should have a seamless end-to-end digital experience.

Improving customer experience is the starting point and therefore requires a re-think of the business where the back-end operations are aligned and in harmony with the digital front that is effective and can serve the customers.

In the following chapters, we will discuss the framework for creating an effective digital transformation framework ..