Enterprise AI solutions

Need for an Effective AI Strategy to Fuel Business Growth during Crisis

2020 has been a tough year, bringing lamentable loss to lives and businesses.

The sudden knock of the COVID-19 pandemic was characterized by dire consequences, deeply affecting the businesses’ momentum. The strategies devised by even the biggest businesses of the industries stood defunct in the face of the health threat crisis followed by the grand global lockdown implemented in more than 20 countries.

Business Transformation during the Time of Crisis: The Need And Pace

Given the belief of authorities that contactless operations could curb the spread, the businesses couldn’t depend on their traditional practices. This resulted in a growing need for digital technologies and digital transformation strategies.

Business transformation at the inopportune time of crisis won’t be the same as it is under normal circumstances. According to a survey by Harvard University, senior executives of 70% of 1,000 companies stated that pandemic would accelerate business transformation and that it would be the only way to combat the economic effects of COVID-19 on businesses.

Why is now the best time to come up with Fresh AI Strategies?

The unforeseeable hit by the black swan event left the previously planned strategies lifeless. It is time to devise an intelligent strategy that could prevent businesses from short-term negative effects and help them adapt to the permanent effects of the crisis.

The following points would reveal how the current situations are favorable to a vertical change:

  • Mitigated Market Reaction for Experimentation

Since the focus of the world is on the crisis and its effects, and markets are at a recovery phase, the sheer disruption that the vertical business strategies could bring normally to the effect is mitigated for a brief time period.

  • Favorable Changes in Almost-Flattened Customer Adoption Curves

It is evident that customers are generally reluctant to abrupt changes and require considerable time to adopt new processes. However, since the crisis has had a major effect on the population, the spirit to compromise and adjust is escalated. Businesses can harness that spirit to create a positive change for themselves and customers.

  • Crisis-Characterized Readiness to Change at All Levels of Organization

The internal business teams work in silos and are reluctant to change. The most kinetic business managers and shareholders demand immediate profits. Now that the black swan has had its massive effect on businesses, the urgency to revive has leveled-up the readiness to embrace changes at all levels within organizations.

Recover and Gain Profit with best Enterprise AI Solutions

Given the current unprecedented scenario, the need for business transformation cannot be overlooked. Businesses that stick to unshakable inertia and hope everything would snap back to normal would eventually land out of their cloudland or would have to shut-down.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

enterprise blockchain consultants

How can Blockchain Consulting Fuel Business Growth?

Despite the enormous potential of blockchain technology, this distributed ledger technology is gaining gradual adoption. Any technology of such huge potential has gained significant acceptance by industries but then the question arises – why not Blockchain?

One of the major reasons, according to subject matter experts, is the paucity of comprehensive blockchain consultancy solutions. Businesses lack solutions that can help them understand and harness the potential of disruptive blockchain technology.

Let us discuss the 3 prime decision areas where availing services of expert enterprise blockchain consultants can help a business increase their ROI:

  • Distilling Pain Points

Blockchain appears as an unrivaled solution to problems related to transparency, security, traceability, costs, efficiency, and speed.

However, the appropriate pain points need to be analyzed before blockchain is leveraged to address the problem areas. Top-notch blockchain consultants outperform in analyzing such challenges while applying their experience and deep understanding of use-cases.

  • Examining the Marketplace

After the pain points are identified, the company looking for blockchain integration needs to gather the most up-to-date data about the marketplace.

Usually, the required data revolves various points. These include the unique characteristics of a business and digital transformation strategy by which a niche can be created by your blockchain solution.

  • Discovering Use-Cases With Significant ROI impact

It is one of the evident facts that trust is the heart and soul of blockchain technology. Blockchain is, in fact, an ideal solution for the elimination of inefficiencies that arise due to intermediary involvement and other third-party engagements.

Trust fostering is something that is 99% of the time eligible to be that one use-case that has a remarkable impact on the ROI for every business. Your business can have additional potential points and blockchain consultants can help you identify them.

After planning follows implementation.

How Can Enterprise Blockchain Consultants Help In the Implementation Phase?

You may have various questions while integrating blockchain into your business – such as which blockchain solution to count on; who would own blockchain system; which type of blockchain to choose – permissioned or private; the need for knowledge proofs; hosting of blockchain nodes and many other technological factors. Here’s where you would be helped best by the professional blockchain consultants.

At Millennial Partners, we serve as your reliable enterprise blockchain consultants with real-world experience in blockchain implementation. We offer complete solutions – from use-case identification and implementation of the solution to deployment.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

Asset tokenization advisory

How can Asset Tokenization Revolutionize the Real Estate Industry?

The real estate industry is growing more complicated due to the involvement of more stakeholders, huger investments, diverse talents, and ever-changing regulations. Apart from the complexities, the billion-dollar worth industry is also inflicted by setbacks that are impeding its unflagging growth.

The most agile businesses of the industry have already devised strategies to integrate potential technologies in their operations. Asset tokenization is one of the disruptive technologies that is being harnessed to make a positive difference to the current scenario. Those who are new to revolution are leveraging professional asset tokenization advisory services to come up with a configurable strategy and end-to-end implementation plan.

3 ways Asset Tokenization can disrupt the Real Estate Industry

  • Immutability

Blockchain drives immutable transactions and creates a tamper-proof history of transactions, enabling stakeholders to provide evidence of their ownership.

If a stakeholder tries to sell the same token to multiple parties, the history of ownership associated with the token would make it impossible for him to falsify transactions or commit frauds.

  • Accelerated Settlement

The smart contracts can be configured in a number of logics in operations, thereby, facilitating automated transactions as soon as contractual obligations are met.

The well-structured system allows investors to have a tour of a clear, immutable record of data related to transactions during decision-making. Businesses can also rely on voting that is the essence of an ingenious system, thereby leading to better business decisions.

  • Better Security and Transparency

The tokenization tech employs blockchain that promises world-class security in a volatile digital world. Cryptography fortifies the security of tokens by clearly indicating assets owned by stakeholders.

Lack of transparency is one of the major lags faced by conventional the real estate industry and tokenization has the potential to eliminate this problem by providing enhanced transparency in operations.

Tokenization: A Reliable Solution

Apart from the above-mentioned benefits, tokenization offers many other refinements and improvements that can steer the real estate industry towards unobstructed growth. Businesses can also discover their untapped potential with the help of professional asset tokenization advisory services.

At Millennial Partners, we offer comprehensive asset tokenization solutions – from token development, deployment, and marketing.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

asset tokenization advisory

How is Asset Tokenization Redefining the Financial Industry

Tokenization of assets is poised to disrupt various industries, in particular the financial industry. It will redefine the way people invest in assets – from art to buildings. Those who are not prepared for asset tokenization are more likely to lag behind.

What is asset tokenization?

Asset tokenization refers to the process of issuing blockchain tokens, specifically security tokens. These tokens digitally typify a real-world tradable asset and are issued through Security Token Offerings (STOs). A security token represents a share in a company or ownership of a piece of property. The security tokens are then traded on the secondary market.

With the increase in the popularity of asset tokenization, the demand for asset tokenization advisory services is also increasing. Businesses are leveraging the experience and expertise of asset tokenization professionals to reap the benefits of a new token economy.

How is asset tokenization reshaping the finance industry?

Asset tokenization forges the path for a more efficient and transparent financial world by mitigating the friction present in the process of creating, buying, and selling securities. The following are the ways by which asset tokenization is bringing a shift in the financial industry.

  • Greater Liquidity

The issuers of tokens harness asset tokenization consultancy and development services to tokenize their assets – especially private securities and illiquid assets like fine arts – and easily trade their tokens on a secondary market. Access to a large number of traders improves the liquidity of assets, enabling both issuers and investors to capture greater value from the underlying asset.

  • Quick and Cost-efficient Transactions

The transactions of tokens are driven by smart contracts, which are software programs written to trigger actions when certain conditions are met. The smart contracts automate transactions, reducing the administrative burden involved in the process of token buying and selling, with the need for fewer intermediaries. This results in quick transactions and lower transaction fees.

  • Greater Transparency

Security tokens are embedded with token holders’ rights and legal responsibilities, along with an immutable record of ownership. This results in transparent transactions and provides a clear picture of token holders’ rights and who previously owned a particular token.

  • More Accessibility

Tokens are highly divisible, which means that investors can buy tokens that represent significantly small percentage of an underlying asset. This enables the investors to enter the market, even with small investment amounts.

Take away

Tokenization has the potential to make the financial industry more accessible, accelerated, cost-efficient, and simplified, thereby unlocking trillions of funds in currently illiquid assets and elevating the volumes of trade.

At Millennial Partners, we offer asset tokenization consultancy and development services to help businesses embark on their journey to tokenize their assets. Whether you want to tokenize real estate, art piece, commodity, or any other asset, we help you accomplish your goals with our mission-driven solutions.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

digital transformation strategy consulting

Industries Ripe for the Adoption of Artificial Intelligence – Part 2

In Part 1 of this blog, we talked about five industries – including Marketing, Sales, Research and Development, IT Operations, and Human Resources – that are ready to embrace Artificial Intelligence (AI).

In this blog, we will outline five more industries prepared to ride the digital wave of Artificial Intelligence.

Contact Centers

The contact center of an organization is one of the areas to have already adopted Artificial Intelligence. Organizations that have leveraged Artificial Intelligence consulting services to integrate AI into their businesses in the right way are the ones that harness AI to augment their operations rather than replace humans. These centers gather a large amount of data to learn more about their clients, analyze customer behavior, and predict the “next best action” for their users to ensure better customer engagement. In addition, machine learning can be used to analyze the unstructured data collected from contact centers to identify customer trends and then enhance products and services.

Building Maintenance

Another industry to benefit from AI technology is Building Maintenance. The technology is enabling facilities managers to optimize the use of energy and for the comfort of occupants. Building automation, which involves the use of AI to manage buildings and control lighting and heating or cooling system, leverages internet-of-things devices, and sensors to track buildings.

Manufacturing

Many companies, such as Heineken, use data analytics at every step of their manufacturing process – from the supply chain to inventory tracking. Predictive intelligence can help anticipate demand and improve the production while sensors on equipment can predict maintenance needs. AI helps identify and address areas of concern in the manufacturing process, preventing them from turning into costly issues.

Accounting and Finance

Many organizations are utilizing digital transformation strategy consulting services for AI use-case identification and solution implementation, realizing how technology can help alleviate the cost and enhance efficiency. According to Accenture Consulting, robotic process automation can be a great solution for the accounting and finance industry. While it can free-up finance professionals from repetitive tasks and reduce human errors, it can also provide real-time status of financial matters since it can track communication using natural language processing.

Customer Experience

According to Forbes, top fashion brands like Burberry are harnessing the potential of AI to enhance sales and customer relationships. The company uses loyalty and reward programs to collect shoppers’ data and then uses this data to offer customized recommendations to its customers – whether they shop online or in brick-and-mortar stores.

We, at Millennial Partners, offer all-inclusive Artificial Intelligence consulting services – from use-case identification and solution implementation to deployment – enabling enterprises to benefit from the disruptive AI technology.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

Digital Transformation Consultancy Services

How can blockchain become a building block for next-gen healthcare services

Blockchain can be identified as a consensus-based immutable, secure, and decentralized database technology that holds significant potential to fortify the different commercial and non-commercial sectors. The disruptive technology has already been revealing remarkable revamping abilities while it is being integrated into several industries. Market forerunners of numerous industries have already started reaping rewards with the help of business transformation consulting services.

Blockchain bears the potential to be the next best thing in Healthcare. It is now the turn of the healthcare sector to adopt this sensational distributed ledger technology. According to BIS Research, the global medical market expenditure on the blockchain is expected to reach USD 5.61 billion by 2025.

Top 2 ways in which blockchain technology promises supernormal upsurge in efficiency through its integration into the current healthcare scenario

It is opined that the blockchain revolution would steer the conventional glitch-rich medical scenario to the next-gen efficient echelon.

  • Healthcare Data Distribution and Management

The US reports medical errors as the third big reason behind the fatalities. The reason is very clear. During the lifetime of a patient, he submits his crucial medical reports and details to various health institutions and due to the absence of a common data management system, the mass integration of data related to a patient’s health history becomes a fiasco.

Subject matter experts offering business transformation consultancy services suggest that immutable blockchain technology can enable the sharing of the same data to an unlimited number of parties with just an “add to” access. No party can delete a record permanently and all this efficiency comes with utmost security, promptness in operations, and cost-efficiency.

  • Medicinal Drug Development and Supply Chain Monitoring

Despite regulatory restrictions and certificate compulsion, second-rate drug manufacture has acquired a large proportion of the US drug market. On the other hand, if we talk about the developing countries, 1 in every 10 medical products is found to be counterfeit. The problem is incapacitating the drug market and is standing as a risk to global healthcare.

Top-notch digital transformation consultancy services suggest that globally adopted blockchain can improve the traceability and transparency to a large degree. From impeding of falsified certifications to connecting the strands of unalterable data, blockchain can instill an unparalleled level of efficiency in operations.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments, which includes incorporating the most cutting-edge technologies such as enterprise Blockchain, Artificial Intelligence, and the Internet of Things (IoT).

Our global and experienced team is available via e-mail to proffer solutions and answer questions regarding technological advancements and digital transformation!

business transformation consulting services

Strengthening Business Operations with Blockchain

Since the emergence of the digital era, businesses worldwide have been seeking ways to enhance theiroperations by upgrading their technology infrastructure. What motivates these businesses to embrace technology modernization is the ability to simplify complex operations while driving innovation. Today, businesses are trying to comprehend what role emerging technologies like blockchain can have in their business and are thus leveraging business transformation consulting services.

According to International Data Corporation (IDC), worldwide investment in blockchain was $2.9 billion in 2019 and is anticipated to soarto $12.4 billion in 2022.

Businesses are investing in blockchain to remain competitive and bring value across three main value dimensions – such as enhanced productivity and quality, increased transparency, and redefined products and processes.

How can blockchain help improve productivity and quality?

  • Auditability

Blockchain offers a shared ledger of transactions, providing all parties with full traceability of operations. Businesses can not only alleviate their auditing cost but also increase confidence in data that they produce while eliminating the need for manual data validation.

  • Data management

Blockchain holds immense potential to improve data management in three areas, including:

  1. Data provenance and accuracy by providing complete information about digital assets and relevant data.
  2. Data integrity by enabling authenticated access to the network and easy identification of data manipulation or tampering.
  3. Data aggregation and organization by enabling easy sharing of real-time data from a single data source.
  • Payments

Blockchain brings transparency to payments and eliminates the need to manually audit and track payments. Smart contracts automate payments and streamline the process, thereby removing unnecessary transactionprocessing cost.

How can blockchain help increase transparency?

  • Data sharing

When data is retained in silos and rarely shared between organizations, it loses its value and verifiability. Blockchain enables trading partners to share real-time data, the history of data,and any changes made in data.

  • Transparency

The distributed ledger of the blockchain technology empowers designated parties to view real-time data. With enhanced transparency, businesses can enhance their decision-making process and seamlessly track the outcome of their decisions.

  • Trust

Blockchain enables and automates trust through cryptographically securing information and providing transparency.

How can blockchain help improve processes and products?

  • Authentication

Blockchain’s public and private key cryptography help authenticate users across multiple networks, thereby increasing confidence in the overall network.

  • Identity management

As more and more business transactions are conducted online, blockchain eliminates reliance on physical documents to establish user identity. Ithelps build digital identity and the idea is gaining rapid global traction. Businesses are leveraging digital transformation consultancy services to implement digital identity verification processes.

  • Marketplace creation

Blockchain brings more confidence in products and services while leveraging distributed ledger, smart contracts, and digital assets to enable real-time peer-to-peer transactions.

Millennial Partners offers business transformation consulting services to help global enterprises with blockchain and AI implementation. We bring our rich technology experience and complement it with our technical prowess to deliver mission-driven solutions that provide meaningful business outcomes.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

enterprise blockchain consultants

How can Blockchain help Combat Coronavirus

COVID-19, popularly known as coronavirus, has affected hundreds of thousands of people globally. This human tragedy, declared a pandemic by the World Health Organization (WHO), has claimed over 8,700 lives and there are more than 214,000 confirmed cases across the globe.

The coronavirus is not the first serious pandemic that has claimed several lives and affected the global economy. The SARS epidemic, which outbroke in 2002, affected people worldwide – with 8,000 cases of the virus reported globally and taking away 750 lives.

COVID-19 is no different. However, its impact and consequences are more severe than the 2002 SARS outbreak. The economic consequences are difficult to measure. Fear of coronavirus impact on the global economy has affected global markets, alleviating stock prices and bond yields. Besides, the services industry worldwide is witnessing the impact of the virus – recording reduced consumer spending in retail stores, restaurants, hotels and aviation. Furthermore, the reduction in global economic activities has lowered the demand for oil, leading to a significant drop in oil prices.

Blockchain in action

While it is not practical to expect countries to be fully prepared for such severe incidents, there are solutions to limit the impact – blockchain being the ideal solution.

Tech companies and startups have recognized the potential of blockchain and are building solutions to track supply chain, medical data, and drive global transactions.

Let us explore how companies are leveraging the experience and expertise of enterprise blockchain consultants to build blockchain-driven solutions to combat coronavirus.

Tracking supply chain

Alipay, in union with the Economy and Information Technology Department and the Zhejiang Provincial Health Commission, has launched a blockchain-driven platform to enable users to trace the demand and supply chains of medical supplies – including coronavirus prevention materials like gloves, masks, and other protective gear.

Globally, companies are harnessing the potential of blockchain technology to augment the connectivity in the healthcare industry. Last year, the Food and Drug Administration in the U.S. approved a pilot to leverage blockchain to track shipments and use of medication in North Carolina, Indiana, and Tennessee.

Cross-border payments

A major challenge for governments, charities, and health organizations during large-scale disasters is the distribution of cross-border payments and donations. The United Nations World Food Program introduced blockchain technology for projects, like distributing financial aid to vendors in Jordan, enabling money transfers for over 10,000 Syrian refugees, and auditing beneficiary spending. This alleviated bank transfer fees by almost 98%.

Insurance claims

Xiang Hu Bao – an online mutual aid platform by Ant Financial –is a blockchain-based collective claim-sharing platform with more than 104 million users. Its latest function involves processing coronavirus claims, helping the company to reduce paperwork and mitigate the need for back-and-forth document delivery to clinics.

Another advantage includes the mitigation of the risk of infection from face-to-face contact since the blockchain-powered platform drives transactions without human involvement.

The world is fighting a battle to limit the adverse consequences of COVID-19 outbreak and blockchain can make a significant impact in such a scenario. Blockchain solutions can extend far beyond monitoring healthcare data and enable improvement in the medical supply chain management, food safety and insurance processing, product and vaccine verification to support the global community in its fight against coronavirus.

At Millennial Partners, we offer consultancy for enterprise blockchain, helping global businesses with blockchain integration. Our coherent roadmap and mission-driven solutions together navigate your development journey to offer meaningful business outcomes.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

AI and Blockchain Fueling the inception of the Fourth Industrial Revolution

AI and Blockchain: Fueling the Inception of the Fourth Industrial Revolution

AI (Artificial Intelligence) isbringing profound, positive changes to the world by redefining the way businesses compete, grow, and succeed. Simultaneously, blockchainis reinventing business processes, enabling confident and secure access to shared data between organizations. The combined power of AI and blockchain will enable organizations to expand their boundaries and tap into a significant amount of trapped value. Realizing the potential of AI and blockchain, many global enterprises are embracing digital transformation consultancy services to benefit from what these ingenious technologies have to offer.

Together, AI and blockchain are fueling the beginning of the Fourth Industrial Revolution by redefining information exchange. They are poised to offer transformational outcomes across diverse industries, including healthcare, supply chain, government, and more.

Let us explore how AI and blockchain can drive a revolutionary shift across various industries.

  • Supply chain

As goods move through production and supply networks, they have to traverse through various jurisdictions and industry players, connect advanced and emerging economies, and comply with various laws and standards. This adds to the complexity and cost of goods.

Blockchain-driven digital identity has the potential tosimplify the supply chainresulting in higher costefficiency. Digital identity for participants, goods, and locations in a supply chain enables provenance and trackability throughout the supply chain. With a digital representation of real-world assets and monitoring data related to those assets as a single and shared source of information, product improvements can be achieved. Instead of collecting the data in siloes and sharing them across various stakeholders,data can be shared across relevant stakeholders.

The integration of AI into the platform can further enable the use of various algorithms to feed the data and improve the supply chain.

  • Healthcare

AI is transforming the healthcare industry by redefining diagnosis and treatment planning. Many healthcare companies have leveraged digital transformation strategy consulting services to implement advanced technology solutions into their operations.

Smart machines can improve healthcare services but people are reluctant to share their personal data. Blockchain-powered systems enable secure and shared access to health data, allowing patients to retain ownership of their data and gain access to it as and when required. Through this, the patients will rest, assured that their data is encrypted, protected and at the same time, they can leverage AI-enabled personal care.

  • Smart devices

With the advancement in technologies, our lives are integrated with smart devices. Blockchain and AI will together drive decisions on how these devices operate and transact. The proliferation of sensors can be expected to ingest real-world information and AI will be leveraged to improve devices’ understanding based on the data.

Take Away

Blockchain, combined with AI, can together deliver new levels of data accessibility, trust, and security. Many organizations who haveembraced these technologies are running pilot programs. As companies unlock the trapped value, it will fuel the adoption of AI and blockchain technologies. Companies should act now to gain first-mover advantage and amplify their revenue.

Millennial Partners offers digital transformation consultancy services to help global enterprises with blockchain and AI integration. Our customized development solutions, in line with your business requirements, navigate your development journey – from use-case identification to development and deployment.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae

Enterprise blockchain consultants

Use-cases for Blockchain in Supply Chain

Supply chains are beset with enormous complexity due to the multitude of document copies duplicated between parties. Tracking, reconciling, and verifying a huge database of inventory, purchases, bills of lading, invoices, shipments, and receipts is challenging. However, blockchain technology can potentially drive value to the supply chain industry, offering substantial cost and efficiency benefits while eliminating problems with reconciliation, miscommunication, and poor contract enforcement.

Realizing the benefits of blockchain, supply chain companies are upgrading their business operations and partnering with enterprise blockchain consultants to integrate blockchain into their business operations.

How can blockchain reinvigorate the supply chain industry?

Blockchain use-cases for the supply chain industry explain how blockchain can potentially transform the industry. These use-cases are applicable across the supply chain and offer benefits that differ by organizations.

  • Transparency and traceability

Blockchain provides unparalleled traceability. This helps mitigate traceability and transparency issues across the supply chain industry, allowing the companies to make well-informed decisions. The information related to the products is stored in a blockchain-based system that makes the data immutable and easily shareable, providing supply chain players with complete track-and-trace capabilities. Companies can use this information to provide proof of legitimacy for products.

  • Increased efficiency and reduced cost

The global shipping processes are extremely complex due to the involvement of multiple stakeholders with conflicting interests. For example, a shipment of refrigerated goods from East Africa to Europe traverses through approximately 30 people and companies, with over 200 different interactions among the participants. Thus, there is an indispensable need to streamline the shipping processes. Blockchain holds massive potential to mitigate problems in the shipping process, providing transparency, visibility, and tamper-proof records of goods across the supply chain. Many enterprises, leveraging business transformation consulting services, are working in this direction to harness the potential of blockchain to enhance their efficiency and productivity.

  • Smart contracts in logistics

A smart contract is a blockchain-based application that ensures the accountability of stakeholders in the logistics ecosystem. Smart contracts hold stakeholders’ pre-agreed rules of transactions and processes. Moreover, smart contracts accelerate custom clearances and approvals, reduce intimidating paperwork, and build security and trust among the stakeholders by implementing compliances to the already formulated and agreed rules of transactions.

Take away

Early investment in blockchain technology can help enterprises gain an essential competitive edge. However, for successful blockchain implementation, enterprises need to comprehend blockchain capabilities, select the right starting point for their industry, and harness the value of blockchain with a functional use-case.

At Millennial Partners, we operate as enterprise blockchain consultants, helping businesses with blockchain integration. We follow a coherent roadmap to identify and pilot blockchain use-cases, and implement blockchain solution.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae