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:
- Data provenance and accuracy by providing complete information about digital assets and relevant data.
- Data integrity by enabling authenticated access to the network and easy identification of data manipulation or tampering.
- 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.