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

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