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.

FinTech global consultants

Use-cases for Blockchain in Real Estate

Blockchain adoption is on the rise in the real estate industry as market players realize its potential to drive more transparent, efficient, and cheaper operations across the industry. Many real estate companies across the globe are leveraging consultancy for enterprise blockchain to steer the implementation of blockchain into their business operations to benefit from the technology. 

The following are blockchain use-cases for the real estate industry that elucidate how blockchain is poised to revitalize the industry.  

Digital identity verification

When it comes to leasing or sale transactions, significant time is spent on due diligence related to financial and legal review. This is because of the use of paper documents for proof of identity. These documents are stored in silos and offer limited flexibility to be customized to cater to diverse needs. 

The blockchain-driven digital identity verification process can mitigate problems with physical identity proofs and accelerate pre-transaction activities such as financial assessment, acquiring a mortgage commitment, and more. 

Asset and cash flow management

The current asset management process is beset with complexities due to dependencies among property managers, landlords, tenants, and vendors. Right from the initiation of a lease process, various payment and service transactions have to be executed, tracked, and recorded regularly.  

The execution of a property lease using a smart contract can mitigate various challenges related to asset and cash flow management. A smart contract is a self-executing contract with the terms of the agreement between two parties being directly written into lines of code. The use of a blockchain-based smart contract can bring transparency to the lease process and transactions. 

Enterprises across various industries have partnered with professionals offering consultancy for enterprise blockchain, in order to identify smart contract use-cases for their businesses. 

Finance and payments

Payments and money transfer for real estate transactions are time-consuming and expensive due to extensive documentation and involvement of multiple-channel partners. Furthermore, for a cross-border transaction, foreign exchange fees and involvement of various intermediaries increase transaction costs and processing time.

Blockchain-powered smart contracts and digital identities can potentially alleviate inefficiencies and increase transparency in real estate payment processes. It can provide a series of complete, traceable, and immutable records that aid in the audit trail of transactions, such as ownership history, mortgage payments, and property cash flow. 

Take away

Although still in its infancy, blockchain seems destined to redefine the operating models across the real estate industry. Enterprises evaluating an upgrade of their current systems should have blockchain on their mind as its potential and usefulness can bring value to the industry. 

At Millennial Partners, we serve as FinTech global consultants, helping enterprises with end-to-end blockchain implementation. We follow a coherent roadmap – from use-case development to solution implementation to deployment – to efficiently navigate the blockchain transformation journey for our clients.

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