enterprise blockchain consultants

How Blockchain can Redefine the Banking Paradigm

Ever since the first cryptocurrency, Bitcoin, was introduced in 2009, the underlying blockchain technology has been gaining huge popularity and adoption. The reason behind the burgeoning popularity of blockchain is its way of verifying transactions. It counts on consensus among a peer-to-peer (P2P) network of computers based on complex algorithms rather than a central bank or a third-party. The elimination of intermediaries has accelerated financial processes like cross-border transactions, trading and settlement, and more, while making them more reliable and cost-efficient.

The synergy of blockchain and services of enterprise blockchain consultants has helped various start-ups and incumbents, especially in banking and finance, to navigate their blockchain development journey. According to an estimate, the number of blockchain start-ups sits at over 5,000. Start-ups can typically lack the in-house technical knowledge and expertise, blockchain consultants steer their blockchain implementation process – from identifying and piloting use-case to implementing and deploying the solution.

Ways Blockchain will transform Banking

Blockchain holds the disruptive power and huge potential to transform nearly every process – whether it is the basic documentation or settling time-consuming transactions. These inherent capabilities of blockchain are attracting finance and banking decision-makers who believe that blockchain can bring profound, positive changes to their industry.

  • Blockchain for Trade Settlement

The current settlement process is based on the T+2 time-frame, which means that two to three days are required to settle transactions. Blockchain technology will bring everything on a distributed ledger, leading to the following benefits:

  • Global Trade

Blockchain will enable seamless global trading due to the distributed ledger that is accessible to everyone on the network, regardless of their geographical location. Furthermore, it will bring complete transparency to the system.

  • Lower Operational Cost

The elimination of intermediaries for trade settlement will result in reduced commissions and other costs. In addition, it will accelerate trade settlement (in the T+0 time-frame).

  • Increased Trust

As blockchain records all of the transactions transparently on a distributed ledger, a higher level of trust between the capital market participants can be built.

  • Blockchain for Trade Finance

The trade finance is one of the areas ripe for blockchain transformation. Global leaders such as Deutsche Banks, Bank of America Merrill Lynch, and JP Morgan are harnessing blockchain technology, and thus services of enterprise blockchain consultants, to enhance their workflows and cut-down their costs.

A blockchain-driven trade finance solution involving a letter of credit, bill of lading, and multi-signature solutions will comprise the following features:

  1. Carriers provide a bill of lading as a digital asset on the blockchain
  2. Banks issue letter of credit on the blockchain as a digital asset
  3. Contracts based on multi-signatures
  4. Smart-contract-driven transactions to ensure transparency and speed

Take Away

Blockchain is poised to transform finance and banking, bringing greater speed, trust, transparency, and cost-efficiency to operations. Start-ups or banks planning to upgrade their current systems should have blockchain on their mind as its potential can bring significant value to the industry.

At Millennial Partners, we offer consultancy for enterprise blockchain, helping enterprises with complete 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 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.

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.

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