Blockchain an Opportunity: Finance and Beyond

  • Saurabha Sahu, Senior Consultant at Mindtree

  • 13.04.2016 01:45 pm
  • Blockchain

Blockchain, a technology that has more mathematical power behind it on a decentralized basis than any open source project in history, could fundamentally reinvent the non-financial systems. Non-Financial institutions should start introspect and invest in the research work to find more value of Blockchain.

Everyone is discussing and sharing the information, How Blockchain can provide a paradigm change in the financial world? This way only in the financial world is coming to Limelight. Why only finance, let us think outside the Financial Box, where there are bigger challenges and changes are expected. Think of the non-financial sectors, there is a scope for improvement on process, data manipulation, data transparency and many more.

Investors should look out to leverage the Blockchain functionality not only in financial sector but also in non-financial sectors. Blockchain can provide the flexibility to use in any domain any sector.

Some of the insights where Blockchain can be used:

Travel (Domestic /International) & Transport

  • Ticket Booking: Air Ticket, Bus Ticket, Online Car Booking, Train Ticket, Cruise Ticket
  • Courier Tracking: Goods Tracking, Status of Goods Transport, Retail Sector - Fast Moving Consumer Goods tracking

Food and Beverages

  • Catering Services: Air Travel Food Supply, Railways Food Supply, Office Food Supply
  • Dine and Wine Booking: Take Way / Instant Orders,

Marketing and Advertisement

  • Patents and Trade Marks: Engineering Designs, Innovative Research and Development
  • Social Networking: Friends and Relative Comments on Social Networking

Online Shopping (e-Commerce)

  • Goods and Services Buying / Selling
  • Manufacturer and Consumer Grievance Management

People Management

  • Employee Performance Management
  • Employee Grievance
  • Travel Plan Management (Domestic and International)

Customer Care and Support Activity (BPO)

  • SLA Maintenance
  • Infrastructure and Technology Support Management

Insurance

  • Vehicle Insurance
  • Life Insurance
  • Term Insurance
  • General Health Insurance
  • Insurance Due Premium Payments

Utility

  • Electricity power generation, Transmission and Distribution
  • Natural Gas distribution
  • Bill Payments: Telecom Bills, Electricity Bill

General / Public Sector

  • Population Counting
  • Voting – Election
  • Budgeting
  • Certificate Management: Birth Certificate, Death Certificate, Marriage Certificate, Company Registrations
  • Law and Legality: Public Notice, Change in Law, New Law Proposal

Education

  • Institution Details
  • Courses Offered
  • Seat Availability for Course Enrollment
  • Books availability

Manufacturing

  • Oil and Natural GAS extraction
  • Export of Minerals
  • Natural Ore Extraction
  • Agro Fertilizer

Defense and security

  • Defense Related Data

Health and Pharma

  • Appointments (Doctor / Physician)
  • Medicine Composition
  • Lifesaving Drugs Composition and Availability
  • Patients Health Record Maintenance
  • Medicine Bills and Prescriptions

Tourism

  • Hotel Room Booking (Lodging)
  • Historical Place Visit
  • Archeological Place
  • Holy / Religious Place

Information Broadcasting - Entertainment

  • Movie Ticket
  • Movie Piracy
  • Team Outing
  • Public Media and News
  • Latest Update on News

Record Keeping

  • Document Keeping
  • Digital Library Book Maintenance
  • Document Transport and Transmission: Intra Organizational document sharing, Inter Company Document Transmission

Financial Sector

  • Sensex / NASCOM / Trading Business
  • Market updates
  • TAX and Returns: Fringe Benefit TAX, Service TAX, Import TAX

These are some places are taken over by locally developed or proprietary software solutions, where the chances of making a duplicate entry, manipulation of data is more. 

Considering the sensitivity of data, Blockchain will be the best possible solution for all the above situations.

Blockchain come with an enabled function of Public Distributed Ledger Technology, where all the involved parties will be able to view, create and update the records. Blockchain comes with in-build audit facility, any change will be recorded. Blockchain, which provides the safer way of maintaining the data integrity, manipulation and their by reduces the risk of data loss.

Advantages:

  • Data Transparency
  • AML (Anti Money Laundering) checks would be much simpler
  • No fear of data loss
  • Removal of Complex relationship maintenance across the countries for data transmission
  • Faster and Real Time Data Sharing
  • Easy transaction data retrieval process
  • Error free and Risk free transaction processing
  • Eliminate data manipulation
  • Efficient  and Qualitative Audit of transaction
  • Easy Disaster recovery
  • Single Window to review all details
  • Reduction in Terrorism Actions across Countries
  • Efficient way of information sharing

Blockchian will make the ecosystem more transparent, efficient and robust, which will provide a healthy competition for all players. Blockchain will set a new horizon for the financial and non-financial world with a vast opportunity of growth.

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