How blockchain is changing the nature of transactions
Enterprise growth increasingly depends on trusted partnerships. Increasing regulation, cybercrime and fraud inhibit business growth Generate new business models that leverage the power of an ecosystem. How to increase trust, transparency and accountability across your business networks by leveraging Blockchain technology?
While Bitcoin is often considered the first real use case for blockchain, the technology has come a long way since those early days. By re-imagining the approach used under bitcoin, we built a blockchain from the ground up that can drive new business models and safeguard regulated industries.
Blockchain can empower enterprises to:
Leverage the power of your ecosystem to do things faster with greater trust
Vastly reduce the cost and complexity of cross-enterprise business processes
Open the door to invent new styles of digital interactions
Reduce friction and inefficiencies in the market, freeing up capital
Create cost-efficient business networks where virtually anything of value can be tracked and traded—without requiring a central point of control
Enabling businesses to compete in the digital era
Enterprise growth increasingly depends on trusted partnerships.
Global businesses are becoming more and more interconnected. Supply chains are more integrated and interdependent. And industries are merging and interacting like never before. All of these partnerships require more trust and transparency to succeed.
Increasing regulation, cybercrime, and fraud inhibit business growth.
To keep pace with regulatory changes like the Sarbanes-Oxley Act of 2002 (SOX), the European Union Data Directive, and anti-money laundering rules, companies must rapidly increase compliance staff and budgets.
The confluence of technological innovations is generating new business models.
Cloud computing offers access to compute power to track billions of transactions. Distributed systems enable secure networks that protect the integrity of transactions. And advanced cryptography secures both network and transactions. Together, these technologies enable the powerful potential of blockchain technology.
Why enterprises need to act now?
Expectations from customers, partners, and constituents have never been higher. Today’s enterprise needs the ability to move quickly, nimbly, and securely to keep up with the pace of the market. With blockchain, enterprises can:
Improve growth and efficiency using the network effect
The potential for business growth from ecosystems is still hampered by disconnected operations, inefficient processes, and siloed information. To scale and grow across industries, enterprises need the ability to take full advantage of automation and stop relying on oneoff solutions and manual back ups.
React to rising competition
Established and new competitors will use these technologies to reimagine and disrupt existing industries. Competition from new entrants, players from other industries, and even consumers will force companies to move faster and more efficiently. With so much competition, profit pools will shrink, but there will be more of them created, requiring more trusted and secure transactions.
Increase security
Blockchain networks are tamper-evident. They are designed to reveal any alterations and require consensus from the network. By actively addressing security threats and protecting against fraud in tandem with automating operations and securing transactions, businesses will be able to manage costs, drive innovation, and realize the potential for cross-industry growth.
Activating partner ecosystems
Transaction processing is now a team sport. A blockchain network is most successful when multiple parties are involved, and becomes even more valuable and efficient as the blockchain grows. Enterprises need to learn a new model of ecosystem-based processes. It will take time to identify and formulate the right relationships, so it’s important to start now.
How to act strategically
Before embarking on a blockchain project, enterprises should consider the following:
Pinpoint where you have vulnerabilities or inefficiencies
Increase ability to rapidly react to new regulatory & compliance needs
Identify key points of friction as targets to pilot blockchain technology
Identify new and potential opportunities
Identify who would be in your ecosystem—partners, suppliers, manufacturers, lenders, etc
Discover what new business models could emerge if trust & manual processes are eliminated
Leverage the right technology
Operate on a permissioned network
Build a network built on an open-standards framework
Ensure this platform can integrate into your core business for future growth