Blockchain Business Cases For Your Organization
By now, you have probably heard that “blockchain is poised to revolutionize a broad range of industries” or “blockchain is the next Internet”. Like most leaders who participated in the Deloitte’s 2019 survey, you may also be trying to understand the blockchain technology better and find realistic and applicable usage for your industry and organization.
With the financial industry and fintech at the forefront of implementing blockchain-based solutions, other industries such as media, healthcare, telecommunications, entertainment, and government are diversifying and expanding their blockchain development. But before rushing into investing in the blockchain-based solutions, organizations need to:
- Analyze and define business cases and realistic applications of blockchain for their business to realize true business results and value
- Develop a solid blockchain road-map with realistic and measurable milestones and scope
- Understand and map their user and customer behavior and psychology as well the organization’s readiness to support the innovation
- Assess and identify the right blockchain platform and technology solutions for their organization to ensure higher chance of success and lower risk and cost of implementation
- Define and measure the ROI and other success factors for their business before and during the implementation of blockchain
What Businesses Can Benefit from Blockchain Technologies?
While blockchain is most often associated with the world of cryptocurrency, it has many other applications. It’s gathering traction with information management businesses with an increasing amount of them integrating their own forms of blockchain technologies. Blockchain technologies are becoming increasingly popular in industries that you may not initially expect. Some of the most common and popular applications of blockchains are:
- Transferring Monetary Value and Cryptocurrency
- Trading, Derivatives, Share Issuance
- Supply Chain and Contract Management
- Land and Vehicle Registration and Asset Ownership
- IP Tracking, Certification, and Digital Rights Management
- Healthcare Record Management and Medical Control
- Fraud, Employee, and Compliance Management
- Digital Identity (not based on analog identifying token such as name, etc.)
- Energy Trades and Chargebacks
- Well and Pipeline Management
- Emissions Tracking & Carbon Credits
- Joint Venture Accounting
- Asset Tracking and SCM
- Parts Maintenance, Repair & Resell
- Event Ticket Management and Loyalty Rewards
- Media Storage
- and many more
How Can Blockchain Technology be Implemented?
Today there are many implementations of blockchain by various companies, from Walmart to United Airlines as well as small and mid-size organizations have been conducting proof-of-concepts or even rolled out working blockchain applications into their production.
There are also many blockchain applications developed using the BlockApp’s STRATO platform, which is our strategic blockchain partner that enables secured, rapid, and cost-effective implementation of blockchain. Some of those case studies are:
- Clinical Trials Adjudication: Creation of a distributed ledger for the patient sites, CRO, and clinical sponsors to track endpoint adjudication data
- Agricultural Supply Tracking: Creation of an agricultural ecosystem, including an application to track the status of an agricultural supply through its useful life
- Corporate Air Travel Booking: Integration of a blockchain system into airline.com to track ticket inventory from booking through settlement
- Carbon Token Marketplace
- Pipeline Asset Management (in POC)
Let Us Help You in Your Blockchain Journey
If your organization is in the process of understanding the blockchain technologies, identifying the best business cases for blockchain implementations, doing a proof-of-concept, or looking for the best blockchain platforms and technology options, Contact Us to start a conversation and learn more. Optimum, in partnership with our blockchain platform partners, such as BlockApps, can help businesses from various industries implement and maintain blockchain solutions. We can guide your business from initial assessment of blockchain requirements to architecture and design and roll-out.