Empowering with Blockchain 2023: Adopting Decentralized Technology for Business Transformation!!

Blockchain technology has been gaining a lot of attention in recent years due to its potential for enabling secure and transparent transactions without the need for intermediaries. This decentralized nature of blockchain has led to numerous business use cases and opportunities for transformation across a wide range of industries. Some of the most promising use cases of blockchain technology in business include supply chain management, digital identity verification, secure data sharing, and decentralized finance. These use cases can help businesses increase efficiency, reduce costs, and improve transparency, among other benefits.

Blockchain is one of the key technologies ?driving business transformation. Across the globe Governments, Central Banks, financial services, supply chains, Healthcare, climate change, and many other areas where decentralization, Trust, and transparency are transforming and disrupting traditional business with the adoption of blockchain technology.

Blockchain technology has the potential to empower businesses in a number of ways. Some of the key benefits of blockchain technology in business include:

1.????Decentralization: Blockchain technology operates on a decentralized network, which can help eliminate the need for intermediaries, increase transparency, and reduce the risk of fraud.

2.????Security: Blockchain technology uses cryptographic algorithms to secure transactions, making it virtually impossible for hackers to modify or steal data.

3.????Traceability: The transparent and permanent nature of blockchain transactions makes it possible to trace the history of a particular asset or transaction, which can help with compliance, auditing, and supply chain management.

4.????Efficiency: By eliminating intermediaries and streamlining processes, blockchain technology can help reduce the time and cost of transactions, improve supply chain management, and increase the overall efficiency of businesses.

5.????Data privacy: Blockchain technology provides a secure and private way to store and share data, making it useful for industries such as healthcare, finance, and government.

Blockchain technology is poised to play a significant role in the digital transformation of businesses. As the adoption of blockchain continues to grow, organizations can leverage its capabilities to improve processes, increase transparency and accountability, and create new revenue streams.

Some of the key areas where blockchain is expected to have an impact in 2023 include:

1.????Decentralized finance (DeFi): Blockchain technology is driving the growth of DeFi, a new financial system built on decentralized networks.

2.????Supply chain management: Blockchain can help to improve the transparency and traceability of supply chain operations, reducing the risk of fraud and increasing efficiency.

3.????Digital identity: Blockchain-based digital identity solutions can provide a secure and privacy-preserving way for individuals and organizations to verify and authenticate their identities online.

Here are a few Recent case studies:

1.???IPwe Digital Assets – Tokenization of IP(Enterprise NFT)

IPwe is revolutionizing the intellectual property (IP) system using blockchain. IPwe is leveraging blockchain technology to transform the IP landscape by tokenizing the majority of the world’s patents as patent NFTs. These 25 million IPwe Digital Assets store verifiable ownership data and auditable, compliant records for each patent, allowing enterprises to confidently manage their IP in the next-generation Web3 ecosystem. Using a hybrid Casper Blockchain and Hyperledger Fabric network, IPwe is deploying 25 million patent NFTs, the largest enterprise blockchain deployment in history. On top of that, IPwe’s SIAM solution allows enterprises to fully utilize these patent NFTs to transact, manage, and value their IP. This revolutionary implementation of blockchain technology will enable IPwe to bring liquidity to the IP space, where currently approximately 95% of IP assets are not transacted or commercialized.

2. TaxChain – A blockchain solution that digitized and exchange tax forms

taXchain is a blockchain-based tax and customs solution that allows companies to collaborate and exchange data with each other in a secure, transparent, and compliant environment. TaxChain is sponsored by Henkel and Siemens, and developed by KrypC, the award-winning taXchain network is based on the Hyperledger Fabric framework for enterprise blockchains.?

Now a new system to handle tax forms in the EU promises to deliver all three benefits:?

·??????Faster completion of required forms(Time to fill out one tax form cut from days to minutes)

·??????Better safeguards against error and fraud

·??????Huge cost savings over paper forms?(Cost to complete one tax form slashed by 75% (from €120 to €30).

3. Forbes Blockchain 50 2023

Despite 2022’s crypto market collapse, dozens of enterprises around the world are still investing in blockchain, the distributed-database technology that underpins the entire sector because it helps their businesses operate better, faster, or cheaper. Forbes Blockchain 50 report published by Forbes every year about the blockchain projects by companies having a $1 B in revenue.?This year Google, Ant Group, AON, HSBC, JP Morgan, Tech Mahindra, Wipro, Walmart, Apollo, BNY Mellon, Broadridge, ExxonMobil, Fidelity, FIS, Goldman Sachs, Mastercard, NBA, Nike, PayPal, Repsol, VISA are part of the Forbes Blockchain 50 list.

In China, cryptocurrencies and crypto mining are illegal, but the blockchain is an important part of President Xi Jinping’s Vision 2035 national development strategy. China Construction Bank built a platform that cuts out Swift, the most widely used interbank system for transferring funds. It recently launched a giant distributed ledger for credit reports that lets bank subsidiaries share information while complying with government privacy regulations. It has already used its blockchain to give $4.2 billion in credit to 2 million customers and hopes to reach 700 million people by mid-2025. In addition to China Construction Bank, five Chinese companies, including Tencent, WeBank, and Alibaba’s Ant Group, feature on this year’s Blockchain 50.

4.???How Mastercard, Goldman Sachs And Other “TradFi” Titans Are Using Blockchain To Rewire Global Finance

Mastercard is one of 22 financial companies that made?Forbes’?2023 Blockchain 50 list of billion-dollar companies putting distributed-ledger technology to real use.? Big banks like Goldman have largely avoided directly investing in cryptocurrencies but have quietly been working with their underlying technology. “We see huge commercial opportunities,” says Mathew McDermott, head of digital assets at Goldman Sachs. In November, his 70-person team underwrote a €100 million bond offering for the European Investment Bank in conjunction with Santander and Société Générale. The process took just 60 seconds. Typically, a bond sale like this takes about five days.

JPMorgan’s 66-year-old CEO, Jamie Dimon, called cryptocurrencies “decentralized Ponzi schemes” last fall, but his bankers have been hard at work using blockchain tech to execute $550 billion in repurchase agreements since 2020.

“The next generation for markets, the next generation for securities, will be tokenization,” insisted Larry Fink, chief executive of BlackRock—the world’s largest asset manager, with $8.6 trillion under management.

5. Broadridge’s DLT repo platform transacts $1 trillion a month

In mid-2021,?Broadridge ?launched its?Distributed Ledger Repo (DLR) ?solution, quickly achieving $31 billion in average weekly volumes. That figure is now $50 billion daily or a trillion dollars a month. So far,?UBS ?and?Societe Generale ?are two banks that have confirmed they are active on the platform, and it’s expected the number of participants will reach double digits this year, with three currently onboarding.

DLR uses smart contracts to “mutualize the workflow”. In other words, instead of actions taking place separately on each party’s internal systems, which might not tally with each other, by using smart contracts they are in sync. That’s because the agreement, execution, and settling of repo transactions take place on the shared ledger.

These are just a few examples of how blockchain technology can empower businesses in 2023 and beyond. It's an exciting time to be a part of the blockchain industry and to see how it will continue to evolve and shape the future of business. In the year, we can expect to see more and more industries embracing blockchain technology and using it to solve real-world problems. Some of the areas where blockchain is likely to have a significant impact include finance, healthcare, real estate, and even the public sector.

Overall, blockchain technology has the potential to greatly empower individuals and organizations in new ways, allowing them to take control of their data and transactions in a secure and transparent manner.

Reference:

https://www.ibm.com/blogs/blockchain/2018/02/top-five-blockchain-benefits-transforming-your-industry/

https://www.hyperledger.org/blog/2023/02/02/ipwe-launches-revolutionary-platform-and-deployment-of-25-million-patent-nfts-on-hybrid-casper-blockchain-and-hyperledger-fabric-network

https://www.hyperledger.org/learn/publications/taxchain-case-study

https://www.forbes.com/sites/ninabambysheva/2023/02/07/forbes-blockchain-50-2023/?sh=9976c53319d9

https://www.ledgerinsights.com/broadridges-dlt-repo-dlr-1-trillion/

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