Era of Blockchain

Building-Blocks to Next Era of Business Transformations

The Digital revolution is one of the most significant events that the world is facing today. More and more technologies are being introduced to help shape the future and improve businesses. Another captivating?addition to the list is blockchain, a distributed database that manages the ongoing list of ordered?records, also known as “blocks.”?

Transforming Crypto & Blockchain Regulatory Landscape - An?International and Regional Perspective

Originally, blockchain was designed for digital currency to increase security and accelerate the exchange process of information to make it cost-effective and transparent. The technology has been around for a?long time now, moving on from first to second, and now the third generation. While the first and second generations have been exceptional in innovation, the third generation will be focusing on flaws such as scalability, interoperability, sustainability, cost, and security. The aim is to find improved solutions with a refined agenda. Blockchain has been introduced in the market to significantly help in reducing infrastructure costs, enable effective data management, transparency, acceleration of processing cycles, and more.

Impact of Blockchain on Financial Services Industry

The technology is currently being piloted across industries, spanning from financial services to manufacturing. Other sectors, like retail, are also beginning to experiment with potential applications. In the long run, blockchain may enable a transformation of operating models across industries.?

?Crypto Currencies and the future of Investment

The blockchain market is expected to simplify business processes and change the way big data is approached in the future. According to a report by Markets and Markets, the global blockchain market size is likely to grow USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR)?of 67.3% during 2020–2025.

?Blockchain and the Transition to a Skills-Based Economy?

In India, Andhra Pradesh became the first state to adopt blockchain technology for governance. Before deploying it across the administration, the technology was first used in two sectors, land records and transport. In 2021, big banks such as the State Bank of India (SBI), ICICI Bank, Kotak Mahindra, Axis Bank,?and 11 others created a new company – the Indian Banks’ Blockchain Infrastructure Company Private?Limited (IBBIC). It was assigned the task of leveraging blockchain technology to solve the central problem in traditional banking, including the processing of Letters of Credit (LCs), GST invoices, and e-way bills.

Emerging Blockchain standpoints and perspectives?

Industry leaders have quickly realized the disruptive potential of the technology, recognizing it as a?game-changer in many businesses use cases. Large businesses drive innovation, and in the coming years, blockchain will become a middleman to perform complex business deals, legal contracts, and automated data exchange.?

The Test of Time: Experimenting with Blockchain and Challenges faced by BFSI Industry?with its Implementation

From a financial industry standpoint, Blockchain assures a massive disruption to the world of back-office systems and ledgers. The fervor in the banks and insurance sector is palpable; the technology offers the potential to eliminate as much as $20 billion of costs from the financial sector. This will largely come from removing complex processes and systems that govern the opaque payments and settlement systems. Insurance companies and startups are using the technology to detect fraud, maintain medical records, file claims, and more. The panel will discuss how drastically does Blockchain promises to change the backbone of the Financial Industry, the constraints, the required investment, and most importantly is the financial and insurance sector Blockchain ready???

? Decentralized identity and reputation?

? Enabling secure, transparent, real-time, cross-currency transactions?

? Transforming the Architecture for Money Transfer?

? Enhanced customer experience??

? Eliminate the middleman and mechanize the processes – Enabling direct ownership and transfer of digital?assets and automation of capabilities on the ledger

How Blockchain Can Revitalize Manufacturing Value Chains & Bring Transparency in?Supply Chain?

Blockchain-enabled smart contracts, distributed ledgers, and immutable cryptographic records are poised to reduce production costs, drive greater operational efficiencies, and unleash new business opportunities for manufacturers & supply chain management companies worldwide. Trusted suppliers are thoughtfully selected, monitored, and certified for quality, reliability, and consistency. Regulators demand certifications and audits to ensure that best practices are followed. However, that trust between the manufacturer,?supplier, and the buyer has been historically difficult, and costly, to establish. One major supply chain challenge is in the case of cold chain for packaged products in industries, including pharmaceuticals, food and beverages, and chemicals, as timely delivery becomes critical.?

Can Blockchain offer a simpler, less costly, and more efficient way to establish trust in manufacturing value chains, using a software-based distributed ledger system maintained on multiple computing nodes? The experts on this panel will discuss the gaps in the current scenario, identify the opportunities and advocate the possible solutions.?

? Maintaining the integrity of transactions and activity logs?

? Establishing product attribution?

? Linking the key elements - finance, banking, manufacturing, supply chain, and Technology?

? Using blockchain to track movement and ensure the integrity of cold chain packaged products