HAVE YOU WONDERED HOW YOU CAN HARNESS THE POWER OF BLOCKCHAIN FOR YOUR BUSINESS?
PWC in their recent report on Blockchain in 2018, gave some valuable insights into the application of Blockchain to your business
The answer, they say, lies in building trust, achieved through these four steps :
OK - SO WHAT NEXT?
A great way to move forward is to spend a day developing initial ideas, where the most relevant ideas are then taken and developed into a prototype.
Blockchain Advisory UK offers a lab approach - the fundamental principle of the lab - unlike traditional business workshops - is to go beyond the discussion of new processes and proceed to Proof of Concept and full development of new systems based on ideas evaluated in the lab’s framework.
The Innovation Lab concept is a catalyst for increasing business profitability by using new technologies (Blockchain, AI, Robotics) to re-engineer existing organisational processes and legacy systems.
You will be invited into the Innovation Lab for a day’s working session focused on a single core subject or organisational issue which new technology can address.
Based on the core benefits of Blockchain technology (transparency, security and decentralisation), below are examples of the type of issues/subjects that could be covered within initial lab sessions:-
Supply Chain and Contracts Management
Automating the purchase process
With blockchains, automatic contracts (smart contracts) can be set up. Once the conditions agreed upon by the users are met, these smart contracts automatically execute their terms– service payment, shipment authorization, etc.
Improving transaction flow
Validation times for transactions between providers and clients (contracts, signatures, orders, payments, etc.) are drastically reduced. Result: virtually real-time management of flows and relationships with business partners.
Securing the supply chain
Attributing a tag to each product recorded in a blockchain enables you to secure your supply chain in real time. Origin, place of storage, authenticity, property certificates, records: all the necessary information is in a single ledger!
Streamlining internal documents
The validity of information shared among supply chain partners prevents the creation of multiple versions of a document. Each party involved in the transaction thus has access to the same data.
Sector - Insurance
Insurance claims handling is expensive — consuming up to 20% of the premium revenue collected. Current processes rely on multiple manual steps to validate and assess claims. Smart contracts written in Blockchain enable the automatic execution of assessment criteria, and the blockchain ‘wallet’ executes payments without insurer intervention. Blockchain has the capability to be a transformative force for insurance, which requires the coordination and cooperation of many different intermediaries with different incentives.
Proof of Identity
Various business sectors - especially those employing temporary labour - continually perform repetitive ID checks across a 12 month period. Blockchain enables the creation of a digital ID or passport for prospective employees and once that is verified and stored on the Blockchain does not require re-validation and saves time and costs accordingly.
Proof of Provenance / Ownership
Luxury goods / Pharmaceutical / Food
Blockchain is being used to eliminate the issue of counterfeiting by placing NFC chips within luxury goods which store an immutable record of a product’s place of manufacture and its current and previous ownership – this can be scanned by consumers to verify authenticity. Similarly, pharmaceutical and food manufacturers are using Blockchain to create a secure and tamperproof record of a product’s provenance and free-trade credentials to assure customers of the company’s ethical trading standards.
HOW THE LAB SESSIONS WORK
The lab will bring together groups of 4-5 key stakeholders per session centred on a common issue (examples above) where ideas and solutions are discussed within an informal and creative environment.
Sessions will be moderated by consultants with expertise in the business review process and knowledge of new technologies and their ability to effect real organisational change.
Sessions will typically comprise a 7-8 hour day with focus on:-
Understanding current issues and challenges (related to the lab’s priority topic)
Scoping out more customer-centric ways of working
Identifying best solutions/ work practices based on ideas generated
Determining how new technologies can be applied to automate and simplify processes
Following the lab, ideas and solutions will be drawn together within a business improvement proposal which would set out costs and timings for Proof of Concept (POC) development.
On completion of the POC, next steps in terms of full product development would be further evaluated.
A day session generates ideas with some potential solutions for the participants involved. A proposal is then created - and if there is enthusiasm to fund and proceed - a proof of concept development is created for evaluation by the original stakeholders.
Want to know more?