It has been rightly quoted by Don & Alex Tapscott, the authors of Blockchain Revolution (2016) when they said: “The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Needless to say, that this digital power is evolving from its infancy and beginning to emerge as the new powerhouse in transforming industries digitally.
Digital transformation has paved way to be the fuel that can power businesses and organizations these days. It is rather a necessity than a requirement. Advancements in fields such as Artificial Intelligence, Internet of Things, Robotic Automation, Cloud Technology and most importantly Blockchain have eclipsed with a 360-degree view to leverage technology and will continue to do so in the next couple of decades.
The entire purpose of adopting Blockchain technology lies around the ability to deliver services and conduct transactions in a transparent, faster and a more secure manner. Its fundamentally designed to optimize every workflow that can increase efficiency at an advanced level.
For example, let’s consider the insurance sector. The insurance industry has proved to be an important part of a common man’s life promising to improve and grow with Blockchain assisted services. Its currently exploring decentralized ledger formats to enhance digital trust while simplifying the overall process for a policy holder; from creation of smart-contracts between the issuer and the policy-holder and other transactional workflows to verifying, and processing claims faster. The idea of using a Blockchain development service therefore, is to create a seamless and hassle-free experience to a user while ensuring a secured and trusted platform.
Gartner predicts that by 2020, Blockchain development services will be needed to transform many sectors and industries. Top investors adopting these are likely to be the global transaction banks, financial service industries, manufacturers, retailers and healthcare organizations.
Before you begin, there are certain evaluations that are to be made. These evaluations should ideally answer an ultimate question for you—Is your organization in need of the Blockchain technology? And How fast are you willing to be transformed into a digital powerhouse? Let’s examine them for better understanding.
Growth factor in digital transformation
Digital maturity requires standard progressions. It involves many factors such as recruiting and training for digital skills, omnichannel customer engagement strategy, proactive approach to cybersecurity and digital risk, digitizing back-office processes, and creating new digital products and services. These factors are independent of the industry they serve; in the sense they are different across different industries.
According to business intelligence, sectors such as media, government, retail, education, banking, healthcare, insurance, financial markets and telecoms are likely to find maximum benefit of over 40% by collaborating with Blockchain technology.
The ask of today, is how trustworthy are you when you are catering to a client. The other scenario would validate this by knowing how efficient you are in securing data and building a tokenized network. If your organization is currently looking into changing this, then integrating it with Blockchain technology may prove to serve you more.
Transforming into a digital powerhouse
Digital evolution began with an open source electronic transfer protocol combined with a secure math-based system. Today, after nearly half a century, we see technology such as Blockchain, promise decentralized ledger, cryptographic encryptions, security and trust. From digital mapping to using scripts in automating business processes, Blockchain technology is emerging as the next beacon in transforming the way we look at organizations.
The need for businesses to collaborate at a management level and the technical level is huge. Today, collaboration among people, organization, things within the ecosystem is as important as the operation itself. Integrating existing business processes with Blockchain technology services/solutions can be a smart move.
- Big Data has proved to be an asset for companies to authenticate analytics around user-behavior, purchasing choices, demographic information, footfall and other commercial factors. With the ever-growing industrial trends and data-driven decisions, the need to create a seamless and a secure data transaction is of paramount value. Companies nevertheless are exploring to launch digital initiatives with Blockchain App solutions to expand business capabilities beyond risk factors.
- Innovation in Supply Chain Management face challenges around visibility, transactional transparency and effective communication at every level. Blockchain services with its distributed ledger asset, promises to churn accountability in these.
- Financial service industry has diverse participants. Conventional systems are problematic and error-prone. These add to increased levels in stress, time and money. In contrast, by using Blockchain, end-users find it easy, economical, transparent and effective. Smaller institutions have already begun experimenting with smart bonds and smart contracts as a part of digital transformation.
Blockchain technology can be used in a value-exchanged ecosystem and seeks implementation at the cell level. Clavax’s future thinking has evolved to employ blockchain development services to ease your job for better business. We strive to help you glean better returns on your investments by ensuring efficiency.