There are a wide array of applications for the distributed ledger technology of the blockchain within the Financial Services Industry.
Settlement of transactions on the blockchain is instant and verifiable. The blockchain offers levels of security and privacy never available before.
A few examples.
The Internet of things IoT integrated with the blockchain offers enhanced provenance and traceability. Additionally, auditability will remain with assets or materials from cradle to grave or cradle to cradle.
Complex business processes like manual data entry are simplified on the blockchain due the inherent security and auditability. Allowing for greater focus on customer service.
Governments and the Agencies that serve them have a great deal to gain through the utalization of blockchain technologies.
The distributed ledger technology of blockchain allows for security, privacy and transparency all at the same time.
A few examples
Blockchain offers significant efficiencies in the management of private patient records, pharmaceuticals and case collaboration. Many more sensitive data applications are possible.
Healthcare is an intensely collaborative industry continually dealing with sensitive, pertinent and timely data. The Blockchain distributed data model is ideal for supporting the maze of complex protocols the industry is legally bound to.
Contracts, deadlines, payments, and work verifications are just a few of the processes in the construction industry which benefit from distributed ledger technology.
From permits and engineering to construction and sales, the construction industry is littered with liabilities and risks, many of which can be alleviated through the effective implementation of blockchain technologies.
A few examples
Discovery, Analysis and Extraction are data intensive processes often dealing with sensitive data sets. Blockchain enables effective and trustworthy management of this information.
The aggregation and protection of sensitive data is often required by regulation and at the same time may be essential for successful ventures. Blockchain technology answers many of these nagging issues.