Since 2015, the financial industry and other sectors have been exploring the opportunities presented by blockchain technology and so-called distributed ledger technologies. Experts are convinced that blockchain technology can revolutionize the economy and society in a similar way to the Internet.
For most, the technology is only at the beginning of a comprehensive development process. It has the potential to fundamentally change existing business models and the underlying systems of companies. In joint projects such as Hyperledger or R3, companies and credit institutions are developing new solution standards and visions for the future.
The advantages at a glance:
Blockchain technology (distributed ledger) essentially adds three application advantages to the currently existing possibilities of web technologies:
The distributed structure of the network makes the blockchain extremely fail-safe and difficult to manipulate. The technology is particularly well suited when a large number of people or companies are involved in a process, making decentralized data storage and execution a good option. Due to the potential for savings and automation, greater transparency, ever new application possibilities, as well as the sharp increase in demand for payment transactions with virtual currencies, the blockchain has also become a key technology for financial service providers in the digitization of processes.
Blockchain technology enables the mapping of completely new economic processes and ecosystems through its P2P functionality. This results in completely new business and economic models. Previously existing intermediaries such as trading platforms, banks or trading companies will have to rethink their business models. But they, too, can use the technology to implement their digitization strategy due to its good scalability and high automation potential. The Internet of Things can also scale much better with the help of distributed ledgers. Financial institutions and intermediaries can also play an important role in decentralized technologies like blockchain. Regulation, trust and accountability cannot be transferred to a technology or a so-called Decentralized Autonomous Organization (DAO). Depending on the intended use, different types of blockchain solutions are conceivable:
Many new questions arise when using the technology. They concern the organization and access to the blockchain, the legal and regulatory issues, and the security and operation of the blockchain solution.
Measures should already be taken today in order not to miss the boat:
the right optimization potentials and application possibilities are identified
the right business units and processes are included in the blockchain target picture
sensible, functional and technical architecture is defined as the basis for a prototype
Developing ideas for projects, start-ups, etc.
Evaluation of projects and preparation of business cases
Support in product development and product specification.
Development of a technical blockchain architecture
Selection of technology partners
Setting up agile teams for implementation
Project management for implementation and rollout
Review of ongoing blockchain projects
Support with the technical implementation
Together with you, we explore the potential that blockchain technology offers your company in the digital transformation. We have many years of experience and industry knowledge and create the right solution for you - always oriented to practice and in mutual trust.