Blockchain Technology is a vast, distributed ledger, operating on millions of devices, recording anything, with identical copies maintained on each of the network computers. When a new transaction or an edit to an existing transaction comes in, generally a majority of the nodes within a blockchain network must execute some algorithms and essentially evaluate and verify the history of the transaction that is proposed and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger. If a majority of nodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. All the members can review previous entries and record new transactions. These are then grouped into ‘blocks’, which then form part of a ‘chain’, thus leading to a ‘blockchain
Block-chain technology can reduce transaction costs, generate distributed trust, and empower
decentralized platforms, potentially becoming a new foundation for decentralized business
models. In the financial industry, blockchain technology allows for the rise of decentralized
financial services, which tend to be more decentralized, innovative, interoperable, borderless, and
transparent. Empowered by blockchain technology, decentralized financial services have the po-
tential to broaden financial inclusion, facilitate open access, encourage permissionless innovation,
and create new opportunities for entrepreneurs and innovators. In this article, we assess the
benefits of decentralized finance, identify existing business models, and evaluate potential chal-
lenges and limits. As a new area of financial technology, decentralized finance may reshape the
structure of modern finance and create a new landscape for entrepreneurship and innovation,
showcasing the promises and challenges of decentralized business models.
The ecosystem supporting blockchain technology has matured to the point where the rollout of multiple enterprise blockchain solutions is imminent. This is technology that cannot be ignored by any industry as it poses both a threat and an opportunity for organisations. This paper outlines the potential of blockchain technology.
Enhance Your Career With An Online Degree In Blockchain For BusinessBlockchain Council
An online degree in Blockchain for Business will help any business to grow. This degree will give you an overview of blockchain basics, along with the consensus algorithms being used. Moreover, you will understand smart contracts and blockchain architecture better. With reduced costs and greater efficiency, blockchain use-cases allow employees to focus on better business decisions.
Distributed Ledgers: Possibilities and Challenges in Capital Markets Applicat...Cognizant
Distributed ledgers - blockchain technology - stands to make numerous financial services activities more secure, autonomous, and efficient. Here's a walk-through of a range of potential use cases: IPO issuance, trade agreements and settlements, confirmations, etc. and a strategy for transition.
Block-chain technology can reduce transaction costs, generate distributed trust, and empower
decentralized platforms, potentially becoming a new foundation for decentralized business
models. In the financial industry, blockchain technology allows for the rise of decentralized
financial services, which tend to be more decentralized, innovative, interoperable, borderless, and
transparent. Empowered by blockchain technology, decentralized financial services have the po-
tential to broaden financial inclusion, facilitate open access, encourage permissionless innovation,
and create new opportunities for entrepreneurs and innovators. In this article, we assess the
benefits of decentralized finance, identify existing business models, and evaluate potential chal-
lenges and limits. As a new area of financial technology, decentralized finance may reshape the
structure of modern finance and create a new landscape for entrepreneurship and innovation,
showcasing the promises and challenges of decentralized business models.
The ecosystem supporting blockchain technology has matured to the point where the rollout of multiple enterprise blockchain solutions is imminent. This is technology that cannot be ignored by any industry as it poses both a threat and an opportunity for organisations. This paper outlines the potential of blockchain technology.
Enhance Your Career With An Online Degree In Blockchain For BusinessBlockchain Council
An online degree in Blockchain for Business will help any business to grow. This degree will give you an overview of blockchain basics, along with the consensus algorithms being used. Moreover, you will understand smart contracts and blockchain architecture better. With reduced costs and greater efficiency, blockchain use-cases allow employees to focus on better business decisions.
Distributed Ledgers: Possibilities and Challenges in Capital Markets Applicat...Cognizant
Distributed ledgers - blockchain technology - stands to make numerous financial services activities more secure, autonomous, and efficient. Here's a walk-through of a range of potential use cases: IPO issuance, trade agreements and settlements, confirmations, etc. and a strategy for transition.
Bitcoin introduced the concept of Blockchain technology, the first digital currency ever created in 2008. The interesting fact about blockchain technology lies in its use of p2p network that runs with the help of cryptography. Blockchain enables trustless transactions i.e, people who do not know each other can now exchange something (currency, services etc) without the interference of a central authority such as Bank or Payment processing network. By eliminating the central authorities and harnessing the potential of peer-to-peer networks, this new technology is providing several opportunities such as : Low transaction fees, Fast settlements etc.
Introduction to blockchain & cryptocurrenciesAurobindo Nayak
This was an intro session on blockchain and cryptocurrencies. If you want to view the webinar for this talk checkout: https://www.youtube.com/watch?v=rl5mVI7jEK0
Blockchain Innovation In Healthcare & Life SciencesIFAH
A session by Michael Irish, CEO, Vivacitas Healthcare on the topic of 'Blockchain Innovation In Healthcare & Life Sciences' at IFAH USA 2019 held at Caesars Palace, 18-20 June, 2019.
Leading the pack in blockchain banking
Trailblazers set the pace.
The IBM Institute for Business Value with the support of the Economist Intelligence Unit surveyed 200 banks in 16 countries on their experience and expectations with blockchains. What differentiates the early adopters and what can we learn from them?
Global trade of goods has been growing at double-digit rates since the early 2000s. Digitzation had its time; but still we have manual paper based work exsisitng in most of the Trade finance activities. Now is the time to see value addition from Blockchain based platforms and how they can make this process faster, reliable and paperless.
Blockchain & Smart Contracts For Government Entitlements & PaymentsMichael Novak
Overview of Blockchain and Smart Contract strengths and challenges in US federal, state, and local government entitlements, digital identity, and payment processing.
Blockchain technology provides legal industries with a higher level of accuracy. This increasing utilization of blockchain for law professionals has led to a demand for blockchain training. Here in this blog, we will explore how blockchain technology will transform legal firms.
In this document i take an extensive look inside what are the current product offerings from Ripple and how institutions can benefit from using it. As of 2020 numerous other initiatives have also taken place in the space of cross border payments and settlements space. We will be covering those later.
Advantages and disadvantages of permissionless blockchainBlockchain Council
Blockchain Technology surfaced with the surge of cryptocurrency. Today you may find every business, and all the big industries are talking about using Blockchain. They want to make it a part of their mainstream business operations. On the surface, we know that blockchain is a distributed ledger technology. It works on the principle of decentralisation and peer-to-peer transactions. It means that Blockchain culminates the need of having intermediaries. Thus it saves cost and time both. It is the prime reason that many of the financial institutions and businesses are trying to use Blockchain for their benefit.Check out the full article here >>
https://bit.ly/2zRdAyS
A general discussion on the benefits of the blockchain technology. How it creates trust and how this may be applied. We discuss the blockchain generally in terms of the byzantine generals problem, central v distributed and decentralised ledgers and the double spend problem.
It is the aim of this paper that those reading it should recognise the leapfrog potential of this technology. It is the biggest innovation since the internet.
Feel free to reach out and connect if you have any questions.
shane.ninai@gmail.com
It explains the concept of Blockchain which is going revolutionize the world economy. Blockchain is going to change money, business and thus the world.
Blockchain in Banking: A Measured ApproachCognizant
Here's our foundational view on what the financial services industry needs to consider as organizations move from ideation to experimentation to pilot deployments of blockchain.
Bitcoin introduced the concept of Blockchain technology, the first digital currency ever created in 2008. The interesting fact about blockchain technology lies in its use of p2p network that runs with the help of cryptography. Blockchain enables trustless transactions i.e, people who do not know each other can now exchange something (currency, services etc) without the interference of a central authority such as Bank or Payment processing network. By eliminating the central authorities and harnessing the potential of peer-to-peer networks, this new technology is providing several opportunities such as : Low transaction fees, Fast settlements etc.
Introduction to blockchain & cryptocurrenciesAurobindo Nayak
This was an intro session on blockchain and cryptocurrencies. If you want to view the webinar for this talk checkout: https://www.youtube.com/watch?v=rl5mVI7jEK0
Blockchain Innovation In Healthcare & Life SciencesIFAH
A session by Michael Irish, CEO, Vivacitas Healthcare on the topic of 'Blockchain Innovation In Healthcare & Life Sciences' at IFAH USA 2019 held at Caesars Palace, 18-20 June, 2019.
Leading the pack in blockchain banking
Trailblazers set the pace.
The IBM Institute for Business Value with the support of the Economist Intelligence Unit surveyed 200 banks in 16 countries on their experience and expectations with blockchains. What differentiates the early adopters and what can we learn from them?
Global trade of goods has been growing at double-digit rates since the early 2000s. Digitzation had its time; but still we have manual paper based work exsisitng in most of the Trade finance activities. Now is the time to see value addition from Blockchain based platforms and how they can make this process faster, reliable and paperless.
Blockchain & Smart Contracts For Government Entitlements & PaymentsMichael Novak
Overview of Blockchain and Smart Contract strengths and challenges in US federal, state, and local government entitlements, digital identity, and payment processing.
Blockchain technology provides legal industries with a higher level of accuracy. This increasing utilization of blockchain for law professionals has led to a demand for blockchain training. Here in this blog, we will explore how blockchain technology will transform legal firms.
In this document i take an extensive look inside what are the current product offerings from Ripple and how institutions can benefit from using it. As of 2020 numerous other initiatives have also taken place in the space of cross border payments and settlements space. We will be covering those later.
Advantages and disadvantages of permissionless blockchainBlockchain Council
Blockchain Technology surfaced with the surge of cryptocurrency. Today you may find every business, and all the big industries are talking about using Blockchain. They want to make it a part of their mainstream business operations. On the surface, we know that blockchain is a distributed ledger technology. It works on the principle of decentralisation and peer-to-peer transactions. It means that Blockchain culminates the need of having intermediaries. Thus it saves cost and time both. It is the prime reason that many of the financial institutions and businesses are trying to use Blockchain for their benefit.Check out the full article here >>
https://bit.ly/2zRdAyS
A general discussion on the benefits of the blockchain technology. How it creates trust and how this may be applied. We discuss the blockchain generally in terms of the byzantine generals problem, central v distributed and decentralised ledgers and the double spend problem.
It is the aim of this paper that those reading it should recognise the leapfrog potential of this technology. It is the biggest innovation since the internet.
Feel free to reach out and connect if you have any questions.
shane.ninai@gmail.com
It explains the concept of Blockchain which is going revolutionize the world economy. Blockchain is going to change money, business and thus the world.
Blockchain in Banking: A Measured ApproachCognizant
Here's our foundational view on what the financial services industry needs to consider as organizations move from ideation to experimentation to pilot deployments of blockchain.
Revolutionizing of Blockchain in Fintech App Development.pdfTechugo
Blockchain technology is a data management platform that uses complex cryptography to power many decentralized cryptocurrencies. Blockchains are digital ledgers and accounting systems that allow for auditing.
How will Blockchain Transform Banking, Financial Services, and FinTech in the...Richestsoft
Blockchain technology is set to revolutionize the banking, financial services, and FinTech sectors in the near future. Its decentralized nature ensures security and transparency, reducing fraud and enhancing trust. Banks are exploring blockchain app development company to create innovative solutions for cross-border payments and smart contracts, streamlining operations and reducing costs. Financial institutions can use blockchain for efficient record-keeping, and FinTech companies can leverage its capabilities to create innovative products. This technology is poised to disrupt traditional financial systems, making them more efficient and secure.
Using blockchain to get ahead of the game: Creating trust and driving operati...Accenture Insurance
The rise of blockchain promises to bring disruption to commercial insurance by fundamentally reshaping principles and processes that have governed the industry since the 17th century. Blockchain offers a more efficient alternative to the processes the insurance industry developed as an answer to the absence of mutual trust between affected parties and a lack of end-to-end transaction transparency.
In this report we address how blockchain can create trust and drive operational excellence, and we assess its wider implications for commercial insurance brokers.
The blockchain is revolutionizing transaction speed and efficiency. While the technology is still in the proof-of-concept stage, it has the potential to have a positive impact on a wide range of industries and sectors, including banking, commerce, healthcare, insurance, and government.
Cryptocurrency and blockchain — what is the best way to buy bitcoin in canadaBitcoin Wallet Canada
Blockchain is the technology that enables the existence of cryptocurrency. Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the Canadian dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
The Blockchain Imperative: The Next Challenge for P&C CarriersCognizant
Blockchain, a universal ledger and data-storage platform, can help P&C carriers address some of their most critical business challenges and significantly alter the way they operate. Although the technology has yet to achieve widespread adoption in the insurance space, the time is ripe for carriers to begin thinking about, exploring and experimenting with blockchain.
Blockchain's Smart Contracts: Driving the Next Wave of Innovation Across Manu...Cognizant
By eliminating intermediaries and by enabling smart contracts with embedded, trusted business rules, blockchain offers extraordinary opportunities for manufacturing on every level of the supply chain. To profitably ride this wave of disruptive innovation, any stakeholder in the manufacturing value chain should be familiar with the basics and guidelines for proceeding.
Blockchain - Use Cases for The Nigerian Economy and Potential Legal RisksRilwan Shittu
It is not uncommon for people to misconceive the use, relevance or applicability of new and emerging technologies - this has been the case with the Blockchain technology as a lot of people only have a vague or inaccurate understanding of what it really means and what it can do. Some have even gone as far as saying “Blockchain is the future” and “Blockchain will save Nigeria”, etc.
This article presents a practical overview of how the technology works; the potential use cases in the Nigerian economy; the legal risks and the role of regulatory agencies in aiding the adoption and growth of the technology.
Read more below:
Blockchain- Use Cases for the Nigerian Economy and Potential Legal RisksDamilola A. Oyebayo
It is not uncommon for people to misconceive the use, relevance or applicability of new and emerging technologies - this has been the case with the Blockchain technology as a lot of people only have a vague or inaccurate understanding of what it really means and what it can do. Some have even gone as far as saying “Blockchain is the future” and “Blockchain will save Nigeria”, etc.
This article presents a practical overview of how the technology works; the potential use cases in the Nigerian economy; the legal risks and the role of regulatory agencies in aiding the adoption and growth of the technology.
Read more below:
What Are The Features Of Blockchain Technology..pdfMavie Crypto
COMMENTS
Blockchain technology is quickly becoming one of the most talked-about topics in the tech world. But what is blockchain technology and what makes it so revolutionary
The ERP of the Future : Blockchain of Things
Tinal Parikh
Department of Computer Science, Shri Chimanbhai Patel Post Graduate Institute of Computer Applications, Gujarat
Technological University, Ahmedabad, Gujarat, India
ABSTRACT
The surge of savvy advancements in all spaces of human action opens new opportunities for the improvement
of business forms. Things that appeared to be inconceivable 15-20 years back, for example, swift online
payments, e-banking and virtual cash, have turned into a piece of our regular day to day existence. Rising and
creating cryptographic forms of money give us significantly more potential outcomes. One of them is
Blockchain advancement, which authorizes clients towards profit related trades without commission charges.
We are toward the begin of enterprise resource planning (ERP) computerized change with the presentation of
blockchain innovation, best known as a digital ledger (distributed database) behind digital money. The
fundamental distinctive component of the innovation is the absence of a single centralized base for data storage.
All the data is distributed between interconnected blocks, which are joined into a chain utilizing complicated
algorithms. Each block stores its own snippet of data. New blocks can be added to the complete of this chain,
yet they can't be changed after including. This gives the most elevated amount of security and hack-protection.
The upright of blockchain was recognized early on, but like most innovation, it took a while for the more
extensive market to comprehend what a major jump forward it was in making a workable model of aggregate
system straightforwardness that encourages profound shared trust of a framework which has no 'proprietor.'
This is the reason dialogs of blockchain have made so much premium as of late in the money related world,
with calm voices now saying blockchain has turned into a 'major open door' for bookkeeping and finance.
Blockchain might be the free innovation that associates your item to the end client. Blockchain will encourage
the development of key information alongside the status of the shipment. Blockchain empowers quick, modest
and frictionless procedures within organisations, and between organisations and their partners, e.g. through
near real-time settlement, enhanced data sharing, reliable tracing of any record or other thing, moment
verifications of any piece of a procedure happening and less possibility of mistake and misrepresentation. The
industries that will profit by blockchain innovation include: land, fintech and banking, medicinal services,
transportation, urban arranging, smart energy, digital commerce and tourism.
Keywords : Blockchain, Technology, ERP, Cryptocurrencies, Enterprise Resource Planning
A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased. The blockchain contains a certain and verifiable record of every single transaction ever made. To use a basic analogy, it is easy to steal a cookie from a cookie jar, kept in a secluded place than stealing the cookie from a cookie jar kept in a marketplace, being observed by thousands of people. In the report, it distinguishes between multiple types of blockchains and explains the two biggest platforms, namely Bitcoin and Ethereum. While introducing those two platforms we explain the most important technology and algorithms used such as proof of work concept. Some of the security issues and solutions are also covered. We conclude with some concrete Ethereum based applications that demonstrate the usage of blockchain technology beyond cryptocurrency and illustrate current developments in this field.
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Blockchain in Media. Description of blockchain and smart contracts. Presented Media pain points and possible solutions. Peeped into various frameworks built on Hyperledger fabric and ethereum for media
There's a lot of buzz around Blockchain, Is Blockchain the next” Big Thing" in the IT industry? It certainly looks to have a huge impact in finance, but it could also have far reaching effect in many other industries as well
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===============
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All about Blockchain Technology and it's applications in Finance function
1. All about Blockchain Technology and it's applications in Finance function:
Blockchain is the new buzzword in almost all areas.
This article showcases the Robotic Process Automation and Cognitive Computing as two
of the exponential technologies that would impact future professionals.
Blockchain as the emerging technology which will soon have significant influence on the
business and finance profession in the near future. It gives a perspective of how the
professionals will need to upskill and prepare themselves to embrace the new
technologies that will define the future of their business and finance
Blockchain is believed to have similar disruptive potential that the internet had in the
1990s. Just like the internet revolutionised the exchange of information, Blockchain is
being said to revolutionise the exchange of value. Clearly, Chartered Accountants, CFOs
and business leaders are intrigued by the promise of the Blockchain technology.
"Blockchain Technology is a vast, distributed ledger, operating on millions of
devices, recording anything, with identical copies maintained on each of the
network computers. When a new transaction or an edit to an existing transaction
comes in, generally a majority of the nodes within a blockchain network must
execute some algorithms and essentially evaluate and verify the history of the
transaction that is proposed and come to a consensus that the history and
signature is valid, then the new transaction is accepted into the ledger. If a
majority of nodes do not concede to the addition or modification of the ledger
entry, then it is denied and not added to the chain. All the members can review
previous entries and record new transactions. These are then grouped into ‘blocks’,
which then form part of a ‘chain’, thus leading to a ‘blockchain’".
The chain is encrypted so it cannot be deleted or duplicated.
By storing data across its network, the blockchain eliminates the risks that come with
data being held centrally. Its network lacks centralized points of vulnerability that
computer hackers can exploit. Today’s internet has security problems that are familiar to
everyone. We all rely on the ‘username/password’ system to protect our identity and
2. assets online. Blockchain security methods use encryption technology. The basis for this
are the so-called public and private ‘keys’.
A blockchain is the structure of data that represents a financial ledger entry, or a record
of a transaction. Each transaction is digitally signed to ensure its authenticity and that no
one tampers with it, so the ledger itself and the existing transactions within it are
assumed to be of high integrity.
“In a marked difference from the prevailing systems of exchange of value, where two or
more parties need to agree on the value and other commercial considerations for a
transaction to happen, Blockchain allows for transactions within a closed group
underpinned by a crypto currency.”
In fact, blockchain can be configured to work in a number of ways that use different
mechanisms to achieve consensus on transactions and, in particular, to define known
participants in the chain and exclude everyone else. The largest example of blockchain
in use, Bitcoin, employs an anonymous public ledger in which anyone can participate.
For more private uses of blockchain among a smaller number of known actors, many
organizations are deploying permissioned blockchains to control who participates in
transaction activity. In addition, event triggered programmable contracts, also known as
smart contracts, can be stored and executed on Blockchain.
“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the
highest degree of accountability. No more missed transactions, human or machine
errors, or even an exchange that was not done with the consent of the parties involved.
Above anything else, the most critical area where Blockchain helps is to guarantee the
validity of a transaction by recording it not only on a main register but a connected
distributed system of registers, all of which are connected through a secure validation
mechanism.”
What is so powerful about this new technology:
There are several features of a Blockchain that lend it its power and allows it to record
and transfer value over the internet in a peer-to-peer manner:
Near real time: It enables near real time settlement of recorded transactions, removing
friction, and reducing risk.
3. No intermediary: It is based on cryptographic proof, allowing any two parties to
transact directly with each other, without the need for a trusted third party.
Distributed ledger: The peer-to-peer distributed network records a public history of
transactions, making Blockchain distributed and highly available.
Irreversibility: It contains certain and verifiable record of every single transaction ever
made that cannot be altered without altering the entire chain. This prevents double
spending, fraud, abuse, and manipulation of transactions.
Beyond bitcoin and other cryptocurrencies
Earlier, blockchain was seen to be related to only Bitcoin, because it was originally
developed as technology for cryptocurrencies. Many financial institutions have been
experimenting and developing the idea further.
There are many blockchain applications in the areas of finance, accounting, insurance,
trade finance, payments, settlements, and audit. Several entities are looking to move
from proof of concept to real-life application. Financial services industries lead the way
and effort in this. Leading global banks have been actively working together in the
Global Blockchain consortium R3, over 80 leading financial institutions and regulators
led by R3, a distributed ledger technology firm.
While several technical issues and privacy and security related issues are being discussed
and sorted out, regulation is awaited, the way forward seems promising, as the
technology seems to be achieving greater acceptability.
Blockchain proponents believe that it can be used to create alternatives to the current
time-consuming and expensive banking processes. Banks are attempting to decrease
the number of middlemen and participants in transactions processing.
Areas of application:
The areas in finance where blockchain could revolutionise the way we work, are of
interest to finance professionals, banking industry, CFOs and audit heads. They should
lead the discussion and initiative, in an effort to assist top management in decision-
making.
4. • Accounting and book-keeping, where transactions will no longer be required to be
recorded in the traditional double entry system, maintaining a single record for all
transactions.
• Budgeting and forecasting, placing the entire budget data, allowing transfer of funds
to various parties, creating an audit trail, providing transparency, and accountability.
• Inter-company reconciliation, which essentially will be done away with, facilitating
accurate and quick consolidation of financials.
• Vendor payable and management, creating and approving new vendor relationships,
entering into smart contracts, initiate automated payments, reducing processing time,
eliminating the need for reconciliation, improving vendor-customer relationships, doing
away with middlemen and institutions.
• Speeding up cross-border transfers and payments, simplifying the process and
reducing costs significantly.
• Share trading may also be influenced by blockchain, which shall allow for greater trade
accuracy and a shorter settlement process.
• Financial audit, the nature of which will fundamentally change, and companies and
firms will look to audit on a daily basis, eliminating the need for external auditors,
providing assurance on governance.
• Shareholder voting, recording ownership of shares and securities, reduced manual
intervention, better investor relations and ensuring shareholder participation.
Blockchain in action: cases:
Case 1: A global e-commerce company is offering a different approach to online retail,
by connecting buyers and sellers directly. The open-source project is creating a
decentralised network for peer-to-peer commerce. Instead of visiting a website, users
download and install a program that directly connects them to other people looking to
buy and sell goods and services, removing the middlemen altogether.
Case 2: A bank in Japan has completed a three month trial on the application of mijin (a
platform for creating Blockchains) to its accounting systems in a real-world environment.
In the demonstration, 2.5 million virtual bank accounts and an environment with
capacity to process 90,000 transactions every hour were created, with significantly
reduced risk of failure and fraud.