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Blockchain Trends & Business Cases
- 1. Blockchain Trends &Business Cases
- 2. Yaroslav (Slava) Buga ITConsultant and Business Development Manager, Blockchain enthusiast Yaroslav.Buga@dataart.com www.linkedin.com/in/slavabuga
- 3. • Blockchain andCryptocurrency • Blockchain Across Industries • Business Cases
- 4.
- 5. What is Blockchain? Ablockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
- 6. What is Cryptocurrency? Acryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created. From Wikipedia, the free encyclopedia.
- 7. Blockchain Trends Corporate moneyis on the way • Goldman Sachs, Wells Fargo, J.P. Morgan, Citigroup and more are investing in blockchain. Improved technology • Many technology providers like IBM, Microsoft, Oracle, Google, and Amazon either offer blockchain-as-a- service(BAAS), blockchain clouds, or are planning to offer it this year. Regulations are coming • While the United States is still dealing with regulatory issues, China, Switzerland, Singapore and Britain brought clarity. China banned ICOs and cryptocurrencies. The other 3 countries released relaxed regulation and licensing requirements.
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- 9. Blockchain in FinancialServices Blockchain is changing complex intermediate functions in the industry. Legacy paper-based processes Regulatory compliance Cross-border payments P2P payments Trade settlements in capital markets Shareholder voting Finance Healthcare & Life Sciences Insurance Travel & Hospitality Retail, Distribution & Logistics Media & Entertainment Having launched as a pilot in 2017, J.P. Morgan’s Interbank Information Network (IINSM) is the firm’s first scalable, peer-to- peer network powered by blockchain technology.
- 10. Blockchain in Retail& Logistics Blockchain is building trust, simplicity and transparency in processes. Supply chain & warehouse management Tagging products, certification & ownership Product authenticity tracking & anti-counterfeiting Food safety in supply chain Distributed marketplace Digital product warranty management Finance Healthcare & Life Sciences Insurance Travel & Hospitality Retail, Distribution & Logistics Media & Entertainment OpenBazaar is developing decentralized blockchain utilities to connect buyers and sellers, without a middleman and the associated charges.
- 11. Blockchain in Healthcare& Life Sciences Blockchain transforms the healthcare industry’s IT infrastructure from centralized, isolated, and small-scale systems to distributed, decentralized and worldwide systems. Electronic Health Records (EHRs) interoperability Drug traceability Clinical trials Pharma research Finance Healthcare & Life Sciences Insurance Travel & Hospitality Retail, Distribution & Logistics Media & Entertainment burstIQ uses blockchain to improve the way medical data is shared and used.
- 12. Blockchain in Insurance Blockchainbenefits include improved underwriting accuracy, reduced administrative costs, and improved success in preventing claims fraud. Underwriting & claims processing automation Efficient, transparent & customer-focused claims model Streamlined data collection, efficient exchange of information Clearer visibility & risk exposure in reinsurance Digital smart contracts to capture terms & obligations between insurers & clients Finance Healthcare & Life Sciences Insurance Travel & Hospitality Retail, Distribution & Logistics Media & Entertainment Blockchain technology startup Etherisc built a blockchain-enabled insurance product. Its cryptocurrency-based flight delay program allowed passengers to purchase flight insurance using either cryptocurrency or fiat money such as USD and Euros, then receive payouts automatically after a qualifying event.
- 13. Blockchain in Travel& Hospitality There are a few main areas in the travel and hospitality space, which the blockchain is expected to disrupt: mobile credentials (enabling the mobile device to unlock a hotel room door, for instance) and booking transactions. Digital identity, traveler profiles Loyalty (rewards) programs Digital smart contracts to capture terms & obligations between companies & clients Air plane damage tracking Booking transactions Insurance Finance Healthcare & Life Sciences Insurance Travel & Hospitality Retail, Distribution & Logistics Media & Entertainment Singapore Airlines recently started using KrisPay, a digital wallet built on a blockchain that securely turns miles into cryptocurrency that can be used with merchant partners.
- 14. Blockchain in Media& Entertainment Blockchain promises a solution to the industry’s biggest pains – unreliable metadata, ambiguous royalty payment, complex asset management. Finance Healthcare & Life Sciences Insurance Travel & Hospitality Retail, Distribution & Logistics Media & Entertainment Digital rights management Digital royalties Enhanced licensing & monetization “Smart” digital tickets Tracking real time usage of copyrighted material & license sales Advanced advertising Mycelia was launched with a focus on producing “intelligent songs” supported by blockchain technology and cryptocurrencies.
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- 16. A Settlement Depository(SD) is a financial institution, central securities depository, and professional securities market participant engaged in the depository business. They required an e-proxy voting system to ensure a secure and transparent voting process for corporate actions. Benefits • Significantly reduced timeframes (up to a month vs. days or hours now). • Streamlined processes and operational cost reduction (no paperwork, no reliance on postal services). • More attractive system for companies with foreign investors. • Legal finality and accuracy gained by using permissioned blockchain with Practical Byzantine Fault Tolerance (PBFT) consensus: no human factor or double voting, fraud prevention. E-proxy Shareholders Voting System Highlights • Fully automated and secure voting platform; process transparency and traceability for voting participants and auditors • Confidentiality for specific parts of the process without preventing any legally binding steps. • A distributed ledger with verified data regarding securities, their ownership and past transactions. Register Node Blockchain Nominee_2 Node Web UI Nominee Nominee_1 Node Web UI Nominee Nominee_1.2 Node Web UI Nominee Nominee_1.1 Node Web UI Nominee Web UIRegistrar Counting Board Layer 1 Layer 2
- 17. Welfare Payment TrackingMobile App DataArt designed an app that works with governments, public services, and non-government organizations and offers them highly secure ways to make payments with the help of mobile devices. Highlights • Distribute value more accurately, securely and efficiently to beneficiaries. • Digital identity and fraud prevention. • Provide rich data, facilitating improved policy guidance. • Reduce transaction and service costs. • Support different types of sales processes: • E-wallet • POS
- 18. DataArt and Blockchain DataArthelps firms move forward in their exploration of blockchain and distributed ledger technology (DLT) by providing a full suite of consulting services, including technology research, prototyping, development and operationalization. We actively partner with the leading players and consortia in the blockchain world and maintain expertise in the various DLT flavors, including Ethereum, Hyperledger, and Corda. Our systems are intuitive, customer-centric, easy to support, flexible, and have the lowest cost of support possible. Our solutions work and keep on working. Yaroslav.Buga@dataart.com www.linkedin.com/in/slavabuga
Editor's Notes
- #3 About myself About DataArt
- #4 Who is familiar with blockchain? Anyone owns crypto?
- #6 Blockchain was invented by a person using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. Blockchain is not a cryptocurrency. Blockchain is distributed and can not be altered. Blockchain is secure by design. https://www.youtube.com/watch?v=S6zgLNFexPk
- #7 Are not influenced by governments Will cryptocurrencies kill regular ones?
- #8 Blockchain repeats .com history .com started 20 years ago and were run mostly by geeks .com computerized nearly every industry Even after bubble busted, it changed our lives forever That was because on Netscape, Yahoo, Microsoft, Google Fast forward to today and we see much of the same thing. Crypto is falling because the people in it for the short term are leaving
- #10 6-9% of payments fail. now has 194 members scalable, peer-to-peer network powered by blockchain technology minimizes friction in the cross-border payments process and enables payments to reach beneficiaries faster and with fewer steps Powered by Quorum®, a permissioned-variant of the Ethereum blockchain allows member banks to exchange information in real-time as a way to verify that a payment has been approved. "Historically, correspondent banks communicate one-way, bank-to-bank, but we have transformed their interaction," said Suresh Shetty, Blockchain Technology Lead for IIN. "When a payment detail is flagged for confirmation, different parties can interact simultaneously, requesting and sharing information."
- #11 Currently, consumers’ sense of trust in the retail system is mainly linked to their trust in the marketplace where their purchases are being made. (As an example, trust is a key element of Amazon’s success with customers.) Blockchain could decentralize that trust, attaching it more to the sellers on various marketplaces and platforms than to the sites themselves. OpenBazaar operates as an open-source, peer-to-peer network offering merchants no fees and no restrictions on what can be sold. Customers purchase goods using any of 50 cryptocurrencies, and sellers are paid in Bitcoin — with all associated data distributed across the global network instead of stored in a central database.
- #12 Healthcare institutions suffer from an inability to securely share data across platforms. Better data collaboration between providers could ultimately mean higher probability of accurate diagnoses, higher likelihood of effective treatments, and the overall increased ability of healthcare systems to deliver cost-effective care. Use of blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity. BurstIQ’s platform helps healthcare companies safely and securely manage massive amounts of patient data. Its blockchain technology enables the safekeeping, sale, sharing or license of data while maintaining strict compliance with HIPAA rules.
- #13 Other products in development include hurricane insurance, crypto wallet insurance, and crop insurance.
- #14 Think of the data that goes into booking a flight: names, birthdays, credit card numbers, immigration details, destinations, and sometimes even hotel or rental car information, depending on how flights are booked. Implementing blockchain technology to secure and reconcile this data can make for a safer journey — and one that’s more convenient for the traveler. SA program rewards frequent fliers instantly and lets them securely use their points on a variety of purchases, not just additional flights.
- #15 Entertainment entrepreneurs are turning to the blockchain to make content sharing fairer for creators using smart contracts. Global music industry generates $45B every year. Up to 50% of the payments don’t make it to their rightful owners. Creative Passport is the digital container to hold verified profile information, IDs, acknowledgements, works, business partners and payment mechanisms, to help get music makers and their works, linked and open (data) for business
- #17 The process of shareholder voting used to involve a significant amount of manual and paper work. Voting notifications and ballots were sent through ‘traditional’ postal services and materials often reached recipients long after the voting date. As a result, the voting process could take as long as a month. Apart from that, the process was prone to human error (double voting, miscalculations), which could lead to lawsuits disputing voting results. In such cases, the voting had to be redone and SD clients faced additional expenses. The law legalizing e-proxy voting and messaging for shareholder meetings came into force few years ago. The reform empowered SD to create and bring to the market an innovative e-proxy voting system for streamlining distributed voting. Blockchain technology was ideally suited to the challenge because it provides: a network regardless of participants’ physical location; an issuance of tokenized votes for each voting process; secure transactions to distribute votes.
- #18 The solution provided a possibility to process payment contactless via mobile POS solution and store extended information about transaction in blockchain. Mobile POS solution main aim is to receive payments from wallet and provide basic Point of Sale functionality.