"This thought leadership is a report detailing how Blockchain can be industrialized in ASEAN and how its potential can be unlocked across organizations. The report also clearly illustrates the implications of Blockchain, its key developments, how it impacts countries across ASEAN and a five-point test for assessing the fit of Blockchain for specific processes, all serving to provide meaningful insights into the current state of the FinTech industry in the ASEAN region."
This thought leadership is a report detailing how Blockchain can be industrialized in ASEAN and how its potential can be unlocked across organizations.
The report also clearly illustrates the implications of Blockchain, its key developments, how it impacts countries across ASEAN and a five-point test for assessing the fit of Blockchain for specific processes, all serving to provide meaningful insights into the current state of the FinTech industry in the ASEAN region.
Blockchain technology has emerged as a real game-changer. Across all continents, Asia is likely to see the highest economic benefits of blockchain technology. In terms of particular countries, blockchain technology could have the maximum inherent net profit in China ($ 440 billion) and the United States ($ 407 billion). Five other countries (Germany, Japan, UK, India, and France) are also expected to have net profits above $ 50 billion. At the sectoral level, the leading beneficiaries appear to be the public administration, education and health sectors. These sectors are looking forward to benefiting a sum of around $ 574 billion by 2030.
How Retirement Services Providers Can Tap Blockchain Thinking and TechnologyCognizant
Blockchain's peer-to-peer transference technology offers numerous benefits - digital trust, operational improvement and cost reduction, enhanced customer experience, and business resilience. We offer a vision of blockchain technology's potential applications - experimental use cases - for the retirement services industry.
Digital assets are on the verge of becoming the next big thing in the market. Companies are getting prepared for digital assets with Blockchain technology. Blockchain technology will help companies to manage and keep control over digital assets. This technology will help in transacting and trading digital assets in real-time.
“Over the past two decades, the Internet has
revolutionized many aspects of business and
society... Yet the basic mechanics of how people
and organizations execute transactions… have
not been updated for the 21st century. Blockchain
could bring to those processes the openness and
efficiency we have come to expect
in the Internet Era.”
—Arvind Krishna
Senior VP, IBM Research
Blockchain Beyond the Hype. A Practical Framework for Business Leaders. This common sense and practical framework is designed
to assist executives in understanding whether blockchain
is an appropriate and helpful tool for their business needs.
It starts from the premise that blockchain is merely a
technology – much like many others that are already used
in society – and like other technologies it is as much about
change management and careful attention to the economics
and business models of industries and companies involved
as it is about technology evangelism. For any organization,
blockchain technology should not be a goal in itself but a
tool deployed to achieve specific purposes.
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
This thought leadership is a report detailing how Blockchain can be industrialized in ASEAN and how its potential can be unlocked across organizations.
The report also clearly illustrates the implications of Blockchain, its key developments, how it impacts countries across ASEAN and a five-point test for assessing the fit of Blockchain for specific processes, all serving to provide meaningful insights into the current state of the FinTech industry in the ASEAN region.
Blockchain technology has emerged as a real game-changer. Across all continents, Asia is likely to see the highest economic benefits of blockchain technology. In terms of particular countries, blockchain technology could have the maximum inherent net profit in China ($ 440 billion) and the United States ($ 407 billion). Five other countries (Germany, Japan, UK, India, and France) are also expected to have net profits above $ 50 billion. At the sectoral level, the leading beneficiaries appear to be the public administration, education and health sectors. These sectors are looking forward to benefiting a sum of around $ 574 billion by 2030.
How Retirement Services Providers Can Tap Blockchain Thinking and TechnologyCognizant
Blockchain's peer-to-peer transference technology offers numerous benefits - digital trust, operational improvement and cost reduction, enhanced customer experience, and business resilience. We offer a vision of blockchain technology's potential applications - experimental use cases - for the retirement services industry.
Digital assets are on the verge of becoming the next big thing in the market. Companies are getting prepared for digital assets with Blockchain technology. Blockchain technology will help companies to manage and keep control over digital assets. This technology will help in transacting and trading digital assets in real-time.
“Over the past two decades, the Internet has
revolutionized many aspects of business and
society... Yet the basic mechanics of how people
and organizations execute transactions… have
not been updated for the 21st century. Blockchain
could bring to those processes the openness and
efficiency we have come to expect
in the Internet Era.”
—Arvind Krishna
Senior VP, IBM Research
Blockchain Beyond the Hype. A Practical Framework for Business Leaders. This common sense and practical framework is designed
to assist executives in understanding whether blockchain
is an appropriate and helpful tool for their business needs.
It starts from the premise that blockchain is merely a
technology – much like many others that are already used
in society – and like other technologies it is as much about
change management and careful attention to the economics
and business models of industries and companies involved
as it is about technology evangelism. For any organization,
blockchain technology should not be a goal in itself but a
tool deployed to achieve specific purposes.
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 solutions forum and crypto-economy.
This partnership will build the leading global Blockchain solutions event.
BECON (Blockchain Ecosystem Network) is a global and cross-sector platform for collaboration, networking, explaining and advancing Blockchain methodologies and solutions, driving the application and implementation of blockchain in all private and public sectors.
Fira de Barcelona is one of the most important trade fair organisations in Europe and will schedule the Blockchain Solutions Forum alongside the 3rd IOT Solutions World Congress 2017 as an integrated event.
We would like to invite you to join us – building together the leading global event for the Blockchain industry this coming 3-5 October, 2017!
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Blockchain beyond fintech by ridgelift.ioUdayan Modhe
A comprehensive paper on blockchain technology. It covers blockchain technological aspects, blockchain evolution, future trends in blockchain implementation and reference architecture.
Inbound 2017 the blockchain technology revolution coming to marketing (1151...Mark Mueller-Eberstein
Introduction to Blockchain technology, cryptocurrency, Smart contracts, ICOs for marketers. "Bold Talk" presentation at the 2017 Inbound conference in Boston, USA. The video of the speech is posted on the Inbound Marketing event page.
Video: https://www.youtube.com/watch?v=9mVcWps1VQ0
First presented at the Ethereum Palo Alto meetup on August 7, 2016: http://www.meetup.com/EthereumSiliconValley/events/233053122/
All citations and references can be found in the Notes section.
I would like to thank Ian Grigg for his constructive feedback on these slides.
Harnessing the potential of Blockchain Technology for enterprise Digital Transformation,
A strategy, framework, approach and some key considerations to help any enterprise get started.
[Feel free to download the presentation to view it offline]
5 Reasons Why Blockchain is a Financial Services Game ChangerCognizant
Financial institutions can’t linger in their experimentation with blockchain technology — they need to move aggressively or be left behind by the rapid pace of innovation, according to our study.
The distributed ledger technology underlying cryptocurrency is advancing quickly, requiring banks to take the initiative or risk falling behind in the next generation of digital commerce.
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 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.
How Blockchain App Development is Paving the Way for the FutureDamco Solutions
Blockchain applications can serve as a trading and financing instrument to ensure distributed ledger-backed payments. Finance and Banking services have taken a lead in Blockchain app development. For more in detail, please visit - https://www.damcogroup.com/blogs/how-blockchain-app-development-is-paving-the-way-for-the-future/
Blockchain the inception of a new database of everything by dinis guarda bloc...Dinis Guarda
Blockchain the inception of a new database of everything by Dinis Guarda blockchain age
Trends and questions?
1. Redefinition of banking and relation with Blockchain
Mobile App banking finance – mobile ledgers – blockchain identity
New products and the emergence of DAO products.
2. System Legacies in paralel with advanced tech - Ethereum.
3. Distribution Strategy in a new Digitalised World who own what.
4. Super computer Cloud base blochcain solutions / infrastructure.
5. Emergence of AI IOE in relation with blockchain all connected.
6. User Experience, UI, UE, Big data and the IOE blockchain touching.
7. Blockchain Cyber Security and Value Reinvention.
Get in-depth insights on the emergence, growth and future prospects of Blockchain in India. The historical timeline of the Blockchain technology in India. A detailed breakdown of the Blockchain technology and decoding the types of Blockchain currently in use.
Blockchain solutions forum and crypto-economy.
This partnership will build the leading global Blockchain solutions event.
BECON (Blockchain Ecosystem Network) is a global and cross-sector platform for collaboration, networking, explaining and advancing Blockchain methodologies and solutions, driving the application and implementation of blockchain in all private and public sectors.
Fira de Barcelona is one of the most important trade fair organisations in Europe and will schedule the Blockchain Solutions Forum alongside the 3rd IOT Solutions World Congress 2017 as an integrated event.
We would like to invite you to join us – building together the leading global event for the Blockchain industry this coming 3-5 October, 2017!
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Blockchain beyond fintech by ridgelift.ioUdayan Modhe
A comprehensive paper on blockchain technology. It covers blockchain technological aspects, blockchain evolution, future trends in blockchain implementation and reference architecture.
Inbound 2017 the blockchain technology revolution coming to marketing (1151...Mark Mueller-Eberstein
Introduction to Blockchain technology, cryptocurrency, Smart contracts, ICOs for marketers. "Bold Talk" presentation at the 2017 Inbound conference in Boston, USA. The video of the speech is posted on the Inbound Marketing event page.
Video: https://www.youtube.com/watch?v=9mVcWps1VQ0
First presented at the Ethereum Palo Alto meetup on August 7, 2016: http://www.meetup.com/EthereumSiliconValley/events/233053122/
All citations and references can be found in the Notes section.
I would like to thank Ian Grigg for his constructive feedback on these slides.
Harnessing the potential of Blockchain Technology for enterprise Digital Transformation,
A strategy, framework, approach and some key considerations to help any enterprise get started.
[Feel free to download the presentation to view it offline]
5 Reasons Why Blockchain is a Financial Services Game ChangerCognizant
Financial institutions can’t linger in their experimentation with blockchain technology — they need to move aggressively or be left behind by the rapid pace of innovation, according to our study.
The distributed ledger technology underlying cryptocurrency is advancing quickly, requiring banks to take the initiative or risk falling behind in the next generation of digital commerce.
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 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.
How Blockchain App Development is Paving the Way for the FutureDamco Solutions
Blockchain applications can serve as a trading and financing instrument to ensure distributed ledger-backed payments. Finance and Banking services have taken a lead in Blockchain app development. For more in detail, please visit - https://www.damcogroup.com/blogs/how-blockchain-app-development-is-paving-the-way-for-the-future/
Blockchain the inception of a new database of everything by dinis guarda bloc...Dinis Guarda
Blockchain the inception of a new database of everything by Dinis Guarda blockchain age
Trends and questions?
1. Redefinition of banking and relation with Blockchain
Mobile App banking finance – mobile ledgers – blockchain identity
New products and the emergence of DAO products.
2. System Legacies in paralel with advanced tech - Ethereum.
3. Distribution Strategy in a new Digitalised World who own what.
4. Super computer Cloud base blochcain solutions / infrastructure.
5. Emergence of AI IOE in relation with blockchain all connected.
6. User Experience, UI, UE, Big data and the IOE blockchain touching.
7. Blockchain Cyber Security and Value Reinvention.
Get in-depth insights on the emergence, growth and future prospects of Blockchain in India. The historical timeline of the Blockchain technology in India. A detailed breakdown of the Blockchain technology and decoding the types of Blockchain currently in use.
Using Blockchain as a Platform for Smart Cities. Christian Nãsulea, Stelian-M...eraser Juan José Calderón
Using Blockchain as a Platform for Smart Cities
Christian Nãsulea, Stelian-Mihai Mic University of Bucharest, Romania.
ABSTRACT: Objectives: Incorporating new technologies into the development of smart cities means rethinking the way
different services are provided. From this perspective, Blockchain might represent the future of both smart cities and smart
communities as it offers new alteratives for individuals and institutions.
Prior Work: Blockchain was mainly perceived through its linkage with bitcoin, but recent developments have started
exploring the idea of using it for financial transactions, logistics and securing contracts. Tapscott & Tapscott (2016)have
acknowledged the potential the Blockchain Revolution had on redefining the idea of trust in both digital and local communities.
Blockchain technology has the ability to enhance transparency of local and regional institutions while also making it easier
to communicate sensitive data without compromising security and privacy.
Approach: We look at the different fields blockchain can have an impact on and we try to assess the viability of moving
towards an integrated platform for intermediating day-to-day activities between both institutions and individuals. We will
assess the advantages of digitizing and securing public and private data while also considering the potential risks this
process might involve.
Results: We aim to create a model of how blockchain might work in communities and assess its impact on the overall
economic and human development indicators.
Implications: Public administrators in many countries are starting to acknowledge blockchain’s potential in solving problems
for local communities our results will be a valuable starting point for developing local initiatives for using blockchain as a
platform for communications and transactions. Furthermore, a smart city must be a city where individuals can interact and
solve their issues quickly, using digital technologies for increased efficiency.
Value: Blockchain is thought to be the future of managing both public and private affairs. Countries such as Dubai, Singapore
and China are incorporating blockchain technology into developing smart cities. Blockchain makes us rethink many of the
different aspects of how communities can be organized, offering new alternatives and promising a more transparent and
efficient economic model.
Keywords: Digital Era, Economic Model, IoT, Technology
Brands, Blockchains & The Creation of Value - Laura Masse - Sept 2022.pdfLauraMasse1
Brands, Blockchains & The Creation of Value shines light on the myriad capabilities, applications and benefits of blockchain technology for business. It charts a course through decentralized finance and Web3 to unpack fresh opportunity for brands to harness the technology to create a symbiotic and self-propelling circle of value with their customers. And finally, it provides a glimpse into the Metaverse and frames key questions for forward-thinking executives. The velocity of today’s technological tsunami and the hype surrounding it can make it difficult to discern the opportunity, to separate the noise from the light. This paper provides inspiration for that heavy lifting.
Brands, Blockchains & The Creation of Value - Laura Masse - Sept 2022.pdfLauraMasse1
Brands, Blockchains & The Creation of Value shines light on the myriad capabilities, applications and benefits of blockchain technology for business. It charts a course through decentralized finance and Web3 to unpack fresh opportunity for brands to harness the technology to create a symbiotic and self-propelling circle of value with their customers. And finally, it provides a glimpse into the Metaverse and frames key questions for forward-thinking executives.
The velocity of today’s technological tsunami and the hype surrounding it can make it difficult to discern the opportunity, to separate the noise from the light. This paper provides inspiration for that heavy lifting.
7 Predictions & Future Trends of Blockchain Technology for 2021ArpitGautam20
Know about 7 amazing predictions & future trends of Blockchain Technology in 2021 that can assist Financial Institutions, Government Agencies & Businesses.
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Record: 1
Blockchain beyond the hype: What is the strategic business
value?
Carson, Brant
Romanelli, Giulio
Walsh, Patricia
Zhumaev, Askhat
McKinsey Quarterly. 2018, Issue 4, p118-127. 10p. 1 Color
Photograph, 1 Diagram.
Article
*BLOCKCHAINS
*DECENTRALIZATION in management
*TRANSPARENCY in organizations
*BUSINESS models
*COST control
*STRATEGIC planning
The authors discuss their study on the strategic business
value of blockchain to major industries. They described a
structured approach that companies can follow to examine
blockchain strategies. The core advantages of blockchain are
decentralization, cryptographic security, transparency, and
immutability. It is said that the value of blockchain will shift
from driving cost reduction to enabling entirely new business
models and revenue streams.
Partner, McKinsey's Sydney office
Associate partner, Melbourne office
Consultant, Melbourne office.
2881
0047-5394
133693412
Business Source Premier
Blockchain beyond the hype: What is the strategic business value?
Blockchain can generate meaningful value for many companies. The key is figuring out what
strategy makes sense, given your customers' pain points and your company's market
position
Blockchain is all the rage. Bitcoin-the first and most infamous application of the technology-has
grabbed headlines for its rocketing price and volatility. Predictions such as the World Economic
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Page 1 of 8UC MegaSearch
10/26/2019http://eds.a.ebscohost.com/eds/delivery?sid=8dc22675-4fdf-488e-afce-023afbccdded%40...
Forum survey suggesting that 10 percent of global GDP will be stored on blockchain by 2027 have
inspired government task forces, breathless press reports, and a multitude of conversations at
Davos and in corporate conference rooms.[ 1]
Tellingly, large investments are being made. Last year, venture capitalists put more than $1 billion
into blockchain start-ups.[ 2] Initial coin offerings (ICOs), the blockchain-backed sale of
cryptocurrency tokens in a new venture, raised $5 billion in 2017. Leading technology players are
putting money and people into blockchain: IBM has invested $200 million and more than 1,000
employees in the blockchain-powered Internet of Things (IoT).[ 3]
Yet the fact remains that blockchain is an immature technology with a nascent market and no clear
recipe for success. No wonder many corporate leaders are asking themselves a lot of questions. Is
blockchain a disruptive threat? Is it a fad? Most importantly, can blockchain have strategic value for
my company?
To help answer these questions, we embarked on an industry-by-industry analysis of existing
blockchain strategies, interviewing a range of experts including the executives overseeing these
efforts at a number of companies. We evaluated the strategic importance ...
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.
Blockchain buzz - getting to the bottom of distributed ledger technologyLacuna Innovation
It's taken the world by storm, but what is it really and what it can do for you. Take a look at the buzz on blockchain, as we unpack it's potential in this whitepaper.
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.
Top 10 reasons to get a blockchain expert certificationBlockchain Council
blockchain expert certification that stands out is the Certified Blockchain Expert certification offered by the Blockchain Council. Blockchain Council operates on the mission of educating people and creating awareness among businesses, enterprises, developers, and society in the blockchain sphere.
Blockchain is one of the biggest and most interesting technologies out right now. The Federal Government is putting in a ton of resources trying to figure this puzzle out. MongoDB is already being utilized by Federal Government Agencies today for Blockchain initiatives. Take a moment to read this white paper on how to build an enterprise Blockchain database with MongoDB. Harness the power of innovation!!!
PM me if you are interested in learning more!
Similar to Industrializing Blockchain in ASEAN (20)
Asian insurance, pensions, and wealth management undergo rapid change, what a...Varun Mittal
What are the key trends changing the insurance, pensions, and wealth management industries in Asia?
And how can companies best capture growth?
These topics were among those discussed at the recent Singapore FinTech Festival (SFF). Since its
inception in 2016, SFF has become the premier platform for the global fintech community to engage,
connect, and collaborate on issues relating to the confluence of financial services, public policy, and
technology. SFF attracted 62,000 participants from over 115 countries—the largest SFF gathering ever.
It featured 850 speakers, 570 exhibitors, including 25 country pavilions, and over 4,000 meeting
through the business matching platform.
With inflation persisting and growth slowing, many fintech firms are trying to remain viable. With that
background, three key themes emerged at SFF that hold opportunities for insurance companies in Asia.
First, we discussed how risks for the current generation have changed, creating new paths of growth
as technology spreads across all sectors and functions in the insurance industry. The changing
behavior of consumers triggers new opportunities by demanding unconventional ways of redefining
customer relationships.
Second, a widening pension gap caused by an aging population, the rise of self-employment, and the
gig economy offers opportunities. We foresee that people caught in this gap could succumb to further
risks raised by rising inflation, longer lifespans, and the rising cost of healthcare. Further, we discussed
micro-pensions and micro-investments and how they would take off in the coming years.
Third, Asia’s financial wealth stands at $180.6 trillion as of 2021, or roughly 40% of global wealth, and
we expect continued growth. This causes more customers to get serious about financial planning. We
also discussed approaches to reaching Generation Y and Z customers who require an omnichannel
experience to maintain high engagement.
We also had pragmatic discussions around artificial intelligence (AI) and embedded insurance. AI is still
nascent, with regulators constantly figuring out how AI and machine learning play a role in insurance.
Embedded insurance, meanwhile, needs to work seamlessly in the customer journey.
This report covers the three main megatrends to watch in the landscape of Asia’s life and health insurance,
as well as the key imperatives insurers should take to capture the significant opportunities in the market.
Southeast Asia (SEA) is one of the most dynamic regions for FinTech globally. Driven by budding economies, expanding populations, rapid ecommerce penetration, and a growing middle class, FinTech investments across the 10 ASEAN nations reached US$4.3billion (S$5.7billion) during the first nine months of 2022, higher than 2018 to 2020 combined. According to Pitchbook data, the number of FinTech deals in SEA grew over 4x between 2015 to 2022 (from 56 to 225), reaching a record high in 2021, while the number of VC and PE-backed FinTech companies in the region saw similar growth.
Despite a slowdown in H1 2023, FinTech will remain a key engine of growth for SEA, and therefore a key hub for talent. Given the high levels of investment in FinTech, private capital has an outsized ability to influence the status quo in Southeast Asia. If VCs were to increase diversity, equity and inclusion (DEI) across their portfolio, they could greatly impact the way businesses are led and managed in the region. Additionally, research has shown that diversity leads to better investment outcomes, with a recent study in Europe showing that VC funds managed by mixed-gender teams reported a higher annual internal rate of return (IRR), and in particular, teams predominantly composed of women outperformed all-male teams by a notable 9.3 percentage points. Further, mandates and scrutiny around DEI has increased in recent years, with institutional investors and other limited partners (LPs) beginning to bring DEI criteria into their thinking as they allocate funds to general partners (GPs). This reinforces the importance of understanding the industry’s current talent composition, both at the startup as well as at the investor level, and exploring ways the industry can enhance diversity moving forward.
Combining quantitative data with interviews from several leading women founders and investors in the region, Russell Reynolds Associates partnered with the Singapore FinTech Association and FinTech Nation to develop a better understanding of the current state of gender diversity within SEA’s FinTech startup ecosystem, and to highlight challenges, opportunities, and recommendations for the path forward.
State of play: gender diversity across SEA FinTech landscape
Looking across funding stages and role types, from early stage to late stage to public companies, from management to board to even investors, women are heavily underrepresented within the SEA FinTech ecosystem. Across almost 2000 executives in management, board, and investor roles, only 252 are women (13%). It is worth noting that this is in line with broader SEA, across all VC-backed companies in the region (regardless of sector), women account for roughly 14% of management, board, and lead investors.
The Index measures the degree to which individuals in Singapore feel financially free and is the result of a comprehensive consumer survey. Between December 2022 and January 2023, we engaged 3,000 Singaporeans and Permanent Residents aged between 18 and 65, representing diverse income levels and life stages.
Financial Freedom Index - Platform WorkersVarun Mittal
Launched Financial Freedom Index - Platform Workers researching 500 platform workers and key platforms like Grab, Gojek, Deliveroo, and Foodpanda bringing their opinions, insights, and recommendations to support platform and gig workers achieve better financial inclusion.
Varun Mittal, Partner of EY Asia Pacific Financial Services Strategy and Transaction Services, talks about all things FinTech. We begin by going over the tech foundation that has been built up over the past decade, which is now enabling a wave of innovation. Varun scans both the start-ups and big tech companies, and details his views on payments, wallets, remittance, regulation, WealthTech, e-currency, and digital banks. We discuss the role of FinTech in levelling the playing field between the wealthy and not-so-wealthy investors, and between those who have access to banking services and those who don’t. As the co-author of "Singapore – Fintech Nation of the World,” Varun is particularly passionate about Singapore’s model of strict compliance and risk mitigation, which he believes is particularly suited for success in the regulated world of FinTech.
A compiled detail version of EY Customer Segment Offerings to these group of people - Migrant Workers, SMEs, Entrepreneurs, The Future Silver Economy, Rural Agri-Laborers, Students Studying Abroad, Non-Profit Organizations (NPOs), Gig Economy Workers, SINKs & DINKs and NSF
We are providing one-stop solution help organizations understand eligibility and availability of incentives. We offer assessment, management, certification and government agency interfacing to our clients bringing transparency, accountability and scalability for innovation and finance departments at our clients.
Providing an End to End value proposition to our financial services clients looking for innovative solutions with expertise around co-creation of problem statements, outreach to the vast network of FinTechs, assess the fintech solutions and organize an innovation challenge.
Fe credit case study - How one of the first non-bank financial credit compani...Varun Mittal
Empowered FE Credit, one of Vietnam's oldest and largest consumer credit companies as well as other FinTech partners to implement a robo-lending platform app, $NAP, which digitalizes the entire process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement. With this platform application, FE Credit has been able to shorten the borrowing process from 4-5 days to less than 15 minutes, drastically increasing its appeal to customers and overcoming the challenges inherent in the traditional lending model.
The future of fin tech and financial servicesVarun Mittal
In this roundtable, held as part of the investment summit — “ Deal Day” powered by EY in November — we hosted 22 senior financial services executives investors and FinTech founders to talk about the evolving trends around FinTech innovations and investment in the next 12 months.
Digital bad debts collection platform using machine learningVarun Mittal
Transforming bad debts collection processes with machine-learning software that analyzes digital footprint of customers, which allows collection processes to be ranked meaningfully, in turn increasing efficiency of collection and identification of defaulters.
Leveraging AI for data analytics and retrievalVarun Mittal
Optimizing credit scoring processes for the unbanked through an alternative credit scoring solution that integrates artificial intelligence and big data analytics to generate holistic creditworthiness assessment, allowing financial institutions to make more informed decisions regarding loan disbursements to customers with little to no credit file.
Improving financial crime compliance (FCC) review processes with a machine-learning solution that effectively increases productivity and the use of unstructured data, reduces human error and risks of fines related to compliance, and lowers average on-boarding period for compliance systems.
Enabling identify authentication through machine-learning, resulting in reduced operations costs and time taken to detect suspicious behaviors, increased security and customer satisfaction.
Automating data processing and manual documentation of information so as to increase overall data processing speed, security and productivity by leveraging on a scalable and automated data integration software.
How EY and Credit Suisse teams brought growth opportunities to future leaders...Varun Mittal
EY and Credit Suisse teams co-hosted the CS-EY FinTech Forum. The forum attracted over 90 participants from top financial institutions in Bangkok, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai and Singapore, as well as 25 FinTech firms with headquarters in Singapore, Indonesia and India. EY teams are committed to work with industry participants to help bring about greater FinTech integration to countries in ASEAN-6 and India.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
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This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. 2 | Is it time to industrialize blockchain?
Databases are integral to all industries, and typically, organizations having their own
databases and associated systems, govern us. Whether it is banking, health care or
telecommunications, there are systems in place, governing our actions andresponses.
However,the only means of ensuring the veracity of the data in such databases, is
to have a trusted middleman who can act as the bridge. The reality is, while the idea
of middlemen may not be appealing, they are essential for seamless transactions to
happen. For instance, if we cast a casual eye at the global supply chain, we would see
that it is a set of extensive systems with several product components moving across
a network of connected and reliable intermediaries. However,the advent of bitcoin
blockchain has transformed the way businesses, specifically the financial services
(FS) sector,think about payment transactions. The initial FS success has proven that
blockchain technology can work at a global scale, to reduce the need of middlemen
in a whole range of business processes and transactions. Little wonder then, that
the level of interest, activity and investment now being seen across FS and other
industries is a clear indicator of belief in the technology’s potential.
What lies ahead for ASEAN?
ASEAN has a population of over 600 million and continues to thrive as one of the
fastest-growing regions globally. ASEAN countries are at different phases of their
economic development, which creates opportunities for local governments and
businesses to explore diverse use cases for blockchain. Industries that are exploring the
use of blockchain includes financial services, supply chain and health care to improve
transparency and efficiency. After providing an overview of blockchain applications all
over the world, the report will deep dive into the blockchain landscape in six ASEAN
countries, identifying the general trends and key local developments. We hope the
report will provide you a better understanding of the implications of blockchain and get
the conversation started on how this technology can solve issues and enhance lives.
Foreword
Paul Brody
Partner
EY GlobalBlockchain
InnovationLeader
paul.brody@ey.com
Jimmy Ong
Partner
Singapore IT Advisory Leader
EY Singapore
jimmy.ong@sg.ey.com
3. Is it time to industrialize blockchain? | 3
Contents
4
Blockchain implications
understood
15
Making it real
5
What next for blockchains
in the enterprise?
16
Are you ready?
8Making the choice to lead therace
4. 4 | Is it time to industrialize blockchain?
Distributed ledger technology (DLT), most notably
blockchain — a type of database that records an ongoing list
of tamper-proof records, or “blocks,” has already caughtthe
imaginations of executives in almost all types of industries and
governments across the globe. Given the extraordinary amount
of attention the technology has received, it is not hype to say
that the value creation opportunity is huge and the possibilities
of future applications are many. Like 3D printing, the sharing
economy and the Internet of Things (IoT), blockchain holds
huge potential to disrupt any industry, creating a world where
people get to participate in the value they create. During 2017,
private blockchain and blockchain-related companies raised over
US$5.5b,¹ and approximately one-fifth of the capital was sourced
from venture capitalists. Blockchain has the potential to evolve
into a core, underlying element in the technology “stacks” of
various industries as diverse as FS, energy, agriculture, and the
government and public sector(GPS).
Promising developments
In less than a decade, the technology has quickly become
a fixation in many industries, for example, FS, as a result of
its potential to revolutionize and transform our thinking about
data sharing and security, partially inreaction to bitcoin (the
cryptocurrency that is an application running on the first public
blockchain). From a purely technological standpoint, bitcoin was
an attempt to completely disrupt peer-to-peer payments,without
the need for a trusted authority (i.e., a financial institution). As
the technology that supports bitcoin, blockchain has attracted a
much wider range of supporters, and the resulting knowledge is
being applied to many other proof-of-concept projects in a whole
range of business processes andtransactions.
For instance, in the energy sector, a start-up is developing an
ecosystem wherein customers can pay for electricity in real time,
directly from distributed energy providers. Another blockchain
start-up is currently developing a traceability protocol to track
the provenance of anything, from coffee beans to a roll of fabric.
Opportunities to drive efficiencies in public servicedelivery,
reduce costs and improve transparency have caught the attention
of governments too. A series of innovative pilot programs in
Sweden, Estonia and the United Arab Emirates (UAE) indicate the
potential for governments to leverage the power ofblockchain
in a way that redefines their role and their relationship to
businesses, citizens and even the rest of theworld.
“To date, blockchain has transformed only people’s
thinking. We don’t yet evenknow all the questions
blockchain technology will raise, much less the
answers. But waiting for the technology to take
hold is too late. Now is the time to start defining
the questions and influencing policy that will lead
to answers.”
Channing Flynn
EY Global Technology Sector Leader,
Tax Services
We are at a phase where blockchain is no more a novel technology, but is rather, seen as integral to digital
enterprises; this is a clear indication that enterprises are now focusing on research and development, but are still
a long way from adoption at scale. Therefore, the question remains as to where and when profound impacts will
be seen.
Blockchain implications understood1
5. Is it time to industrialize blockchain? | 5
Understanding blockchain technology — public, private andhybrid
Based on the participants, blockchains are categorized as public, private or hybrid. This is similar to comparing
the public internet and a company’sintranet.
• Public and permission-less: Public and permission-less blockchains resemble bitcoin, the original
blockchain. All transactions in these blockchains are public, and no permissions are required to join
these distributed entities (examples: ethereum, bitcoin).
• Private and permissioned: These blockchains are limited to designated members, transactions are
private, and permission from an owner or manager entity is required to join this network. These are
often used by private consortia to manage industry value chain opportunities (examples: Ripple, R3).
• Hybrid blockchains: An additional area is the emerging concept of sidechain, which allows for
different blockchains (public or private) to communicate with each other, enabling transactions
between participants across blockchain networks (example: ROOTblockchain).
Numerous surveys have given us indications about the industries
having the most number of blockchain applications. Undeniably,
FS (an industry where trust is a prime concern), in which cross-
border payments and settlements stand out, leads the way, as can
be seen in the graph from a recent International Data Corporation
(IDC) report on global blockchain spending in2017.
However,this hype on the FS side does not correspond to
similar interest from corporations, in realizing true value from
blockchains where decentralization and interoperability are the
key elements.
Enterprises are still conducting trials around blockchain
applications operating like distributed databases and notary
services, often with very specialized supply chain objectives, such
as verifying the origin and authenticity of a product as it moves
across the value chain, capturing information about all inputs of
a product, enabling accurate visibility and traceability into the
history of a product, and soon.
Global blockchain spend in 2017:US$945m
“This is a useful start, but if we are not careful, it could be a dead end — a fancy, hacker-proof database,
where the software company has replaced the central bank as the intermediary of choice. Todeliver
on the full promise of blockchain technology, we believe that enterprises must embrace the fullpower
of tokenization, and ultimately, the allure of the public network. And, 2018 is the year that this will come
into view as the future of thistechnology.”
Paul Brody
EY Global Blockchain Innovation Leader
Cross-border payments and
settlement
Lot lineage orprovenance
Trade finance and post-trade
or transaction settlements
Regulatorycompliance
Asset or goodsmanagement
Identitymanagement
$0 $60 $120
Note: Global blockchain spending 2017 (US$m) — top six use cases.
Source: IDC.2
What next for blockchains inthe
enterprise?2
6. 6 | Is it time to industrialize blockchain?
The foundation of this high-value future is the concept of
tokenization: the process of embedding data related to a real-world
asset on a digital token stored on a blockchain — not merely as items
of information, but as carriers ofvalue.
Understanding smart contracts
Smart contracts are bits of executable code that are triggered when the conditions are right within a blockchain.
The advantage of blockchain-based contracts is that they bring down the level of manual intervention in creating,
executing and enforcing acontract, thereby lowering its cost, while raising the assurance of the execution
and enforcement processes. By automating a transaction in a fully verifiable framework (the blockchain),the
transactions can have legal validity even at high frequency — a key enabler for network balancing.
Valueforenterprise
Time
New normal: enterprisevision
Notarization
• Blockchains operating like
distributed databases and
notary services
• Not optimized for business
transactions — unstructured
data, against which it ishard
to deliver services
Blockchain implementations
are still about timestamping
and synchronizing
information:
Products provenance
Full-cycle economic blockchain
• Shift from notarization
and synchronization,to
tokenization
• Possible to execute full-cycle
economic contracts between
participants on a blockchain,
with tokenization
Products and services tokenized
and exchanged through digital
smart contracts for digital
currencytokens
A closed-loop, tokenized industrial
blockchain
Tokenized fiat currency
+
Tokenized products and services
“Purist” enterprise blockchain
• Moving toward a public
blockchain: future orlarge,
regional or sector-specific
networks that are public,is
more likely
• Decentralization,
interoperability and
independent securitybeing
the key for enterprises to
realize true value
Gradual emergence of
public blockchain tobe
the preferred ecosystem for
digital transactions
An open andtransparent
regional blockchain
Tokenized fiat currency
+
Tokenized productsand
services
The first stage will be the development of a full-cycle economic
blockchain, where products and services are tokenized and
exchanged through smart contracts, and value exchanged via
traditional fiat tokens.
See example below for tokenization of “mobile phoneassets,” as
they move across the valuechain.
In the example illustrated, when these mobile phones are
delivered, value in blockchain can change hands, but in tokenized
fiat currencies, say US dollar tokens, or Euros or Yen for that
matter.This means, traditional fiat currency is tokenizedin
the same way assets are tokenized.And central banks have
already started experimenting with tokenizing fiat currencies.
These discussions are centered in Northern Europe, and Sweden’s
Riksbank might be the first financial institution moving ahead to
substitute or complement cash with digital currency. But tests
and research are being done all over the world, from China
to Canada, and from Singapore to Saudi Arabia and the UAE.
There is no doubt that if we did see a major central bank issue a
digital currency, the impact could be vast. While such progress
is encouraging, the next step is to create a robust regulatory
infrastructure that enables the tokenization of fiat currency on
any closed-loop industrial blockchain.
Today’s enterprise blockchain applications Moving toward “realapplications”
This high-value future will have two clearstages:
7. Is it time to industrialize blockchain? | 7
The gradually increasing preference for public blockchain for
enterprise transactions represents Stage 2 of this high-value
future. This would enable secure trading of objects that can be
digitized, onto the blockchain. A look at the token history can
provide information such as customs declaration, tax calculations,
product provenance and all related spending. Besides, itis
not necessary to have different blockchains for trade finance,
payments or product provenance. Collaboration across industries
is the key to success here, because the technology becomes
exponentially more powerful as more organizations start using it,
resulting in networkeffects.
Historically, most industries have tended to dismiss open source
blockchains. This is unsustainable, as large companies seek to
build overlapping, parallel private networks that work in silos
and require a lot of integration. However,we are starting to see
a shift in attitude toward this, with the banking industry leading
the way forward. A recent survey reveals that 86% of the banking
executives believe that public blockchains will gain greater
prominence over the next five years.3
The shift in thinking can be
attributed to the increasing awareness of public blockchains such
as Ethereum,and the “big leap” innovations this could bring.
Raw materials Manufacture Transport Warehouse Sell Support
• Transferto
a retailer
• Transfer
ownershipfirst
to retailer and
then to end
customer
• Build true
end-to-end
traceability for
producthistory
The flow ofprodu
• Purchaseraw
materials to
build aphone
• Createdigital
tokens to
represent
those assets
ct across thenetwor
• Integrate items
together into
manufacturing
output
• New digital
token
incorporates
thematerials
k is represented in th
• Putfinished
goods into
anin-transit
status
e blockchain …
• Move into
warehouse
with
a distributor
• Unload
containerand
truck
… and it is matched by a similar flow of financial tokens in the other direction on the same blockchain.
Nonetheless, we believe public blockchain networks should not be dismissed as the longer-term solution for
applications requiring data privacy and scalability. As developers expand protocol and framework offerings on public
blockchains, we believe this would create a network effect, such as the interaction of various ecosystems, which will
ultimately lead enterprisesforward.
However,right now, there are a few obstacles standing in the way of this transformation.
Privacy
For enterprises to feel secure
that their strategic transactions
are secure, privacy tools needto
be matured (creation of privacy
options, such as zkSNARKs, or new
protocols, such as Enigma, are in
the works).
Legal challenges
Beyond privacy, there are legal
challenges that need to be addressed
as well, including know yourcustomer
(KYC) and anti-money laundering
(AML) rules for instance. KYC and
AML procedures will beautomated
as developed countries start using
digital identities. For example,
Estonia’s e-residency project is
already underway, and it willpositively
influence the opportunities for
tokenization.
Lack of a
standardized system
The third obstacle to tokenization is
the lack of a standardized system for
carrying out transactions — just like
every company is now using its own
accounting and reporting systems.We
believe these are challenges that can
be addressed with the development
of a global technical standard for
integration into business.
8. 8 | Is it time to industrialize blockchain?
As public blockchains achieve enterprise-grade scalability and
privacy, we believe blockchain will be at the core of several viable
business models that extend well beyond today’s more narrow
understanding of cryptocurrency, including exchanges and
supply chain systems. Industries are waking up to the need to
“make the choice and lead the blockchain race” or be left behind.
This is evidenced by a recent IDC report on global spending on
blockchain, which forecasts a US$9.7b spending by2021.2
Early pilots are already under way in many industries, as
mentioned in our overview. FS Blockchain projects — whileperhaps
the most numerous — are notnecessarily
the most advanced in terms of development and production.
Their first pilots, such as transferring equities or other financial
instruments in blockchain environments, tend to focus on
exploring ways that drive cost out of business processes, by
making transactions more efficient. Also, this could be partly
because of the intense regulatory measures and high risk
involved in the FS industry, as one mistake can lead to major
consequences. While these may be highly valuable uses, there
is perhaps more room to experiment with real-world
applications, such as consumer products and manufacturing,
with finance embedded directly into the natural activities
occurring within those markets.
“The long-term blockchain vision is of
markets that run by themselves, with
finance embedded directly into the
natural activities occurring within those
markets. In such an environment, the
finance industry will look very different
than it does today.”
Angus Champion de Crespigny
FS Blockchain and Distributed Infrastructure
Strategy Leader,Ernst & Young LLP(US)
Global blockchain spend by sector,2016–21
Source:IDC.²
Note: Bubble size represents size of
opportunity in US$m in 2017
Share of spending
Legend: CAGR: compoundannual
growthrate
u
2016–21CAGR
75%
0% 10% 20% 30% 40% 50%
86%
85%
84%
83%
82%
81%
80%
79%
78%
77%
76%
Making the choice to lead therace3
Manufacturing
andreso rces Distributio
n
andservices
Financial
Publicsector
Infrastruct ure
9. Key developments
Blockchain for voting
• In April 2018, an Australian blockchain company partnered 96 million-member socio-religious organization
Nahdlatul Ulama to implement a community voter platform in Sumatra for the regional and national government
elections.
• Beyond voting, the platform also provides services including digital banking facilities.
Improving productivity in agriculture
• A blockchain-based data exchange platform provides data on geo-tagging, field activities, weather and land,
satellite and market information to farmers. Farmers receive reward points for data they provide, which can
be used to redeem a discount on agricultural necessities. There were 3,000 farmer participants by July 2018.
• In November 2018, the company announced cooperation with a global blockchain technology solutions
developer to jointly deploy blockchain-based point-of-sales devices to farmers to facilitate data collection and
financial inclusion.
Ensure transparency, sustainability in fishing
• Indonesia is a major tuna producer, ideal for using blockchain to increase transparency in supply chains and
mitigate overfishing.
• A blockchain startup conducted a 6-month pilot in 2016, where traditional fisherman sent text messages to
register a catch, creating a new asset on the blockchain. This allowed the tracking of audit information to prove
that fishes were caught legally and sustainably.
Is it time to industrialize blockchain? | 9
“Blockchain has the potential to help Indonesia, which has a large
and scattered population, to increase efficiency in record keeping
and transparency in government operations, as well as financial
inclusion, and productivity and sustainability in agriculture.”
Indonesia Indonesia is the third-largest island country, with over 14,000 islands across the
archipelago. It is also the largest economy in Southeast Asia, with a population of
262 million.
Given its vast population and geographic distribution, blockchain holds the potential
for Indonesia to keep accurate records and increase transparency in government
operations. This includes tax, voting and distribution of government subsidies.
Understandably, the Indonesia Government has shown willingness to explore
blockchain applications. The Financial Services Authority has a dedicated team to
study how blockchain can help the finance industry. In August 2018, the Indonesia
Blockchain Hub was launched from a partnership between the Indonesia Chamber of
Commerce (KADIN), the Indonesia Blockchain Association, Creative Economy Agency
(BEKRAF), and a blockchain-based agritech startup.
Blockchain can increase financial inclusion by providing cheaper and faster services
to consumers. Hence, private sector players, particularly those in financial services,
are experimenting with blockchain. In October 2017, five leading banks collaborated
on the development and deployment of a blockchain solution to reduce settlement
time and cost of completing global payments. In May 2018, Bank Negara Indonesia
signed a Memorandum of Understanding with a FinTech startup to use blockchain to
improve performance of trade finance and remittance products.
Besides cryptocurrency exchanges, blockchain startups in Indonesia are running
interesting activities, such as a point-of-sales solution supporting payments from
cryptocurrency wallets and traditional mobile wallets.
To meet the growing demand for blockchain talent, local FinTech players are working
with universities to nurture homegrown talent. Examples include joint studies
between a local FinTech firm with the Muhammadiyah University of Gresik on the
developments of blockchain in the agriculture sector, and speaking engagements to
raise awareness and interest.
For Indonesia, blockchain holds opportunities beyond economic growth and financial
inclusion, but job creation too.
10. Key developments
Cryptocurrency regulations
• Malaysia’s financial regulators have taken steps to bring more regulatory clarity regarding
cryptocurrencies, such as the issuance of the Anti-Money Laundering and Counter Financing of Terrorism
Policy for Digital Currencies in February 2018. This is a policy framework for crypto exchange providers
that wish to operate cryptocurrency exchanges in Malaysia. As of November 2018, more than 40
cryptocurrency firms had registered with BNM.
• As of November 2018, the SC was developing a framework to regulate initial coin offerings, set to be
issued in 2019.
Energy industry
• Tenaga National Berhad, the largest electricity utility in Malaysia, is exploring the use of blockchain in
the energy industry
Increase transparency in education certification
• In November 2018, the Ministry of Education Malaysia and six public universities formed a consortium to
create an e-Scroll system, based on NEM blockchain technology, to tackle the increasing number of fake
degrees.
“Blockchain has the potential to help Malaysia increase
transparency and efficiency in many industries including
financial services, energy, and agriculture.“
Malaysia Many Malaysianentities are researching the potentialof blockchainand testing its viability
to perform variousfunctions includingIslamic banking,supplychain,
and crowdfunding.
The Securities Commission(SC)has rolledout a blockchainpilotto increase transparency
and efficiency in regulatoryreporting,and for smart contracts in the unlisted and over-the-
counter markets. As of March 2018,banks are collaborating todevelopblockchain
applicationsfor trade finance. In October2018,a Malaysia-basedFinTech startup
conducted their firstcross-bordertransaction between Malaysia and Spain,based on Ripple
blockchain,which is a providerof enterpriseblockchainsolutionsfor payments. In
November2018,a Malaysia-basedbank joinedthe Ripplenetwork,RippleNet, toenable
instant and low-costcross-borderpayments.
Besides financial services, blockchaincan be appliedto improvetransparency in energy
and agriculture. Blockchaincan improvethe transparency in energy transactions, and thus
encourage the productionand usage of renewableenergy by enablingconsumers to buy
directlyfrom the source. Buyers can even connect with privatesolar panel owners to buy
their excess electricity.
Agriculturecontributedto 8.1%and palm oilcontributed43.1%to the country’sGDP in
2016.Placingcertificationsfor palm oil on blockchainallows sellers and consumers to track
the source and monitorall transactions along the palm oilsupplychain. This enables the
governmentto track whether the palm oilcomes from sustainablesources, and regulate
these practices to be more sustainable.
To nurture blockchaintalent, universitiesand the privatesector are cooperatingto develop
blockchaincourses. In July 2018,the NEM BlockchainCentre was set up in Malaysia as a
learning center, incubatorand accelerator for blockchain-relatedstartups.
10 | Is it time to industrialize blockchain?
11. Key developments
Crypto Valley of Asia
• In August 2018, the government announced their plans to build a new fintech and crypto hub at Philippines’
Cagayan Special Economic Zone and Freeport (CSEZFP) alongside private developers.
• Dubbed the Crypto Valley of Asia, the hub is expected to generate employment for business process outsourcing
service providers of the global FinTech and crypto currency sectors.
Encouraging blockchain innovation among students
• On October, 2018, a local university and health-tech startup started a lab to generate programs and studies
to find solutions in sectors such as health care, education, transportation, agriculture, disaster response,
governance and legal affairs.
Improving efficiency in domestic remittances
• A local bank has launched a pilot to introduce a domestic remittance network using tokens on a private
blockchain platform with the aim of helping rural institutions drive operational efficiencies and save costs in
accepting and processing domestic remittances.
• The pilot was launched with five rural bank participants in early June 2018, and there are plans to onboard
many more rural banks. The project is a stepping stone for the introduction of more sophisticated financial
services.
Is it time to industrialize blockchain? | 11
“Blockchain has the potential to help Philippines’ remittance
services to be faster and more efficient, increase financial
inclusion and transparency in business transactions.”
Philippines As an archipelago, the citizens’ access to financial services is fragmented.
Moreover, a large percentage of its population is working in a different state or
overseas. This naturally creates a very strong demand for remittance services,
where Blockchain could help make these transactions faster and more efficient.
Blockchain is also expected to increase transparency. In November 2018, Budget
Secretary Benjamin Diokno said the Philippines will use blockchain in its
procurement process, adding that such a system will be “secure and less
expensive compared to a big data system.”
The Blockchain Association of the Philippines (BAP) was established in May 2018.
Its purpose is to introduce, educate, connect businesses, government and
academia to the potential of distributed ledger technology (DLT) in order to build a
thriving digital future for the Philippines.
Regulators have become more open to cryptocurrency investments such as initial
coin offerings (ICO) over time. Earlier in January this year, the Philippines
Securities and Exchange Commission (SEC) filed a cease-and-desist order against
an ICO issuance, and in March, the BSP bank did not endorse privately-issued
cryptocurrencies as a currency or investment instrument. However, in August
2018, the SEC released the proposed rules to govern ICO registration.
Blockchain startups in the Philippines are active in many other sectors such as real
estate trading, customer loyalty, and gaming.
In order to better meet the demand for talent in blockchain, technology companies
and universities are collaborating to increase awareness and encourage students
to create innovations using blockchain.
12. 12 | Is it time to industrialize blockchain?
“Blockchain holds much potential value for Singaporean
government and businesses, which are exploring the use of the
technology in many areas including shipping, supply chain, health
care, financial services and more.”
Singapore Singapore could benefit from using blockchain in shipping to maintain its
competitiveness as a global shipping hub. In addition, blockchain has the potential to
enhance the supply chain and financial services.
The government has shown support for the technology through multiple initiatives.
The Port Authority of Singapore, the Economic Development Board, and the Monetary
Authority of Singapore are working with a technology company to develop blockchain
applications and solutions. Another initiative is by the Infocomm Media Development
Authority, which announced that it would give seed funding for industry players to
implement engagement platforms to grow the blockchain ecosystem in Singapore
through community engagement initiatives.
Businesses across many sectors of the economy are exploring the use of blockchain. In
November 2018, a financial institution announced that it has developed a blockchain
platform in collaboration with blockchain provider, to improve the speed at which a
global agri-commodity trading company and its vendors can transact and finance their
cross-border trades.
In May 2017, an education institution ran a pilot blockchain program to award
academic certificates to students, in partnership with a digital certificate provider.
Blockchain distribution of academic certificates ensures that digital certificates cannot
be tampered with and enables potential employers and universities to spend less time
manually verifying a candidate’s credentials.
Blockchain startups in Singapore are involved in multiple areas such as financial
services, data storage, and retail. Demand for blockchain talent has been growing. To
better meet this demand, universities have started offering courses on blockchain.
Key developments
Clearance and settlement of payments and securities
• Monetary Authority of Singapore (MAS) is partnering with a distributed ledger technology (DLT) company to
explore the use of DLT for payments and securities clearance and settlement.
• As of November 2018, the second phase of the project has concluded, demonstrating that delivery versus payment
(DvP) settlement finality, inter-ledger interoperability and investor protection can be achieved through specific
solutions designed and built on blockchain technology.
• The next phase of the project will focus on new methods to conduct cross-border payments using central bank
digital currency.
Health database
• In July 2018, Singapore government-owned technology firm announced its investments in a decentralized
health data platform, which uses blockchain, artificial intelligence and database management system
technologies, to better manage patients’ data and enable better diagnoses.
Global Trade Connectivity Network
• In November 2017, MAS and the Hong Kong Monetary Authority exchanged a Memorandum of
Understanding in Singapore to jointly develop the Global Trade Connectivity Network.
• This is a cross-border infrastructure based on DLT, to digitalize trade and trade finance between
the two cities, with the potential to expand the network in the region or globally. The GTCN is
expected to go live by early 2019.
Photo credit: Singapore Tourism Board
13. Key developments
P2P energy trading
• Companies are using blockchain to help homeowners profit from their own rooftop solar systems
• Blockchain will enable energy trading to be easier and more transparent, which will in turn lower costs and a
smaller carbon footprint due to better management of renewable energy.
Central Bank Digital Currency
• In August 2018, a collaboration of 8 banks and a technology company announced the launch of Project
Inthanon, to design and develop a proof-of-concept prototype for wholesale funds transfer by issuing
wholesale Central Bank Digital Currency (Wholesale CBDC).
• The CBDC is develop by the central bank to enable quicker and cheaper settlements between banks on the
domestic interbanking system using the digital token.
Cryptocurrency regulations
• In June 2018, The Securities and Exchange Commission (SEC) announced supervision details for market
participants involved in the digital asset trade, and allows seven cryptocurrencies, used for initial coin offerings
(ICOs), to be traded as trading pairs.
• All market participants in a digital asset trade are required to register with the SEC and must also receive the
Finance Ministry's approval to conduct digital asset business.
Is it time to industrialize blockchain? | 13
“Blockchain has the potential to increase the accuracy and
efficiency of record keeping, increase transparency in
government operations in Thailand. It also enhances supply
chain operations, generates cost savings and speed up financial
services, especially for small and medium enterprises (SMEs).”
Thailand The Thailand government is exploring the use of blockchain in multiple areas.
Financial regulators have taken steps to bring more legal clarity regarding
cryptocurrencies.
Companies in multiple sectors are exploring the use of blockchain. In July 2018, one
of the largest operators of movie theaters in Thailand announced its cooperation
with a payment company to build a digital payment ecosystem for consumer
purchases using cryptocurrency.
In August 2018, a local bank and a cement producer are developing their supply
chain on the blockchain. Their aim is to use the technology to increase flow
efficiency, improve credibility and data transparency between businesses, and to
also help SME-sized suppliers gain better access to financing.
In October 2018, a fintech subsidiary of a local bank announced that it had produced
a procure-to-pay blockchain solution to streamline purchasing processes, payments,
and financing for Thai businesses. Blockchain technology will reduce invoice
financing time and provide security and traceability to combat fraud, while also
supporting Thailand’s e-tax invoice initiative.
Thai blockchain startups operate in diverse fields including investment, payment,
lending, identity management. The government has encouraged the growth of local
and foreign startups in blockchain, which has caused demand for talent to exceed
the supply. Some universities have started offering classes in blockchain and
carrying out blockchain research projects with the government or private sector.
14. Key developments
Agricultural produce traceability
• A blockchain company launched a fresh produce traceability solution that provides real-time information on
production, packaging, shipping, and consumption to customers. A pilot project was being conducted with
mangoes produced in the Dong Thap province in October 2018.
Settlement
• In July 2018, the National Payment Corporation of Vietnam, the country’s unified card switching center,
together with VietinBank, VIB and TPBank announced the successful completion of their pilot project for
money transfers using blockchain.
Encouraging blockchain innovation
• A 36-hour blockathon was held in Hanoi and Ho Chi Minh City in late 2017 and early 2018 as part of the FinTech
Challenge Vietnam. Co-organized by Mekong Business Initiative, and the Fintech Club Vietnam, the event
participants received mentoring, a week of intensive blockchain training, and a chance to win a cash prize and
incubation opportunities.
“In Vietnam, blockchain has the potential to ensure accurate
record keeping, significantly improve coverage of financial
services, and increase transparency in supply chain.”
Vietnam Vietnam is a big exporter of agricultural products. Vietnam’s Ministry of
Agriculture and Rural Development estimates that the total value of agricultural
products exported in the first four months of 2018 was about US$6.5b, up 11.9%
year-on-year.
A major problem that the sector faces is a lack of transparency and traceability in
the supply chain, which can have negative repercussions on the reputation of
Vietnamese brands. Traceability helps to verify product origins and allows brands
to regain consumer trust and increase loyalty.
In terms of financial inclusion, in 2017, only 31% of adults in Vietnam have bank
accounts. However, the population is young, with a median age of 30.9, and tech-
savvy. As of January 2018, 72% of the population were smartphone users and 64%
accessed the internet through their mobile phones. There are opportunities to
bring the underbanked into the fold through app-based blockchain financial
services.
As well, numerous industries, including finance and ecommerce, are exploring the
use of blockchain. In June 2018, the Vietnam E-Commerce Association launched
the Vietnam Blockchain Chapter (Vietblockchain), which aims at raising awareness
and conducting training for students, the business community and startups. It will
also work with regulators and policy-makers to create policies and legal norms that
support the R&D and application of blockchain technology in Vietnam. With a
populous tech talent pool, Vietnam is a popular destination of outsourcing,
producing blockchain applications for foreign investors.
As well, local blockchain startups are active in many areas including remittance,
cryptocurrency exchange, commodity trading and agriculture. An example is the
signing of a memorandum of understanding between a Vietnam startup and the
Laos Ministry of Science and Technology to deploy digital identity.
From finance and investment, health care data management, agricultural produce
supply chain through to e-government, there are opportunities to enhance the
economic growth and investment of Vietnam through blockchain.
14 | Is it time to industrialize blockchain?
15. proposed blockchain use cases. This clearly outlines the need
for having some conditions which need to be fulfilled in order to
move forward with a potential use case. These conditions can
act as a filter to sieve out apt projects from the irrelevant ones.
A five- point test that EY applies for assessing the fit of blockchain
for a particular process includes the followingquestions:
Are there multiple
parties in this
ecosystem?
Blockchains get
more securewith
more parties
in the network;
one participant
networks are not
especially secure.
Is establishing
trust between
all the partiesan
issue?
Blockchains
improve trust
between
participants by
havingmultiple
points of
verification.
Blockchains (both public ones and permissioned) carry great
promise for cross-sector applications —but before you jump into
the ‘blockchain circus,’ ask yourself: do you actually need a
blockchain?
A CEO of an open platform blockchain technology company
says: “The vast majority of the projects that his organization
received can be perfectly implemented in the traditional
relational database.” The age-old phrase “if it ain’t broke, don’t
fix it,” comes to mind when assessing the applicability of some
1 2
Is it critical to
have a tamper-
proof permanent
record of
transactions?
Blockchains create
permanentrecords
that cannot be
edited or deleted.
3
Are we securing
the ownership or
management of
a finiteresource?
Core logic in the
system isdesigned
to prevent double
counting ofassets,
record ownership,
and transfers.
4
Does this
ecosystem benefit
from improved
transparency?
Blockchains are
transparent by
design — where
ownership orcontrol
of assets is public
and transparent
by design.
5
Making it real4
Is it time to industrialize blockchain? | 15
16. Are you ready?
The time has come for blockchain to move from a niche sector
play to reshape how entire industries work. EY is a blockchain
technology leader. The EY teams understand the implications of a
distributed world, and have been helping EY clients strategically
plan and implement blockchain solutions across industries. More
than 50 EY clients in 15countries have already signed blockchain
agreements in industries ranging from logistics and consumer
packaged goods, to banking. EY teams are building and
designing a number of blockchain platforms to support
industry processes, and operations platforms with patent-
pending applications of blockchain technology.
EY blockchain solution platforms: keyofferings
Consulting
services
Assurance,
tax and
compliance
Product
development
Research
Four key
components
of service
strategy
8
7
Business
partner
onboarding
Securitization
and initialcoin
offering (ICO)
registration
Custom
blockchain
software
development
Help
implement
third-party
solutions
Implementing
EY-developed
services
Risk
management
and security
assessments
Blockchain
strategy
andoperations
consulting
Tax services
and strategyfor
securities
4
3
1 2
Service
offerings
6 5
Product
traceability
End-to-endsupply
chain platform
Fractional
ownership forcars
and heavy asset
Digital rights
and royalties
management
Automatedmarine
insurance
Continuousaudit
services
Governmentand
public sector
User and entityID
on thenetwork
Fractional
ownership
Royalties
management
Automated
recording
Bitcoinaudit
systems
Financial and
reporting
reconciliation
Production
Pilot
Development
Design
Directed buy
procurement
Smart
asset(IoT)
management
Rights
management
Automated
claims
Blockchain
controls
ERP
integration
ERP
integration
Cargo
integration
Blockchain
audits
Advanced
analytics
Inventory
management
Document and
legalcontracts
Vat, and
global trade
and Tax
Client
onboarding
OpsChain
Tesseract
Right and
royalties
managements
Maritime
insurance
Audit and
assurance
Public
financial
management
Identity
management
Blockchainsolutionplatforms
Supporting
Solutions
ERP — Enterprise
resource planning
16 | Is it time to industrialize blockchain?
17. Note: These thought leaderships are available forreference at ey.com
Sources
Further reading
1.
2.
3.
4.
5.
6.
7.
8.
Overview of
blockchainfor
energy and
commodity
trading
Blockchain
How this technology
could impact theCFO
Blockchain and
competitionlaw
piece provides an overviewof what
blockchain is and what the
stakeholdersina blockchaindo.
Let’sstartwithwhyblockchainexists. Fourtechnologiesarebehindblockchain.
Once,blockchain was considered
A transactionbetweenpartiescanonly First, encryptionisa technologythat
a niche technology, andit wastoo function— particularlyifthepartieshasbeenaroundfora longtimeandis early toconsidercompetition-law
repeatedlytransact— if thereistrustanddesignedtoaddresstrust. Forpublic- implications. Today,we knowthe proof of thetransaction. Sincea digital
keyencryption, forexample, which technology should be takenasassetcanbe replicatedmanytimes,a pairspublicandprivatekeys,a person
seriouslyasthe developmentof the transactionofa digitalassetmustensuremaysendanencryptedmessagetoa internetinthe 1990s. This
thought thatreplicationcannotoccurwhenitisrecipientusingtherecipient’spublickey
not intended. Blockchain is a technological (open-source software that scrambles the solution
delivering a concept called a information). Then, using her own unique, “distributed ledger,” which
essentiallyisa privatekey,therecipientcanunscramble
Once this is established,we willthen
way ofmakingsurechangestoanypiece themessage. Thesecondtechnologyis
briefly identifywhetherany actions of informationontheledgercanhappencalleda hash, whichtakesdigitalinput
takenby blockchain stakeholderscould
only by consensusfromtheblockchain andconvertsittoanencrypteddigital
stakeholders. Blockchaincanreplaceandoutput. Thefunctionofa hashistoensure
constitutea breachof competitionlaw. arguablyimproveonexistingmethodsof thatthedigitaloutput, initsjourney
creatingtrustandproof, suchaswhen fromsendertorecipient, hasnot been workingwith
lawyers, notaries,corporatetamperedwith. Thethirdtechnology seals, counterpartagreements,
officialisthechain. Thechaincomprises (government-organized)records, deedsof blocksof
informationthathavebeen saleandcertificatesof authenticity. cryptographicallyvalidated. There
isa
April2018
Law alert
EU competitionlaw
How blockchain is
revolutionizing
supply chain
management
Author:
Paul Brody
EY GlobalInnovationLeader,Blockchain
How blockchain revolutionizes
supply chain management
The power of a blockchain-
enabled supplychain
Integrating blockchain into your
supply chain doesn’t need to be
complex
1
2
3
Is it time to industrialize blockchain? | 17
18. Varun Mittal
EY Global Emerging
Markets FinTech Lead
varun.mittal@sg.ey.com
Paul Brody
EY Global Blockchain Innovation Leader
paul.brody@ey.com
Chris Lim
Partner, Financial Services Risk
Advisory Singapore
Ernst & Young Advisory Pte. Ltd
chris.lim@sg.ey.com
Desmond Teo
Partner, Financial Services Tax
Singapore
Ernst & Young Solutions LLP
desmond.teo@sg.ey.com
Contacts
Tan Boon Yow
EY Asean and Malaysia IT
Advisory Leader
boon-yow.tan@my.ey.com
Duc Minh Nguyen
Vietnam IT Advisory Leader
duc.minh.nguyen@vn.ey.com
Saravut Sarindu
Thailand IT Advisory Leader
saravut.sarindu@th.ey.com
Awang Arinda
Indonesia IT Advisory Leader
PT Ernst & Young Indonesia
awang.arinda@id.ey.com
Jimmy Ong
EY Asean Blockchain Leader
jimmy.ong@sg.ey.com
Sahil Gupta
Manager
EY Asean FinTech
Ernst & Young Solutions Pte. Ltd.
sahil.gupta@sg.ey.com
18 | Is it time to industrialize blockchain?