The best ways to determine if Blockchain can help your business it to look at some real-world benefits. For example, it can provide to a range of businesses across the following separate and varied industries:
Insurance
- Insurance providers need an efficient way to process claims. Blockchain can facilitate this by incorporating insurance claims and policy conditions into smart contracts stored on Blockchain. Once an insurance claim is made by a credible source, the insurance policy is automatically triggered.
Supply Chain Management
- When something goes wrong in a complex system, for example an aircraft. It can be useful to implement supply chain management to establish the details of each component down to the date, batch and even the manufacturing machine. Blockchain can hold all these details.
Healthcare
- Most hospital records are held in cloud like environment, making the data susceptible to data breaches leading to fines and damaging reputations. By incorporating greater granularities Blockchain can facilitate patients, doctor’s hospitals and insurers to maintain comprehensive medical history for every patient.
Financial Services
- Commercial financing: Businesses need to purchase goods and services on credit - by implementing Blockchain and the process of sharing a ledged, there is complete visibility on all transactions and the potential for disputes is limited.
- Trade finance: businesses need a way to expedite the process of moving goods across borders. Legal entities can sign all approvals on Blockchain, keeping all parties informed on the approval status.
What questions do you have?
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Colin O'Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: cobrien@cooneycarey.ie
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