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Digital Week Online: How is Blockchain Being Leveraged in Various Industries?

Blockchain is not something new in the technology world but have you ever wondered how blockchain is driving ROI in various industries? Aly Madhavji, Managing Partner at Blockchain Founders Fund, went live on Digital Week Online this Tuesday and gave his insight into this topic.

In terms of Blockchain Technology use cases, Madhavji referred to a Deloitte survey with 1053 senior executive respondents which found that Supply chain showed up as the number one sector that is actively adopting this technology; followed by Internet of Things (IoT) and Digital identity.

Supply Chain 

Blockchains are believed to give supply chain networks the chance to create one shared truth without one all-powerful, centralized intermediary. A study of Jeonseok Kim and Nina Shin shows that blockchain technology characteristics (information transparency, information immutability, and smart contracts) have significant positive effects on supply chain partnership growth.

JD Chain is one outstanding example of how blockchain is being used in the Supply chain industry that Madhavji pointed out. The Chinese-original firm is tracking 60,000 product SKUs for 700+ brands with 6M after-sale queries. They are able to do more than 10,000 transactions per second with anti-counterfeiting measures with the help of blockchain.

Banking and Finance

One of the most talked-about topics in the financial services industry today is blockchain banking. The application of this technology in the banking sector facilitates payment orchestration, balance sheet optimization; singularity, transparency and immutability. It enhances security and helps eliminate the risk of fraud in all areas of banking and trading platforms.

Madhavji found it very fascinating how banks such as HSBC are leveraging blockchain. The bank’s FX Everywhere platform has now settled over 1.6 million trades worth over USD1.2 trillion over the last 1.5 years. HSBC claimed that the FX settlements have saved them about 25% versus the traditional method before they were using blockchain. It is driving the bank’s ROI in a very positive manner.

Blockchain in the time of pandemic

Digital identity is another interesting aspect under the current pandemic of COVID-19. WeChat Mini Program Access Pass uses QR Codes to enable residents to enter gated communities. Other noteworthy blockchain-based COVID-19 applications now focus on facilitating a privacy-ensured COVID-19 testing process, such as AOKPass or Agernona. 

Madhavji also indicated that insurance firms in China are now using blockchain to manage and process large volumes of COVID-19 related claims. For instance, Ant Financial is paying out coronavirus claims on its Xiang Hu Bao claim-sharing platform. The main goal of this application is to reduce in-person contact, paperwork and document deliveries.

About the speaker:

Aly Madhavji has served on various blockchain advisory roles including Polymath and traditional advisory boards including the University of Toronto’s Governing Council. He currently consults organizations on emerging technologies such as INSEAD and the United Nations (UN) on solutions to help alleviate poverty, support business ecosystems, increase financial inclusion, and improve society at large to help achieve the UN Sustainable Development Goals.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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