As a Cube insider, you'll get access to interesting new trends, what we think about them and how you can benefit.
New Trend: Blockchain Solves Business Challenges
Blockchain is becoming a disruptor in many industries – from healthcare, to financial institutions, to supply chain. Companies have shifted from trying to determine if blockchain will work – to how they can make it work within their business. Business Insider explains that “it’s helpful to envision blockchain as a strongly encrypted and verified shared Google document, in which each entry in the sheet depends on a logical relationship to all its predecessors, and is agreed upon by everyone in the network.” As businesses emerge from the pandemic, they are finding new ways to address challenges through blockchain. For example, with supply chains currently at a crossroads due to labor shortages and choke points in the supply lines, leaders in this industry are implementing blockchain technology to help solve its logistics challenges. Blockchain is helping this industry create transparency and visibility in a historically siloed environment with complex transactions where it is difficult to understand and foresee potential disruptions.
New Insight: Applications for Blockchain are Expanding
Blockchain was first thought to only benefit the banking sector, but with heightened awareness and realization of financial potential – companies have begun to recognize the various applications for blockchain. As a result, we have seen many new startups emerge over the last few years to support a range of blockchain use cases. Here are a few examples:
Supply Chain management: Skuchain provides currency agnostic blockchain which links procurement and contract management, financing arrangements, direct enterprise control of corporate payments and inventory tracking in a buildable manner. The result is a Liquid Supply Chain, where data flows downstream in real time and early payments flow upstream in a risk-mitigated manner from new pools of capital.
Cross-border payments: Ripple has partnered with over 300 customers to improve the efficiency of cross-border payments. Its xCurrent product provides banks with a two-way communication protocol that permits real-time messaging and settlement.
Smart contracts: Ubiquity offers a simple user experience for securely recording and tracking property with their Blockchain-as-a-Service (BaaS) blockchain platform. They help title companies, municipalities, and custom clients benefit from a clean record of ownership, thereby reducing future title search time, and increasing confidence /transparency.
New Action: Consider or Reconsider Blockchain's Potential
Deloitte believes executives need to be asking a broader set of questions when considering blockchain within the business:
How are blockchain-enabled processes changing the way my sector does business?
How can blockchain reshape my industry? What are my long-term objectives and strategies?
Does blockchain create the potential for new market ecosystems, and what role should I play?
How do I leverage the inherently open nature of blockchain?
What opportunities does blockchain generate for co-creating new markets?
Where are my biggest blockchain blind spots?
Although it's still considered early days for blockchain, 86% of leaders believe it will reach mainstream adoption. With the ability to use blockchain in many use cases across industries, it’s clear the technology has transformative potential. Join our N³ Innovation Demo Day to learn more and we can support your initiatives using blockchain, click HERE for more information.
Want to get the Cube sent directly to your inbox? Sign up HERE
N³ Innovation does not endorse the organizations or products mentioned in this newsletter. If you are interested to learn more, contact us today for a full landscape and targeted solutions.