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Blockchain
Nihilent, one of the early adopters of Blockchain, has been actively engaging with customers across the globe to identify the right use cases for business problems that can be solved using the Blockchain platform.
At Nihilent, we use Design Thinking as an iterative human-centered approach to problem-solving and our Blockchain practice utilizes this framework while sensing and defining the right use cases across industries.
How blockchain is being used around the globe?
Around the world, companies and consortiums have been doing pilots that put Blockchain to the test. While still an emerging technology, these early trials demonstrate the viability and, indeed, the huge possibilities of Blockchain.
Payments
R3, backed by 42 of the world’s largest banks, has already started experiments with Microsoft’s Azure-based Blockchain-as-a-Service to develop Ethereum as a bank-to-bank global transaction system.
Smart Contracts
One of the most promising applications of Blockchain is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman.
Identity Management
When identity management is moved to Blockchain technology, users can choose how to identify themselves and who will be informed. They still need to register their identity on the Blockchain somehow, but after that, they can re-use that identification for other services.
Driving Digital Transformation
Nihilent sees Blockchain as an important driver on the road to Digital Transformation. There are many opportunities to use Blockchain to solve common business problems. The nature of the technology lends itself to projects and processes which rely on multiple parties to access or add to transactions. While Blockchain will not solve all business problems, for some Digital Transformation projects, it makes complete sense to use Blockchain; for others, different technologies may be more suitable.
The processes which benefit most from Blockchain are those that rely on a foundation of trust across multiple, disparate parties. Within the Banking sphere, this could include Transactions and Payments, Customer Verification, Smart Contracts, and Trade Finance.
Nihilent’s Blockchain Best Practices
Build internal awareness: The first step in any Blockchain journey is to build knowledge and awareness within your organization about its potential. While there has been a lot of talk about Blockchain, there is still a great lack of understanding about how it works.
Join or start a consortium: Many mistakenly believe that Blockchain pilots can be trailed internally. This misses the point of Blockchain – which is all about establishing and maintaining trust between parties that usually wouldn’t trust each other. The best use cases for Blockchain are those in which disparate parties sign up to a distributed ledger that offers a benefit to all. For example, you could start by involving your suppliers or vendors in a pilot Blockchain.
Use Blockchain as a Service: Yes, it exists. Nihilent is a global Microsoft Gold Partner with deep expertise and an industry leader in implementing Blockchain technology and offers Blockchain as a Service (BCaaS) to help companies participate in pilots without having to reinvent the wheel or invest in technology. Through BCaaS, you can identify use cases that will deliver value to your organization and hop on board – all the hard work has already been done in setting it up.
Our Expertise in Blockchain Platforms and Technologies
Consulting:
- Understand business needs and brainstorm end objectives.
- Provide knowledge and instigate innovation.
- Design Thinking led assessment for use case identification.
- Suggest right Blockchain technology and solution based on business needs.
Solution Design and Development:
- Design solution to improve efficiency and accuracy of existing process.
- Develop Proof of Concept (PoC) for feasibility study.
- Pilot development and evaluation.
- Pilot and Production roll out of Blockchain implementation in business process.
- Provide end-to-end solution management.
Our Industry Expertise and Use Cases
Worldwide, most of the top organizations have already realized the potential of Blockchain and it’s a matter of months, not years, before it becomes embedding into mainstream processes. If creating your own chain seems unrealistic, then the best way forward is to use Blockchain as a Service. Not only does this give you access to an independent and expert technology partner, but it provides a much faster and more cost-effective way to start realizing the benefits of Blockchain. Nihilent’s expertise in Blockchain is spread across following verticals.
