Blockchain is a digital public ledger, which maintains transactional records called blocks. Each block contains a timestamp and link to a previous block forming a chain. Hence the term Blockchain.
Blockchain has a potential to transform the way transactions are recorded using distributed ledger technology and smart contracts. It facilitates collaboration and tracking of all kinds of transactions and interactions without the need for certification from a central authority.
Transactions, seen as transfer of value, open the potential of this disruptive technology to all industry verticals. This needs redefinition of business models wherein multiple business entities will come together to take advantage of the benefits that Blockchain offers. Existing revenue streams could give way to new revenue streams.
Blockchain in BFSI
Blockchain has fast emerged as a disruptive innovation in Financial Services industry and most of the global financial institutions are experimenting with it. The continuous evolution of Blockchain technology has led to identification of several business areas within the BFSI world which could potentially benefit significantly. Some of these are:
- Know Your Customer
- Cross-border payments
- Trade Finance
- Policy issuance, Claims and Payouts
What is the industry looking for?
The global interest in Blockchain has been steadily increasing and has caught mainstream attention because of its potential to transform today’s businesses. The industry is in early stages of exploration to understand how to leverage the Blockchain concept and the real benefits that can be derived. This exploration is being done mainly to seek answers to questions such as
- How to approach Blockchain
- How to identify right use cases and
- What are the investments needed
Blockchain consortiums and Fintech companies are collaborating extensively to create industry solutions and facilitate faster adoption.
Zensar Blockchain Enablement Service
Zensar Blockchain enablement service assists organizations in Blockchain enabling their business processes by providing answers to questions the industry is grappling with. This service is delivered through our proprietary framework.
This framework is a business driven framework that helps organizations understand Blockchain and take critical decisions related to Blockchain investments.
The framework offers a consulting led approach and has the following features:
- Identify business processes that will derive maximum benefits
- Establish feasibility of Blockchain enablement of the chosen processes – using Feasibility Evaluation Algorithm. (Patent filed)
- Identify and quantify Return-on-Digital™
- Private Blockchain network, solution IPs, and technical accelerators that will enable quick development of pilot in 30 days.
The framework delivers these features through a four stage process - Discover, Define, Design and Deliver.
Return on Digital with Zensar Blockchain Framework
- Simplified business model and processes due to elimination of intermediaries
- Improved Customer Experience by real time processing and lower costsLower Operating Cost due to reduction in complexities and processes
- Rapid deployment of solutions on Blockchain, using our reusable components
It’s time to take exploration of Blockchain technology to the next step and stay ahead of the game, Blockchian promises to be the game changer for early adopters.
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