Aia Group: Blockchain Enabled Bancassurance
One of the finance companies using blockchain is AIA Group. In reality, it has implemented blockchain technology and in the process launched the first blockchain-enabled Bancassurance. The solution will make it easy for the company and its bank partners to share policy data as well as documentation on a real-time basis. The solution should also lead to increased transparency as well as reduced processing times
Integration of insurers IT systems and legacy bank systems have always been a big problem. However, with the digitization of the bancassurance channel, banks should be able to pick and use their software of choice.
The implemented blockchain-powered bancassurance should deliver significant revenue for life insurers. It should also help insurers engage more effectively with consumers while improving turnaround times.
Check out the importance of blockchain in insurance industry now!
Accenture: Striving Towards Shorter Lines
Spending hours waiting in lines at airports is one of the major annoyances of traveling the globe not just for travelers but also for airlines and airport staff. Congestion can add to the time spent in lines for security, customs, and passport control. Security needs are also trumpeted as the reason for tighter controls and oversight, all of which contribute to frequent travelers’ headaches.
To overcome these challenges and expedite the security process, Accenture developed the Known Traveler Digital Identity System. The consulting firm partnered with the World Economic Forum to help disrupt the global travel industry.
This blockchain is designed to collect and host identifying information from frequent international travelers, enabling a freer flow of data between travelers and customs agents to ease the clearance process.
This allows travelers to gain control over their digital identities with better security thanks to distributed ledger technology. Airports and airlines benefit from accelerated processing and better security, helping shorten lines all while alleviating one of the biggest traveler pain points.
Music/entertainment Rights & Ip
Entertainment entrepreneurs are turning to blockchain technology to make content sharing fairer for creators using smart contracts, whereby the revenue on purchases of creative work can be automatically disseminated according to pre-determined licensing agreements.
Muzika, a blockchain-based music streaming platform, partnered with Binance, a crypto-exchange network, to try to help independent artists make money from their listeners. Muzika has stated that it plans to give 90% of revenue to the artists.
In 2017, Spotify acquired blockchain startup Mediachain, which had been developing a decentralized media library, to better identify the rights holders of songs on Spotifys platform for royalties payments.
UK-based blockchain startup JAAK also has plans to work with music rights holders and other entertainment industry stakeholders. JAAK, which provides an operating system for content, is developing a platform that allows media owners to convert their repository of media, metadata, and rights into smart content that can self-execute licensing transactions on the Ethereum blockchain.
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Prudential: Blockchain Trade Platform
Singapores insurance giant Prudential has teamed up with Starhub on blockchain implementation. The two are working together on a digital trade platform targeting small and medium-sized enterprises.
Fast-track Trade is the blockchain-powered platform that will seek to make it easier for businesses to find partners, and distributors as well as be able to make payments and track goods. Prudential is also to use the platform to offer insurance products.
Blockchain And Bitcoin Are Not The Same
Many people assume that blockchain and bitcoin are the same. Blockchain is the underlying technology of Bitcoin. They are closely related, but they are not the same thing.
In 2008, Bitcoin was introduced as a type of unregulated digital currency created by the pseudonymous Satoshi Nakamoto. Blockchain was the ledger solution used to securely record facilitating the use of this new currency since there was no bank or government involved to monitor or police the transactions. As such Bitcoin can actually be considered as the first use case leveraging blockchain technology. The confusion between blockchain and bitcoin often arises because these two concepts were introduced at the same time.
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Blockchain Also Has Potential Applications Far Beyond Bitcoin And Cryptocurrency
From a business perspective, its helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the cost of trust. For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.
Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance. These articles will help you understand these changesand what you should do about them.
For an overview of cryptocurrency, start with Money is no object. We explore the early days of bitcoin and provide survey data on consumer familiarity, usage, and more. We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected as the market matures.
For a deeper dive into cryptocurrencies, we recommend that you read the following:
Crypto Center: PwCs open source of knowledge on all things crypto.
Carving up crypto provides an overview of how regulators are thinking about cryptocurrency in financial services, both in the United States and abroad.
Cryptocurrency? Digital asset? Whats the accounting? In this podcast, we discuss what these terms mean and how they impact your financial statements.
How Does Blockchain Work
The blockchain records and maintains all the data exchanges, and this record is known as a ledger and the exchange data recorded in this ledger is known as transactions.
When a transaction is verified, it is added to the ledger as a block, and a peer-to-peer network of nodes is verified using a distributed system. When a new transaction is verified, it is added to the blockchain and can never be altered.
It connects through so many computers that are known as nodes, and each has a copy of the blockchain. The nodes ensure that the transactions are not altered by inspecting the hash, a transaction is written into the block only if it was approved by a greater number of nodes.
Each block refers to the previous one, and together form the blockchain. The blockchain updates itself every ten minutes.
So far we have seen what blockchain is, how it came about and how it functions, etc., we are going to look at the ten most popular blockchain companies.
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Largest Companies Using Blockchain Technology
The blockchain technology market is estimated to grow to $2.3 billion by 2021. Since its inception in 2008, blockchain has evolved to find applications in almost every industry. It has become a vital technology for business as it provides transparent and trustworthy transactions.
More and more companies are exploring and developing their own blockchain technology-based application. Both well-established and startup enterprises are focusing their resources to harness the power of blockchain.
Heres a look at 7 of the largest blockchain technology companies.
In 2015, Microsoft Azure was the first platform to bring blockchain services to the cloud. Microsoft has been developing blockchain applications, although its main aim is to enable developers to build their own apps, such as the Ethereum-based protocol, Confidential Consortium .
Microsoft has also connected its blockchain services to other platforms, such as Office 365 Outlook, Salesforce, SharePoint Online, SAP, Dynamics 365 CRM Online and even Twitter. This will allow Microsoft users to store their data on the cloud and from there, it will be stored onto a blockchain, in a standardised format.
Matt Kerner, CEO of Microsoft Azure, said, What blockchain is doing is creating a multi-party business process that is moving out of email, phone calls, spreadsheets and into a single system with a single view on the data that all of the participants can rely upon and trust.
4. Bank of America
Toyota: Blockchain To Enhance Autonomous Driving Technology
Japanese auto giant Toyota is considering implementing blockchain technology to accelerate autonomous driving technology. The companys research unit has teamed up with MIT Media Lab to foster a digital environment whereby people and businesses will be able to share autonomous vehicle data as well as manage ride-share and car-share transactions
The two are working with other partners to develop applications as well as proof of concepts to enhance mobility in the auto industry According to the company blockchain implementation will help people become more comfortable with autonomous technologies.
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How Does A Block Chain Work
A node is used to access a full copy of the blockchain. Anyone who wants to run a blockchain can download it and sync it to the network. However, it is possible to transact on it without having a full copy.
One way is to use a custom decentralized application. This is what makes blockchain a platform since users and companies can build their own software and extend it as they like given that it is open-source.
Individuals and companies can also access and use blockchain through browser plugins or extensions, wallet extensions, or through custom third party software such as standalone wallets. Companies can also interlink through API integrations.
For instance, a company can develop its own custom blockchain network or decentralized application to achieve certain purposes such as securing company data, establishing a cryptocurrency or digital token or perhaps to integrate its payments with suppliers.
A company can also host their entire buying and selling processes on the blockchain making it possible for clients to pay by cryptocurrencies instead of fiat. All that a company needs is the proper tools to build a blockchain or application from scratch. Others opt to customize the existing open-source public blockchains such as Bitcoin and Ethereum into a custom blockchain.
We will see the reasons for building or adopting this technology later on in this tutorial.
There Is Only One Blockchain
The term blockchain is most often used to describe a ledger technology, not a specific product or solution. A blockchain solution will have the same common denominators such as being distributed and underpinned by cryptography and having some form of consensus mechanism.
However, there are various blockchains that come in public, permissioned or private versions. Today, there are dozens of different protocols, considered as blockchains and can be classified as distributed ledger technologies. For example Ethereum, Corda from R3, Fabric from IBM and Ripple.
Some are similar while others differ greatly from one another. Each blockchain solution will have specific advantages and disadvantages for the specific use, different use cases and applications.
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Smart Contracts Are Legal Documents
The term Smart Contract is misleading. They are neither smart nor a contract typically construed as legal document. Smart Contracts, which was first introduced as a term by cryptography researcher Nick Szabo in 1994 are basically scripts or software codes written by developers and deployed onto a blockchain. They are written as transaction instructions usually triggered by events. As an example, if goods arrive at this customers warehouse by this date, release payment to the supplier. Thus, automatically by companies updating shipments and receipts Smart Contracts can automatically perform tasks. This eliminates the need to manage time consuming and costly manual business processes.
A smart-contract is a digital program that automates the execution of business logic, obligations, and agreements.
A smart-contract can be used to represent almost anything- an electronic warehouse receipt, a bond, an invoice, a unit of electricity, a unit of currency, a futures contract, a share of risk, and much more. These cryptographically unique assets can be created, traded, and settled in real time by users on the network. Each smart-contract can be written to include almost any type of business logic. This business logic can be enforced automatically in accordance with the terms and conditions of the agreement.
As inputs occur, the contract responds by executing any type of obligations or conditions mandated by the logic of the contract.
Blockchain Technology: A New Way To See The World
Our world is centralized. If you look around yourself, you will find tons of services that use centralization to power their whole process. The bank that you visit to deposit or exchange money is centralized and they hold the ownership of your assets in more ways than you can think of.
Blockchain technology is here to break the shackles of centralization and provide better options to the end-users. At the core, blockchain is a decentralized, peer-to-peer ledger-based network where there is no central authority.
The core idea of decentralization is what makes blockchain technology so popular. It is now being used in different sectors to improve their state.
To ensure decentralization, the network deploys some key things to make the decentralization work.
- Each peer takes part in maintaining the network. Each peer also has a full ledger copy.
- The network also utilizes a consensus method that validates transactions.
- Mining mechanism is also provided to peers where they need to participate in the consensus method by following the rules of mining.
If you are new to blockchain, then we recommend checking out our detailed guide on the blockchain that we have crafted for beginners: Blockchain For Beginners: Getting Started Guide.
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Webjet: Adding Assurances And Avoiding Inaccuracies
Inaccurate or lost hotel bookings add considerable stress and anxiety to a travel experience. When this happens, customers usually have to take on fees across several layers of the supply chain while providers consistently extract value.
Thanks to blockchains immutable distributed ledger technology, Webjet has built a new model designed to avoid these irritating booking experiences. The company is a prominent online travel agency based in Australia and was founded in 1998. Webjet claims that it is Australia and New Zealand’s leading online agency and is a leader in online tools and technology.
Webjet officially launched its blockchain platform in 2019. The system enhances the customer experience by recording all entries on the blockchains immutable ledger, which reduces the likelihood of mistaken or lost bookings and reduces the layers between sellers and consumers. It does this by locating real-time data problems that may occur between customers, agents, and hotels and sending messages to every party.
The technologys improved security features provide better protection for the ecosystem. Apart from building greater supply chain efficiencies and reducing costs for hotels, travelers ultimately benefit from lower-cost bookings along with more transparency and greater accountability.
+ Real Examples Of Blockchain Technology In Practice
2 July 2021
While Bitcoin and cryptocurrency may have been the first widely known uses of blockchain technology, today, its far from the only one. In fact, blockchain is revolutionizing most every industry. Here are just a few of the practical examples of blockchain technology.
KickCityPlatform for event organizers that enables them to pay only for what they get, and rewards community members by sharing those events. Their products generate around $50k monthly with more than 70k users and 300 event hosts.
B2ExpandBased on the Ethereum blockchain they create cross-gaming video games. Their first video game Beyond the Void got into Ubisofts startup program and theyre the first gaming company on Steam with a crypto economy.
SpotifyWhen Spotify acquired blockchain startup Mediachain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotifys service.
GutsA transparent ticketing ecosystem that uses blockchain technology to eliminate ticket fraud and the secondary ticket market.
MatchpoolMatchmakers are rewarded for making successful matches whether its dating to freelancing to Uber and Airbnb.
WarranteerA blockchain application that allows consumers to easily access info regarding the products they purchased and get service in the case of product malfunction.
Supply chains and logistics
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Are There Any Blockchain Start
Yes, absolutely. There are 1,992 blockchain start-ups in the United States. Some of the start-ups include :
Bakkt is a developing bitcoin futures trading platform that started in 2018 and is located in Atlanta, the U.S. its platform allows users to buy, sell, store and spend cryptocurrencies.
It aims to provide an integrated global platform for trading, warehousing, and commerce.
tZero is a trading platform for digital assets backed by blockchain technology. It allows users to trade, transfer, and digital store currencies. Individuals can track the number of shares held by a user on the platform. The application can be accessed on iOS and Android devices.
Figure provides an online lending platform for consumer loans. It offers loans such as student loan refinancing, mortgage refinancing, and home equity loans. Its APR starts at 2.12%.
Dfinity is a Non-profit organization based in Switzerland. It works on a decentralized cloud computing network, which is seen to support internet services such as sharing economic networks, securing messages, and various other distributed applications programs .
Dfinity is working very hard to implement a distributed intelligence governing entity, known as the blockchain nervous system , which will make many changes to different network protocols.
Pakos is a known blockchain solution provider to various financial institutions.
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Blockchain 50 By Forbes
Earlier this month, Forbes introduced their new Blockchain 50 list. The selection includes US companies with a minimum revenue of $1 billion that have been exploring what blockchain technology has to offer. From Amazon and Google to Nestle and Samsung, companies are setting up their very own blockchain departments, hoping to make the best out of it.
Weve decided to look them up and picked the most dominant names and interesting use cases for you to reflect on.
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Top Financial Companies That Use Blockchain Technology
The blockchain is getting more uses beyond cryptocurrency. Now, financial companies such as insurance, banks, and payment companies are finding a use for blockchain technology in their operations. For these companies that use blockchain technology, security offered by the system is the most crucial aspect.
Financial institutions lose a lot of money right now because most systems, especially credit cards, are not secure. So, they are now looking to the blockchain, which has so far not been penetrated by any hackers. There are several other aspects that are favorable to companies that use blockchain, and they have all factored into their decision to get into it. Already, there are numerous FinTech Awards being held around the world to celebrate innovation through bitcoin that may be useful for the financial sector.
You should also realize that financial companies have already invested $135.3 million into blockchain startups, signaling an interest in the technology. Among the people, talk of blockchain on social media is widespread, with most posts referring to FinTech. Its obvious the masses are curious about the potential uses of blockchain technology, but there are evidently a lot of people who are still adamant.
To understand how blockchain can be beneficial to financial companies, you have to look at the particular needs of each industry separately and how blockchain technology is filling the gap: