Blockchain as a POA – Proof of authenticity – Blockchain technology has given rise to a new platform for business relationships that combines ease of use, lower cost and higher security. Blockchain digitise & automates the information of customer onboarding that deliver a cohesive end-to-end customer experience. Digital identity has very big role in the near future and blockchain would help to measure the trust.
It creates a new basis of trust for business & customer transactions that could contribute to a considerable simplification and acceleration of business growth. If technology strategy of today’s time doesn’t include artificial intelligence and Blockchain, most probably we will be missing lot of opportunities to improve customer experiences.
Breaking Down the Blockchain Pandora Box
A special kind of technology i.e. “Block” and “Chain” in a context where the digital information (the “Block”) is stored in a distributed database (the “Chain”) as immutable ledger data, inherently resistant to attacks and malicious behaviours. In order to understand the word Blockchain we need to break it down and look at all hidden items underneath. i.e
- The Block
- The Chain
- Smart Contracts
- Cryptography
- Distributed Ledger
The architecture of blockchain presents a more secure way of saving and securing data. On one hand, this can reduce fraud on other hands it reduces transaction processing times and fees in the financial domain. Blockchain in the business domain is used for, To send / track / transmit assets and information so in short 2 main uses as below
- Digital Assets Platform (DAP) – For tracking tangible and intangible assets
- Trust Assessment Platform (TAP ) – For measuring the trust of the information provided
We will limit our discussion to “Trust Assessment Tracking – TAP” or trust measurement or presenting blockchain as a technology for proof of authenticity of the information provided via blockchain in this post.
Blockchain – What’s on the offer
The financial services industry across the globe has boomed over the decades, and is now going through what has been called an “evolutionary change”. Fintech newcomers which are predominantly out of financial sector but are big on tech are gaining market share. The aim to make more money by providing most secure financial services.
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Digital banking, financial super apps, and digital currencies are poised to shape the industry landscape with help of AI and Blockchain as underlying technologies. AI & blockchain powered, omnichannel experiences achieve big successes, including,
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- Lower customer churn rates
- Enriched customer experience
- The ability to meet critical KPIs
Blockchain needs transformative change mindset and capacity across industries to validate what we already know without it. However, this can be difficult when you are a part of a vast organization with siloed or distributed teams and not the distributed systems.
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Books + Other readings Referred
- Research through open internet, news portals, white papers and imparted knowledge via live conferences & lectures.
- Lab and hands-on experience of @AILabPage (Self-taught learners group)members.
Feedback & Further Question
Do you have any questions about AI, Machine Learning, Data Science or Big Data Analytics? Leave a question in a comment or ask via email. Will try best to answer it.
Conclusion– Blockchain allows you to transform your business and digitise transaction workflows. Finally, as a result of this cutting edge technology importance business cant ignore blockchain any more hence it’s here to stay and grow. This technology has been referred to as the next revolution and although it’s only in the early stages for now. Blockchain technologies record promises, trades, transactions or simply items we never want to disappear, allowing everyone in an ecosystem to keep a copy of the common system of record. Blockchain allows businesses to transact more smoothly and efficiently. To discover the power of business blockchains and distributed ledger technologies; you might have to wait for the next blog post.
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