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 digitises & automates the information of customer onboarding that deliver a cohesive end-to-end customer experience. Digital identity has a very big role shortly and blockchain would help to measure trust.
Blockchain as a POA – Breaking 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 behaviors. To understand the word “blockchain,” we need to break it down and look at all the 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 the one hand, this can reduce fraud; on the other hand, it reduces transaction processing times and fees in the financial domain. Blockchain in the business domain is used to send, track, and transmit assets and information, so in short, there are two 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,” or TAP, or trust measurement, or presenting blockchain as a technology for proof of authenticity of the information provided via blockchain in this post.
It creates a new basis of trust for business and customer transactions that could contribute to a considerable simplification and acceleration of business growth. If the technology strategy of today doesn’t include artificial intelligence and blockchain, we will be missing a lot of opportunities to improve customer experiences.
Smart FinTech’s and Blockchain – What’s on the offer
The global financial sector has undergone considerable advancements over the course of time and is at present undergoing a phase of significant transition that is referred to as a “transformative shift”. Fintech start-ups, primarily emerging from the technology industry rather than finance or banking, are gradually gaining a greater portion of the market.
Fintechs are super smart and advanced as they use technologies of today, i.e., advanced analytics, deep learning, blockchain, virtual reality, etc., to enhance their portfolio and enhance their customer support capabilities.
The primary aim of any fintech today is to enhance the financial gains achieved through the implementation of robust and secure financial services.
Digital banking, financial super applications, and digital currencies are poised to impact the industry’s outlook thanks to the integration of AI and blockchain technologies. The implementation of both AI and blockchain technologies has led to the achievement of remarkably effective omni-channel experiences.
- Lower customer churn rates
- Enriched customer experience
- The ability to meet critical KPIs
Blockchain needs a 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 no distributed systems
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.
Books + Other readings Referred
- Research through the open internet, news portals, white papers, and imparted knowledge via live conferences and lectures.
- Lab and hands-on experience of @AILabPage (self-taught learners group) members
Feedback & Further Question
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Conclusion– The incorporation of blockchain technology offers opportunities for revolutionizing business operations and digitizing transactional processes. Disregarding the importance of blockchain technology is no longer a feasible strategy for almost any business. Its innovative developments require acknowledgement and deliberations. It is assumed that it will endure and thrive and without a doubt here to stay. Although it is still in the early stages, this technology has been praised as an upcoming revolutionary innovation that will reshape the industry.
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