Deloitte Explores Use Cases Of Blockchain Technology

Deloitte, one of the world’s leading consultancy firms, has recently released a report that explores the potential uses of blockchain technology, CoinDesk reported. It aims to help businesses and relevant entities understand the challenges brought by the use of blockchain technology, and suitable insights to overcome them.

The paper entitled “Blockchain: Enigma. Paradox. Opportunity”, is part of series of reports under the title of “Disrupt: Deliver”.

Vimi Grewal-Carr, Managing Partner for Innovation, Deloitte, and Stephen Marshall, Partner of Deloitte, said, “aims to help business and public sector leaders understand the cultural and organizational challenges that are inevitably brought by the use of blockchain technologies, and provides them with the insights they need to overcome them.”

The paper studies the application of blockchain technology across various sectors that includes – banking, insurance, public sector, media:

In the banking sector, it said that the technology could help by facilitating automating processes, thereby reducing compliance errors. It would also simplify KYC checks and the ledger would enable encrypted updates to client details to be accessible by all banks in real time.

In the insurance sector, the report said that smart contracts powered by blockchain would ensure transparent, responsive and irrefutable claims. Contracts and claims recorded on the blockchain would ensure that only valid claims are paid. It explains:

The blockchain would reject multiple claims for one accident because the network would know that a claim had already been made.

In the public sector, blockchain could help in simplifying property transactions. The firm said that a blockchain-based approach to registering property titles could improve the efficiency of transaction processing and even reduce property fraud.

Lastly, in the music industry, the technology could be used to store a “hash” of the original digital music file and linking it with its creator. Moreover, smart contracts could be used to store the instructions regarding how the artists are to be compensated for the song.

The report said:

“The blockchain is not just about cryptocurrencies and faster peer-to-peer payments. It is also part of an ecosystem of advanced but fledgling technologies, including artificial intelligence, robotics and crowdsourcing, that look set to play a fundamental role in the future of commerce and society. Blockchain will affect the way that individuals and organizations interact, the way that businesses collaborate with one another, the transparency of processes and data, and, ultimately, the productivity and sustainability of our economy.”