Blockchain: Key to Radically Transform Business
Ravi Jagannathan, Founder and Chairman, KrypC, shares his views on how blockchain can disrupt many industries and holds the key to transform how businesses operate.
The buzzword in the technology realm today is – blockchain. Yet it may seem like a very cryptic topic to most business folks. Its transformational potential is immense, and it is popular in industries such as banks, financial services, supply chain, healthcare and more. However the complexity of the technology leads to ignorance about what blockchain holds to transform our future. To realize the potential of blockchain, one must value the importance of sharing information among parties with trust deficit. Let’s say, two unknown parties want to engage in a business transaction which is quite possible in the digital world. There is an unestablished trust between the parties which raises doubt of uncertainty in proceeding with the engagement. And hence there is a need for a third party trusted by both – typically, an established financial institution. Yet in recent times, trust is crumbling even with large financial institutions as they are sole controlling parties in the ecosystem with limited transparency. This calls for a system, which enables trust, transparency, secured transactions and permanent storage. Blockchain is synonymous to such a system.
Technologies have gradually disrupted and provided innovative solutions. For instance, over time coins got replaced by paper currency, plastic cards, online banking, mobile wallets etc. While these technologies aid the conventional business processes to become better and better, the emergence of crypto currency powered by blockchain technology opened up unlimited possibilities to redefine the conventional business processes/models. Blockchain adopts private and public key cryptography technology smartly to assure transactional security and immutability which provides for embedded trust at transaction origination level. Thus industries across the world are keen to embrace Blockchain in a wide variety of cases wherever trust is crucial. We are already seeing that blockchain is making a mark in the financial services industry by progressively being employed in trade finance, retail lending, inventory funding, and mortgage lending among others.
Another viable industry that is conducive for this technology is supply chain. When products like diamonds, leather or drugs are made and sold, their origin and product lifecycle remain unknown to the customer. The lack of traceability and absence of transparency in the process gives scope to inadmissible activities such as diamond smuggling, counterfeit drugs and hunting of endangered species. Blockchain helps track the product from its source till it reaches the customer by storing its information in a transparent and tamper proof manner thereby eliminating the scope for occurrence of any inadmissible activities.
Blockchain can revolutionize the healthcare industry as well. Hospitals keep their patient data private and confidential resulting in absence of an integrated up-to-date database of all patients across geographies, which can enable doctors to provide medical advice after consideration of patient’s comprehensive medical history. Blockchain can play a pivotal role in facilitating hospitals to build an ecosystem among themselves to share patient information in a secure and transparent way.
The momentum blockchain has garnered is considered akin to that of Internet. The transformational capabilities it holds is unimaginable. Blockchain can disrupt many industries and holds the key to transform how businesses operate by strengthening trust, bringing transparency to transactions and records, securing transactions cryptographically and improving efficiencies by reducing cost, time and effort.
Now that blockchain is deciphered to an extent, exploration is the next step. The challenging part is to find competent techies to develop blockchain applications; as it requires a lot of effort, time, coding skills, infrastructure setup and interactivity with legacy systems.
KrypC addresses these specific challenges through an enterprise friendly tool, KrypCore. KrypCore consists of four main components:
¿ Crypto: There is an identity integration needed to make transactions secure and legally valid from a blockchain perspective. So Crypto ensures that transactions or actions performed in the block such as certificate management, e-signer components, and certificate validation are legally valid.
¿ API: This layer allows for interactivity with enterprise data and applications. It translates all the messages and actions by various actors for recording of transactions into blockchain and extracts data from blockchain for reporting and third-party API.
¿ Protocol Wizard: A protocol layer supports connectivity to the protocols by capturing parameters relating to protocol, nodes, actors, block, assets, and data elements.
¿ Process Framework: It enables inclusion of actions, messages, and documents relating to transactions in blockchain by validating access rules, binding rules, and business rules defined therein
KrypC is a decentralized application development services company established to help enterprises to embrace blockchain technology. Anyone who reasonably understands their current business process and appropriateness of applying blockchain, can easily design and deploy their own blockchain application using KrypCore. KrypCore facilitates seamless decentralized application development without much coding effort and provides easy interactivity with legacy systems. KrypC provides a 30-day trial of KrypCore at www.krypc.com to enterprise users, who are keen to explore and adopt blockchain technology. KrypC provides "full-stack" consulting and development services in addition to educating business leaders about how blockchain will transform their businesses.
Opinions expressed in this article are the author’s own.