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Gaurav Singh

Emerging Technology: How Could Blockchain Benefit Your Business?

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The buzz around bitcoin has embedded cryptocurrency into the minds of company leaders who deal in global finance. However, blockchain, the technology behind bitcoin and other cryptocurrencies, has the potential to disrupt nearly every aspect of business and industry as we know it. Over the coming decade, more tech-savvy company decision-makers will be turning to blockchain to simplify and secure everything from pre-employment screenings to supply chain accountability. So, what are some of the other blockchain applications that exist? And how can they benefit your company?

What is blockchain?

To understand blockchain applications, you must first understand its basics. Blockchain is a massive, shared, decentralized database that logs completed transactions and updates automatically. Because the database updates and maintains the chain of records within each transaction, no central authority confirms these transactions. Instead, all computers connected to the database have identical copies of the blockchain record. Today, users employ blockchain primarily for financial transactions but, as Mike Almeida, president of Empire ATM Group, stated in a Business News Daily interview, “There is no end to the list of applications blockchain can be used for. Blockchain technology can make many aspects of our life easier on a mathematically provable platform.”

Here are a few examples of potentially beneficial applications for blockchain technology:

  • Smart contract — Computer programs automatically carry out the terms of a contract across different organizations in a blockchain network without divulging sensitive information. Business leaders can bypass regulations for common transactions, lowering costs and making contracts unbreakable.
  • Digital identity With ID, account login, birth certificate, and passport applications, blockchain can help fight fraud and identity theft problems. According to an UpWork article, Ameer Rosic, founder of Blocgeeks, said, “Blockchain-based authentication systems are based on irrefutable identity verification using digital signatures based on public key cryptography.” One huge bonus: No more forgotten passwords!
  • Supply chain — Blockchain can help determine the location of a product, offer transparency into its condition, identify who owns it, where it’s been, and more. According to an article in The Economist, blockchain can produce permanent digital records that contain timestamps and increase visibility into the product’s state through every step of the supply chain. This can assist those along the supply chain in predicting when each shipment will arrive, better managing inventory, reducing waste and spoilage, providing better quality control, and resolving disputes.
  • Financial services — Blockchain enables inexpensive, near-instant secure funds transfers because there are no intermediaries. The technology also allows users to streamline securities and commodities trading on the stock market, according to the Business News Daily article, allowing those who record and confirm transactions to finalize them within minutes rather than days.

Another blockchain application lies within the often lengthy and expensive employee recruitment process. The experts at Parkar Consulting & Labs demonstrated such a solution when they created a blockchain application concept for the professionals at xScion, a consulting firm that helps health care and financial services leaders improve their business processes. The professionals at xScion wanted a method their executives could use to perform faster and less costly background checks on job candidates without involving a third-party provider.

Parkar experts experimented with Hyperledger Fabric, an open-source blockchain framework, to demonstrate a modular plug-and-play concept to enable real-time applicant information and background verification. In similar applications, blockchain can ensure verified data security, cannot be tampered with, and is not controlled by a single entity. With the blockchain solution, xScion professionals would be able to quickly perform background checks and reliably verify candidate information, saving significant time and costs in the hiring process.

Additional blockchain services

The consultants at Parkar offer much more than concept solutions for employee information verification. In fact, they offer a variety of blockchain services. For example, Parkar experts can help with smart contract applications to facilitate, verify, and automatically execute contract terms. They can also provide digital ID authentication records that integrate all stages of employee work history from hiring and contractual agreements to payroll and other types of transactions. With experience providing solutions for the health care industry, Parkar experts can help ensure clinical trial authenticity and the privacy of clinical trial participants. From insurance fraud risk prevention to asset tokenization and more, blockchain applications offer cost-effective, secure, cloud-based solutions with permission-based access. Is it time you reap the benefits?

What are your blockchain needs? At Parkar Consulting & Labs, we can help you identify potential use cases for your business. We provide blockchain advisory services that include feasibility studies, business propositions, as well as cost-effectiveness, security, and scalability studies. We will conduct proof-of-concept and pilot programs to prove business value and technology impacts for your business as well as provide an implementation strategy showing your path forward. If you don’t want to wait to take advantage of the many benefits blockchain technology offers, contact us today.

Driver of transformational tech advances, CEO & Co-Founder. I have a strong record converting ideas into high value profitable ventures with 15 years of success in Digital Transformation, Blockchain & Business Intelligence. I bring business leadership, problem solving and go to market skills to organizations that understand the future impact of technology and have ambitious growth expectations operating in global environments.

What’s next for Business Intelligence?

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Business Intelligence reporting and dashboards are becoming the centre of the management decision making process. More and more organizations are using some or the other BI reporting tools to build information dashboards for fasten decision making process.

After working with large organizations for many years in the business analytics space, we come up with a few predictions about the future roadmap of BI tools for 2016.

Data Visualization:

It’s no more rare case that data visualization tools have seen a rise in popularity in recent years. Most of BI companies are offering data visualization as core offerings as visualization first offerings. Data visualization presents opportunity to create a transformation of randomly collected data into a meaningful story/insights. We will see the rise in the applications for multi-dimensional data visualization. Companies from healthcare, pharma, drug research sector investing heavily in data visualization advancement.

Companies are moving to cloud like at the lighting rate:

Like Internet and the web boom in the era of early 2000 the cloud computing is evolving at this point. Most of the large and mid-size organisations will start the move to cloud applications with Hybrid technology at first. Soon, large enterprise operational applications will be moving to cloud, BI Analytics will follow the trend. BI and data analytics vendor are building their product on cloud applications to support the “MOVING CLOUD” trend.

Increase in the number of features of standard model:

BI companies are creating standard delivery with many additional features and applications that used to be added on features in previous years. Due to tremendous competition in the field of reporting and analytics companies has to go extra mile give exciting add on features. These include IoT integration, Machine intelligence, Mobile reporting, High definition pixel reporting, and data discovery. Analytics will come with strong governance.

Analytics going desktop free:

Web base applications and frameworks are creating most integrated environment unlike desktop base application who always been stuck with upgradation patches. Web Base BI tools and analytics are providing all time upgraded platforms to manage everyday operational activities. Soon, desktop based tools will be archived. Only Data silos will be delivered by desktop primarily.

Data Lake Management:

What is most trending and seeking attention about big data and analytics? A Data Governance. Lots of BI companies are rolling out tools for managing data in non- relational data environments. Recreation of data warehouse in Hadoop and Sparks are encouraging and it is not just about auditing and security it’s about creating metadata management tools and processes from source system in and out of Hadoop, including Drill data, Hive Views, OLAP cubes running on relational and SQL database.

New development for data Catalogues:

Data Analyst will be coming up with data catalogues for search, tag and profile the data in any table and system. This will drastically change the way data collaborations, collective knowledge capturing for meaning and usefulness of the data elements.

BI companies will be putting huge investment to make analytics more deep and user friendly. Companies’ priority will be not only creating number of applications, but also develop entire IT-Eco system approach to integrate with other tools.

 

Driver of transformational tech advances, CEO & Co-Founder. I have a strong record converting ideas into high value profitable ventures with 15 years of success in Digital Transformation, Blockchain & Business Intelligence. I bring business leadership, problem solving and go to market skills to organizations that understand the future impact of technology and have ambitious growth expectations operating in global environments.

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