We’ve all heard the latest buzz words- Agile IoT, AI, Machine Learning…
We’ve been listening intently to clients talk about these technologies, but more recently one in particular has been mentioned more so than the others- Blockchain.
At True North Digital we are all about the value add, the application of pragmatism and common sense logic in how technologies are enabled within an organisation to ultimately create business benefits. We’ve all heard it before from the buzz-word brigade- “let’s adopt a machine learning strategy”, “let’s create AI or bots to manage out workflow”- all bullshit if you don’t have a wider business strategy in place to align with what you are looking to achieve in the technology space.
So to the Blockchain bit. What is it’s purpose?
We’ve done some quite extensive research and certainly there’s lots of data out there to sway your opinions one way or the other, but to sum it up this is a statement that aligns with True North Values.
“Blockchain is built for a sustainable future, to help people work better together, trust one another, and build global solutions to global problems”
Sounds great doesn’t it! A de-centralised community of thought leaders, technologists, scientists, all united to one common goal- to help businesses have the opportunity to grow independent of monopolistic and bureaucratic power structures.
Back to earth! What does this actually equate to in layman’s terms, what problems does this help fix at an Enterprise level?
From our research we’ve put some Use Cases together, which we think help bring this to life and for non-buzz word savvy individuals (such as our Founder!), articulate this in a way that is understandable.
Anti-counterfeiting initiatives often involve lengthy and costly processes with little discernible effect on the ongoing trade of counterfeit goods. Most fakes are sold online, which means that these rogue traders operate in relative impunity. Blockchain technology can provide a solution to this problem: A tamper-proof system to establish product provenance and auditability to ensure every product sold is certified original.
Identity verification is a key step before accepting new customers into financial institutions. As we have personally witnessed when opening our new account for True North Digital, opening a new bank account can takes weeks, for example. Other administrative processes -passport applications, for instance-, even longer. The onboarding process is slow and resource-heavy, often involving multiple third-parties with their own fees, etc.
Blockchain can streamline and accelerate onboarding through the utilisation of reusable verified credentials. Financial institutions can leverage from blockchain technology to deliver a one-click user experience- brilliant!
Substandard medications pose a significant risk to public health and inflict severe financial loss to legitimate manufacturers. Cost, peer pressure, and other reasons push many people to acquire medications in online pharmacies, which in many cases lack strict controls and regulations surrounding the manufacture and supply of therapeutic drugs. To put this into perspective, the World Health Organization (WHO) estimates that more than 50% of medications sold online can be categorized as fake or substandard, putting the public at risk.
This problem can be addressed through a blockchain solution, which can authenticate and verify the origin and supply chain of pharmaceutical products, guaranteeing the safety and well-being of patients worldwide- a truly quantifiable and qualitative outcome that in today’s Cov19 world cannot go ignored.
In summary, if applied with with right strategies Blockchain can add value to your business and operations, but this must be based on an outcome driven approach. The trick is not to get caught in the euphoria and to look at how you will apply such technologies into your business to enable the highest return on your investment with minimal risk.