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To achieve success with blockchain, PwC advises proponents to focus on collaboration beyond the walls of their businesses.
Adoption of the blockchain is on the rise. “Serious activity around blockchain is sweeping all sectors around the world right now,” says Steve Davies, blockchain partner and leader for PwC UK. “It is driven by a strong need to gain trust in the digital world. Companies are rethinking their operations and are discovering that not only is blockchain technology the key to delivering trust, it is also an opportunity open to all.”
See also: How companies use Blockchain to transform business
Davies summarized the findings of PwC’s latest report on blockchain in business, which estimates that the technology will eventually increase global gross domestic product by $ 1.76 trillion over the next decade. Its applications extend far beyond cryptocurrencies, streamlining processes by “consolidating records, automatically, online. This puts an end to inefficient paper trails, reducing the related risk of manual error and supervision and the reputational damage that can result.
The PwC report identified the five key use cases for blockchain:
Provenance: “Blockchain has tremendous potential to help organizations verify the sources of their assets and track their movements at every stage, enhancing transparency in any supply chain,” the report said. “Fraud, contamination or counterfeiting can be detected immediately, ensuring the safety of customers and enhancing efforts to be socially and ethically responsible.”
Payments and financial instruments: “Central banks around the world have explored how blockchain can improve their nation’s payment infrastructure through central bank-issued digital currencies.” Wholesale digital currencies “can facilitate more efficient clearing operations between central banks and member banks, while retail digital currencies would effectively be the equivalent of a banknote, in digital form, for public use.”
Identity: “Blockchain can safeguard valuable personal credentials online, from personal identification, such as driver’s licenses, to professional credentials and certificates, bringing huge cost benefits and helping to curb fraud and identity theft.”
Contracts and dispute resolution: “Blockchain holds great promise in the field of contracts and dispute resolution. Technology can bring registers, contracts and payments together, improving the flow of trade deals and reporting any disputes. “
Customer engagement: “Blockchain can breathe new life into traditional card-based loyalty and reward programs. Technology can increase engagement through integration with customer relationship management (CRM) platforms such as Salesforce, HubSpot CRM, and Microsoft Dynamics 365 Sales. and generate more value by making them more user-friendly for smartphone users. “
To achieve success with blockchain, PwC advises proponents to focus on collaborating beyond the walls of their businesses. “There is little value in an organization building a blockchain solution for internal use. For blockchain to reach its full potential, organizations need to collaborate. The beauty of blockchain is that it facilitates trust between organizations by allowing peer-to-peer exchanges that exclude the middleman. “
The PwC report urges organizations to “come together to create an industrial approach. The key is to clarify what you stand for as an organization or industry and look for areas where you might have a hard time proving it with data verification. Seeks to transform conversations into partnership investments that incentivize and engage end-to-end organizations. “
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