With the advent of laws such as GDPR and the rising number of data breaches in recent years, it has become increasingly challenging to store and manage personally identifiable information in a secure manner. Digital identity fraud runs rampant in our society, negatively impacting millions of individuals and companies by association. To this day, individuals fail to have full control over their online identities. A blockchain-based digital identity management system provides a unified, interoperable, and tamper-proof infrastructure with key benefits to enterprises and users alike.
Government & Public Sector
Traditionally, national and local governments rely heavily on outdated processes, legacy software, and inefficient organization structures which can be years, if not decades, old. Furthermore, the public sector still requires a high-level security owing to the sensitive nature of the information which is being shared between governmental and semi-governmental entities. A blockchains natively encrypted ledger and the use of smart contracts allow governments to build trust, improve accountability and responsiveness, increase efficiency, reduce costs, and create high-performing government functions with more secure, agile, and cost-effective structures. Blockchain is a tool to revolutionize the way in which governments operate as we know it.
Tokenisation of Real Estate
Real estate investments are often inaccessible to many retail investors due to the high financial barriers to entry. Currently, real estate offers corporate investors limited liquidity while requiring the involvement of multiple intermediaries, resulting in higher transaction costs and often long deal times. Smart contracts can enhance real estate operations by eliminating intermediaries and optimizing processes. Furthermore, blockchain technology allows industries to digitize assets and financial instruments. This enables the fractionalization of ownership, increased liquidity, and democratized access to real estate investment opportunities.
Global supply chains are inefficient, poorly tracked, and often exploit smaller parties in the chain. Paper based processes can account for half the cost of container transport, and products are frequently mislabeled leading to them being misplaced and sometimes lost. Enterprise blockchain networks create a shared IT infrastructure that streamlines workflows for stakeholders along the supply chain. Blockchains can facilitate accurate asset tracking, enable enhanced licensing of services, products, and software, and ultimately improve transparency into the provenance of consumer goods, from sourcing all the way to the point of consumption. This transparency and traceability is of benefit to both company and end user and if used well can be a competitive advantage.