Blockchain Industry Business Use Cases
Blockchain is poised to disrupt a multitude of industries over the next decade. This article will provide an overview of examples of specific blockchain business use cases across various industries. These insights have been contributed by blockchain business students, academics and industry professionals.
SME Industry in Collaboration with Artificial Intelligence by Trevor Clohessy
I recently read an article in the European Business Review which addressed how blockchain and artificial intelligence (AI) could enhance the small, and medium enterprise (SMEs) industry. Currently, SMEs have been unable to tap the benefits of both blockchain and AI due to a shortage in skills and data. The article discusses how blockchain and AI can mutually build a collaborative open market for SMEs and proposes a framework which demonstrates how SMEs can leverage both technologies. Another fantastic article that I have read is by Dr Milly Perry which looks at the blockchain ecosystem which has significant relevance for all SMEs.
Example Use Case: Numer.ai
Disaster Management Industry by Horst Treiblmaier
In recent years we have witnessed an increase in the occurrence of natural and man-made disasters that cause substantial damage to humans, wildlife and the environment. In this context, blockchain poses an opportunity to apply technology to prevent disasters (e.g., through the monitoring of dangerous goods) or to mitigate their detrimental impacts. Useful properties of blockchain such as shared data access and the immutability of data support a seamless coordination of rescue efforts during a disaster and after it has happened.
In this respect, I came across a highly interesting use case from SIKKA, a platform that enables the transfer of digital assets in the aftermath of a disaster, which is a situation in which the victims are in need of fast and straightforward help. In case remote regions are affected by a catastrophe such as an earthquake the manual distribution of vouchers would be a laborious process that is hard to manage. Instead, SIKKA provides a solution that enables the blockchain-based transfer of digital assets which disaster victims can control with their feature phones and that entitle them to receive goods in exchange. In this way, the SIKKA token system, which fully complies with government regulations, helps to increase the efficiency and effectiveness of World Vision’s operations in Nepal.
Example Use Case: Sikka
Neuroscience Industry by Mafalda Santos
There is a duality to blockchain-brain functions that can work in symbiosis supporting each field to evolve. The potential of blockchain as a vehicle for logging mindfiles is due to its characteristics of being analogous to how the brain stores episodic memories. Episodes stored in our brains are supported by the distributed activity of billions of neurons. Because blockchain is tamperproof, it could be used to work with digital mindfiles uploads functioning as a backup mechanism of human memories. Blockchain systems can also benefit from understanding how brain functions to overcome issues such as consensus and scalability for example.
Developing a trustworthy and chronological blockchain system to log mindfiles, emulate the brain and perform mind uploads, although the actual files and emulations would be securely stored off chain, could help people suffering from Alzheimer’s diseases to instantly upload their mindfiles when they forget something. Blockchain could be the solution to provide the accountability needed to log mindfiles to support healing brain dysfunctions, treat brain disorders by replacing the brain with neural prosthetic devices, have brain backups, brain emulations, mind uploading and run brain emulations.
Blockchain can be the backbone not only to restore memories in people suffering from a myriad of neurodegenerative diseases, but also to enhance human memory and eventually lead to digital human life where people could share feelings and feel exactly what the other person is feeling in that moment, what is like being the in the other person’s shoes on that specific moment or perhaps to develop a thinking blockchain as the basis for thinking machines and eventually leading to minds living in digital society.
Use Case Example: Hu.man
Telecommunications industry by Paula Corcoran
Working in the Telecommunications industry it is clear that Blockchain applies to our business. There are opportunities to implement Blockchain into processes for cost savings or to create revenue drivers using it’s innovate technology. Use cases include roaming traffic management, network hosting, IoT device to device transmissions and other security solutions. To elaborate on some of these, in terms of cost savings Blockchain can optimise the sharing of data traffic between roaming operators which would improve the allocation of off-net traffic costs between companies. A recent example of revenue generating via network hosting is in January 2021 Deutsche Telekom announced that it will run an execution node for the Flow Blockchain on its network. The partnership is aligned as the processing of Execution Nodes requires a robust infrastructure like that of a telecoms.
Use Case Example: Deutsche Telekom
Legal Industry by Declan Pervov
The blockchain could be a very good addition to the legal industry which could provide high security, easy method of communication and secure way of payment. Smart contracts can be used for agreements that are linear in nature and can only be executed once all the criteria is met, such as property agreements or wills, with the lawyer being present to write the terms.
The legal profession is notorious for its paperwork and drafting documents which is charged to clients making fees extremely high, although it is doubtful that a smart contract will be able to review legal documents, it can make the process of tracking the amount of work done by solicitors easier with a time frame of when the work was done and how much was written. Security of legal documents and client information is treated with utmost importance as this information if it falls into the wrong hands could be incredibly damaging not only to the client but the lawyer’s reputation. The blockchain, as of yet, is the most secure form of digital storage out there as there has been no successful hack into the system making the platform a very attractive which has an advantage of being accessible from anywhere and even if the information has been tampered with the platform will be able to compare and identify what information was affected and when.
Use Case Example: Rocket Wallet
Healthcare Industry by Aising O’Regan
Healthcare is a costly business. There are huge requirements from data storage and access to efficient service delivery. Currently the sharing and distribution of patient’s complete records are time consuming and costly. A lot of the time there are multiplicity of the same patients records entered by many single entities. A lot of the time the information is not up to date and the patient has little or no input into their Health data.
Blockchain can effectively solve this problem with its scope to store and share large amounts of data with the relevant stakeholders along the blockchain. It also ensures that all relevant information is stored on the blockchain maintaining anonymity. It allows patients and relevant practitioners access data without compromising privacy. It also allows the patient to take more participation in their healthcare uploading relevant data that will allow more specific and timely health treatments.
One such company becoming a leader in this field is Medicalchain which is aiming to improve international sharing of health data using blockchain. There are certain concerns that relate to the legal requirements for Health data depending on the jurisdiction. This is being overcome by storing “Off Chain” with a Cryptographic signature that confirms the document is genuine.
Research is yet another expensive aspect of Healthcare that can be improved with Blockchain. As all stakeholders can contribute to the information on the blockchain, patients can decide what health data they wish to release. This will allow studies of large volumes of people with various conditions to be analyzed based on the data on the Blockchain. This will improve the speed and outcomes of research which will have a greater benefit for the health of society. Again, as the data is encrypted the participants are anonymous and their security protected. Studies that previously could take years to complete could available a lot sooner.
Use Case Example: Dentacoin
Payments Industry by Pablo Celis
It would be impossible to say Blockchain is not applicable for the payments industry, but the day to day activities are not paid by Bitcoin or Ethereum as we might imagine, although the reality is that blockchain is already in the background of many, if it is not all, transactions that any company or individual does in the day to day activities.
Payments and e-transactions.
As I mentioned before, we do not pay with Ethereum a transaction in the supermarket, either a company makes contracts on Dogecoin. But the fact is that when we pay, in the background there might be connected at some point, one or many times the infrastructure is connected to a system that uses blockchain.
In my case, I had the opportunity to work in the implementation of the tokenization product of Mastercard MDES, which follows the design and normative of EMVco, which is the group of the six largest credit card systems. This product authenticates the credit card and produce a payment token to be used to process the transaction. So, this infrastructure is based on Blockchain and even when there is no transaction of any cryptocurrency, but the fact is that the verification is done by smart contracts that produce the different token to be used in the network.
I think that the interesting point is that big player as the six largest credit cards, already know the benefits, and that even when they won’t push to use directly the cryptocurrencies, they already use or plan to use even more in their infrastructure the technology.
Another case that I had the opportunity to study was the Marco Polo network, which is a platform for trade and working capital finance to banks and corporates that allows seamless and secure exchange of data and assets between participants.
The last example and something really challenger is the new digital currency of China, that even that is not a cryptocurrency, for what I understand it that it will be pluggable to any blockchain infrastructure in the future for its own development.
Use Case Example: Ripple
Culinary Industry by Mícheál Ó Súilleabháin
Blockchain technology does have applications in the food industry, mainly supply chain management and also in the recording of data for food safety regulations. Current supply chains use inefficient methods of invoicing, are not adaptable and the process of switching between suppliers is difficult and time consuming.
The supply chains used are inefficient and prone to human error. There are different systems in place by each company along the many stages of production from farm to fork. These systems are not interoperable and require delivery dockets to be be checked against purchase orders to ensure that the correct products are received. If there is a problem it can take days or weeks to resolve, often resulting in food wastage.
Blockchain technology guarantees the oversight of supply chains and HACCP systems in a transparent and immutable way which can reduce food wastage and ensure food safety. Costly and time consuming invoicing methods could be replaced by a smart contract which automatically pays a supplier when certain conditions are met, such as shipping or the delivery of goods ordered. The blockchain offers adaptability allowing businesses to switch seamlessly to another suppliers blockchain without the need for emails and phone calls. The supply chain could be linked to HACCP records, allowing for batch codes and traceability of products to be recorded when items are delivered, streamlining the process and reducing the risk of human error.
The decentralized nature of public permission less blockchains means there is no single point of failure and there is no single entity with backdoor access to the network.
We are seeing some adoption worldwide as IBM made it easy for BrightFarms, who work with Walmart, to transfer their data onto the blockchain. Vechain offers supply chain support to over 130 companies in China. Hedara Hashgraph partnered with Entrust to track wine production in southern Australia.
Use Case Example: Farmer Connect
Travel and Tourism Industry by Owen Deering
The combination of tourism and blockchain have the potential to be powerful with the safety and transparency that it can bring to several critical touchpoints.
If we look at a travel agency booking a holiday package for a customer, the information has to be sent to the different firms. The use of blockchain technology could make these transactions more transparent and secure as the responsibility is spread on a decentralised peer to peer network with a digital time stamp to prove everything was sent in a timely manner. The use of blockchain technology in this area would reduce costs and speed up work processes as the information is shard directly with the other party.
Another area blockchain could have a large impact is regarding the tracking of baggage. This is still a major pain point for a lot of travelers and there is a lack of trust between customers and airlines regarding baggage. In most cases a customer’s baggage changes hands multiple times over the course of their journey. The use of blockchain here can enable a decentralised and transparent system for baggage tracking with the use of smart contracts making it an automated system that allows customers to track their bag in real time. There is currently a company called ‘Winding Tree’ who use blockchain to track baggage and they are partnering with various airlines to implement the technology.
In the travel industry, many firms run customer loyalty schemes to reward frequent customers and encourage customers to continue using their services. Blockchain can assist in this area by simplifying the process, allowing easy access to information about their loyalty points and issuing tokens to customers. This would be beneficial for both parties and potentially the customers could exchange tokens for cryptocurrencies instead of using the reward points for future services.
These are only some of the potential use cases and as you can see the travel and tourism industry could be transformed by the mass adoption of blockchain technology in the future. The area of cross border payments and also digital passports/identification are other areas I think we could see further development in the near future.
Use Case Example: Wind Tree
Live Events Industry by Emmett Ryan
The use of blockchain technology in the ticketing industry can provide the following benefits:
Increased control over second hand sales, limiting access to touts and bots;
Scalability — Ability to meet high demands;
Ticket verification — Reduction in fake tickets and comfort for second hand buyers;
Smart contracts could restrict sales prices in second hand market;
Security — Venue operator would have knowledge of attendees even if ticket was bought second hand.
One company already operating in this space is Aventus. Aventus is an open-source protocol that, their protocol allows rights holders to define rules across the ticketing supply-chain — including promoters, venues, primary/secondary agents — to which everyone must adhere.
They’ve built an open-source standard for ticketing that grants complete access over the entire ticketing lifecycle. Their technology eliminates fraud and allows the original ticket distributors to benefit financially from ticket resale through the secondary market.
Blockparty is another example whose aim is to solve key pain-points in ticketing, like ensuring attendee identity, fighting ticket fraud, and enabling revenue share in the secondary-tickets market. Their user-friendly app also enables rewards programs to incentivize event-goers and -influencers for bringing friends, and marketing and promoting events.
They have developed a “Two Factor Ticketing” that connects users’ tickets to their digital identity. Their protocol tracks a ticket from the moment it’s issued all the way through to the secondary market to the gate. The Blockparty app fully encrypts attendees’ digital identities from their phone’s built-in fingerprint scanner or facial recognition technology. Attendees can gain entry the event by unlocking their ticket using this app.
I think the live events/ticketing industry is perfect for blockchain technology as it can solve most of the issues associated with the traditional ticketing process, such as fraud, ticket touts, attendee identity, bots etc.
Use Case Example: Guts Tickets
Retail Industry by Niall McMahon
Blockchain as we know is a constantly evolving mechanism. From the early days as a store of information and then onto a financial tool, I think that we are only scratching the surface of its capabilities. I think that over the next decade that we will see blockchain technologies disrupt the vast majority of current business models.
In retail we are already moving away from the old labour intensive model that existed for centuries. In the past few years we have really made the push towards a more technological shopping experience and blockchain can easily become a big part of that.
Blockchain can become a vital part of the supply chain and made it quick and simple to track items across the world in real time. It would eliminate a lot of the cost and paperwork currently involved with these kinds of transfers.
This could also be applied to tracing food origins from source to shelf as each product could be time stamped with the relevant information as it entered the system.
In store, blockchains could be used to create customer reward systems by keeping track and analysing their purchases with the goal of tokenising a reward for each customer. No more card and paper based reward systems.
Cryptocurrency could also become an accepted form of payment over the coming years as paper based money is being slowly fazed out of use. How long will it be before the EU launches a digital form of currency to try and keep control of the supply and use of our digital operations?
There are many directions that the retail industry might go over the next few years but the one thing for sure is that they will be looking for the most cost efficient way to do so. If that can be achieved by integrating blockchain solutions into any aspect of their business from source to sale then it will happen sooner rather than later. It would make sense to start utilizing some of these solutions above but as the technology matures and becomes more widely accepted we will see a lot more use cases appear which do not even exist yet.
Use Case Example: Carrefour
Supply Chains by Eamon Glynn
I have worked in supply chain / business operations for the majority of my career. Our objectives were to have a cost effective and operationally efficient supply chain whilst ensuring quality to the end user / customer. I think it’s clear that one area which would be impacted greatly is the supply chain.
Some examples that come to mind for this area.
Cost — The supply chain I was involved in was quite simple but I can imagine that blockchain can impact greatly reducing complexity through the flexibility of smart contracts and cost by removing intermediaries and processes heavy in administrative tasks. Human resources can be reduced and/or deployed on more value-add tasks. Adoption of a token/cryptocurrency within the blockchain system could eliminate the cost associated with traditional banking as parties could move to peer-to-peer payments. It would also improve operational efficiency in process time as transactions could be complete in minutes rather than days with traditional services. To expand on this further, I have come across micropayments or streamed payments within social media. I believe that the adoption of this could further enhance the supply chain from a cost perspective.
Quality — Quality is defined by the customer. With that in mind, blockchain use allows for end-to-end transparency and customer trust to be built. Many end users or companies want ethically and sustainable produced products. The use of blockchain and IoT gives the end user the ability to check the product history and satisfy their concerns. The immutability and transparency of the blockchain provides trust to the end user that their product is authentic. This also protects global brands from counterfeit goods.
Operational efficiency — The management of logistical and compliance paperwork can be greatly improved through use of blockchain and smart contracts. In my last role, we used 3rd party logistics (3PLs) to build and ship our products. There were times when the quality team would need to trace a batch of product to investigate issues from the customer side. They were reliant on the 3PL to identify the batches and this could take a few days for them to complete and report back before the internal investigation began. With using a blockchain solution, one of the benefits would be the reduction in the overall investigation cycle time as this information would be readily available to all parties. With blockchain we can eliminate information silos and I believe this could enhance the “Just in time flow” as all parties would have real time information and visibility from the blockchain.
Use Case Example: Everledger
Pharmaceutical Industry by Jessica Mahon
he pharmaceutical industry is currently not in good condition. Healthcare is the number one topic around the world and heavily relies on pharmaceutical industry in attaining its business objectives. It has been estimated that blockchain by the year 2025, will help the healthcare industry save $100-$150 billion per year. Blockchain can and will contribute to improving and removing the many challenges hindering the pharmaceutical industry such as data disparity, the increased competition of generic drugs, rising customer expectations and time consuming resource heavy data analytics. Today I will focus on the impact blockchain makes on supply chain in the pharmaceutical industry.
The term pharmaceutical sector is used to describe the distribution development and discovery process surrounding drugs. The supply chain management of drugs can be extremely difficult to manage as drugs always require multiple parameters to be tracked. During the tracking process we are required to capture information such as air quality, humidity, temperature range, and so on. If just one of those parameters are not met it can result in the drugs becoming unusable. For example, vaccines require a carefully operated environment throughout there supply chain journey.
Blockchain contributes to combating this challenge by integrating with the supply chain. The supply chain can be fitted with devices that track the humidity, temperatures, and other factors. The tracking and collection of information records can be automatically and easily distributed across the blockchain to the concerned parties so that they can take the necessary step when required. It solves the problem of managing a separate ledger and then trying to synchronize them. This results in tighter compliance with the supply chain. This is possible because of the blockchain’s key features, including immutability, distributed nature, and transparency. In conclusion the benefits of using blockchain in the pharmaceutical supply chain are huge, some challenges are beyond the capacity of blockchain; however, it does impact them indirectly.
Use Case Example: MediLedger
Insurance Industry by Kevin Whytock
I work in the general insurance industry, which is ripe for innovation. Rising premiums and a history of uncompetitive practices have fueled public anger towards the sector which, in turn, has led to insurers looking for ways to reduce their operating costs and improving their service through innovative solutions. Some examples of how blockchain could provide benefits include:
Fraud detection and risk prevention — Consolidating claims data across insurers could prevent policyholders from attempting to claim from multiple insurers for the same claim event. Reliable and up to date cover information could be made available to insurers to ensure that policyholders are adequately covered when claiming (e.g. confirming that a vehicle is properly registered and insured). Currently in Ireland a 3rd party provider, InsuranceLink, maintains information about motor claims and involved vehicles. If a vehicle is written off, the status of the vehicle is recorded by InsuranceLink. Insurers have access to this database to prevent anyone from making a future claim against the vehicle. However, this information is not updated consistently by all insurers and the data quality is poor.
Improved efficiencies — The claims process could be improved by speeding up the FNOL (first notification of loss) process. Policy details could be digitally stored on a private permissioned blockchain with access to limited information given to policyholders via a mobile app. When a motor accident has occurred involving multiple vehicles it would then be possible for policyholders to quickly and efficiently swap accurate vehicle and policy details via the app. The claim event could then be registered on the blockchain with all involved claimants automatically linked to the event by their insurers. Insurers could share event information gathered from their policyholders via the blockchain, ensuring a more rapid claim resolution. A solution similar to this has already been developed by The Institutes RiskStream Collaborative which is the largest insurance-led blockchain consortium.
Another example is the AXA Fizzy blockchain solution, which was developed using the Ethereum blockchain and Amazon web services using smart contracts to speed up claim payments for delayed flights. This enabled customers to receive automatic compensation into their bank accounts if a flight was delayed for more than two hours without having to make a claim. This was done by integrating the blockchain solution with OAG data, a 3rd party flight schedule and delay data provider. Unfortunately the service is no longer available. Another use case is for claims information to be shared between insurers ands reinsurers on a private blockchain, thus allowing settlements to take place quicker and with less reconciliations. B3i, another insurance industry blockchain consortium, has developed a solution for this
Use Case Example: ChainThat
Logistics Industry by Andrew Corrigan
The industry I am currently working in is Supply chain and logistics technology. Mainly track and trace software. Although not apart of the technical team I have a sales, general knowledge of how it works.
Currently it works on a GPS style software, that has drivers and recipients sign physical signatures and update location themselves along the process of delivery. Unlike a block chain type system this data can be altered and manipulated potentially, however not often but still possibly.
That is why, yes, i think Blockchain can apply massively to this industry as it seems to be the way track and trace is going anyway. There are already loads of case studies regarding “farm to fork” traceability, so this can definitely be translated into personally to my employers objectives. The use of digital time stamping and incorruptible information (block) can let the customer, in this case courier companies, identify exactly where there goods are, at what time they passed through exact locations and instantly identify where the goods may be lost in transit. It also provides more real-time visibility and estimated time-lines become more realistic.
The case of when a courier company may misplace a parcel can lead to massive confusion in trying to identify where the fault occurred. The use of blockchain takes away a large amount of uncertainty and promotes much more efficiency. Without pointing blame, it actually just improves visibility.F
There are already many use cases of companies using blockchain as a software for track and trace and i believe it is probably one of the industries that benefits most from such a transparent and secure platform.
Use Case Example: BITA
Financial Services by Alicia Romero
Blockchain is presented as a completely new way to think about data and operating models. These are some of the Financial services blockchain and case areas:
Capital markets and exchanges — Deploy and manage collateral with greater visibility, control, and the flexibility needed to adapt to regulatory and market changes.
Central bank digital currency (CBDC) — Exploring a new form of digital central bank money that can help enable more direct, transparent, and efficient payments and foster financial inclusion. On this particular line, Accenture is a partner of the Digital Dollar Project on the exploration of a United States Central Bank Digital Currency
Cross-industry exchanges — Transform a complex web of data collectors and verifiers into a simple collaborative network empowered by a secured, shared data construct.
Trade finance — Join banks, corporates, and SME suppliers converging on data-sharing networks to mitigate risk and unlock the future of touchless transactions.
Trade-to-settle — Stabilize companies supply chain for greater resiliency and trust, while addressing challenges of liquidity and working capital.
Tokenized digital assets — Enable a new ecosystem of cloud service offerings for ownership, asset transfer, warranties, maintenance, and software updates.
In 2020 Accenture started a global learning initiative to help their employees to understand and apply advanced technology concepts. This initiative is involving departments as Humans Resources, Finance, etc. Areas of the business which are not deeply familiarized with Tech concepts. One of the main modules focuses on blockchain technology. I believe this is a brilliant initiative and shows how deeply Accenture is putting Blockchain on top of their agenda.
Use Case Example: Accenture
Medical Device Industry by Damien Cunningham
An example industry I used to work in was medical device service repair and maintenance. Currently medical devices that are used on patients can have a meaningful negative impact if something goes wrong with a device when it is being used on a patient. As a result there is a strict and intensive paper trail and record of all work done on a unit that is usually kept that verifies all required work that was carried out was to manufacturers specifications and requirements and further that all parts used were authentic. This is also usually backed up by stickers or other visual methods that a user of the device can check before potentially using it in a life critical situation. These paper records are usually digitised and stored in a database.
In the case of an incident with a device that has failed; the full history of the device and the work done on it is checked to make sure all was completed correctly. Due to the fallibility of paper and human record keeping there is the potential for errors or missing information. Add to the fact of the time consuming nature of the record keeping and the current setup is inefficient and error prone, plus the possibility of changing the data at a later point to cover up a mistake.
I imagine a situation where all assets ( medical devices in this case ) are tagged with a unique ID be it by either QR code or RF sticker. This ID connects to the data of the current status of the unit along with information on all previous work carried out. If this were to be stored on an immutable decentralised ledger that can be instantly and easily accessed ( for example by an App on a phone) and not be changed after the fact by an individual it could provide huge value in this area.
Use Case Example: HIMSS
Food and Beverage Industry by Ronan McDermott
One industry however that I worked in in the past was the food and beverages industry, which I don’t think are fully utilizing the benefits of blockchain technology. Now there are some current applications of blockchain technology within the food and beverages industry, predominantly on the food supply chain. For example, there are a variety of companies, such as Dole Foods, who have adopted a blockchain process across all their vegetable processing, so that when customers at stores can check the origins of the product by scanning a QR code used by the farmers. This benefits the food processors, who can avoid sending harmful items, the stores, who can respond more quickly to recalls, and the consumers, who can ensure the products they eat are safe.
Another application of blockchain technology to the food and beverages industry would be through promotions. I worked in a bar that was part of a chain, and an example of a promotion we had was that you could purchase a set of five beer tokens, which were actually cheaper than five beers, but they could only be used at the bar in which they were purchased, simply for security reasons. However, with blockchain, there would be transparency about the transactions in the other bar, and there would be no need to carry around these tokens, that were easily lost. There are likely a variety of other applications of blockchain technology to the food and beverages industry.
Use Case Example: IBM Food Trust
Health and Fitness Industry by Sean Coleman
I would agree that blockchain can and will apply to the fitness industry and it may just be what is needed to get the industry back on track. There are several examples of how blockchain can be used to revolutionise the Health and Fitness Industry and for this discussion I researched the Stepchain blockchain offering.
The outbreak of Covid19 worldwide has encouraged traditional gym goers to break their habits of attending brick and mortar fitness clubs so the scene is already set for a change in how people engage to reach their fitness goals.
The explosion of wearable devices over the past decade has given consumers customised biometric health statistics. These users have moved away from the gym (they are all currently closed) and they are sourcing their fitness regimes online to undertake at home or in small bubble settings. The Fitness Industry owners and stakeholders (e.g. Personal Trainers) have an opportunity to acquire revenue from this change in behaviour with blockchain technologies.
Stepchain as mentioned have developed a fitness blockchain and Dapp that syncs with the consumers wearable. The Stepchain blockchain has enabled the gamification of keeping fit as users can track their progress on the transparent blockchain. The end user is rewarded with cryptocurrency (Step coins) for every healthy activity they take whether it be climbing a mountain, doing a marathon, or simply going for a walk or swim. Stepchain explain how all health information is kept private on their encrypted blockchain. They allow users to buy instructor videos through Smart Contracts, that are held on the Stepchain blockchain, with their selling point being that users can purchase personalised workouts which would be at a fraction of the cost of a traditional gym membership. The instructor would get to keep the revenue.
Fitness club owners have the opportunity now to look at this reward system and see how they can help rejuvenate their club and keep members engaged with blockchain technology. Could a club offer a dual membership to keep members motivated to succeed and can this be used to add a competitive aspect as users compete against each other within a club community setting? Members could pay for access to the club and blockchain Dapp with the best instructors potentially benefitting also.
Use Case Example: TrueGym
Asset Servicing Industry by John Dillon
I have worked in the asset servicing industry for a number of years for organizations that provide services including fund custody, administration, management and transfer agency. These services have traditionally used centralized databases to record shareholders’ unit holding (Transfer Agency), fund’s underlying assets (Custody) and fund accounting (Fund Administrator). These entities record millions of transactions across the industry on a daily basis for in various securities (e.g. equities, bonds etc.), for thousands for Fund Management client’s funds.
The industry’s infrastructure is not currently set up to support clients in any major way by using blockchain technology but we have seen recent examples of where this is changing. Service providers and their clients are aware of blockchain technology and how it could be used in the future to support their products but this is probably not top of their agendas at the moment as it would be a significant move from the current landscape and require significant change in how technology is used. However, blockchain can be used to help the various service providers to work together to record securely and easily access and share information on one platform. In addition to custodians, administrators and transfer agents, service providers such as legal firms, auditors, consultants and regulators could all potentially use blockchain to streamline communication, inputs and services. Blockchain could also potentially be used to support custodians and administrators clearly record asset ownership and also record and timestamp how that asset was valued throughout it’s history providing an immutable audit trail.
The industry has seen examples of large service providers such as Northern Trust (NT) working with clients and regulators to launch and pioneer the industry’s first deployment of blockchain technology for the private equity market in 2017. NT also agreed to transfer its DLT platform for private equity asset servicing to Broadridge Financial Solutions in 2019. This was seen as a significant step towards an industry wide P/E blockchain solution.
JP Morgan also appear to be embracing blockchain technology and the decentralization revolution. The ‘JPM coin’ was used commercially for the first time in October 2020 by a large technology client to send payments around the world. JPM have also set up a new business to house it’s blockchain and digital currency efforts called Onyx which has 100 staff.
Large custodians have also begun offering cryptocurrency custody solutions for their clients, something that was not even a consideration until recent years. The asset servicing industry is currently only on the first chapter of embracing blockchain technology but it’s likely that over the next few years that it will become more widely adopted across the industry as a viable solution to meet clients and other key stakeholder evolving requirements.
Use Case Example: Deloitte
