Business Benefits of Using Blockchain
- Reduction in KYC costs: Secure Identity. Compile documentation on customers and stakeholders (KYC) is a costly, time-consuming process.
- Efficient and quicker settlements: Financial processing can be greatly enhanced via smart contracts.
- Lower risk of fraud and theft: No data centralization as its particularly vulnerable. E.g. theft of millions of customers’ personal data as Yahoo (1 Billion, 2013), JP Morgan (76 Million, 2014) LinkedIn (117 million, 2012). Data is encrypted and immutable.
- Automation of tasks: Automated process and render more security by eliminating the need for certain human input.
- Better pricing: Behavioral factors compiled by connected devices and exchanged on a blockchain, can influence risks and thus pricing can be almost constantly adjusted and optimized.
The benefits of Blockchain network have been well established. Clarity is needed in identifying the use cases that can be effectively resolved by Blockchain. Once the use case is clear, technology team needs to deep-dive into the details to establish how the network works, starting from:
- Public vs Private vs Consortium Blockchain
- Data structure. What data should be stored on-chain vs off-chain?
- Which consensus mechanism to use?
- Do you need gas tokens?
- Which Blockchain platform to use? (Ethereum, Hyperledger, Corda, Multichain, etc).
- Integration with exiting system of record and processes.
- Infrastructure for deployment.
In this webinar, our expert panel will share their experiences covering above topics along with showcasing an industrial application of a blockchain network deployed on AWS to instill transparency in retail supply chain network.
- How to evaluate the trade-offs involved in a blockchain network design?
- How to choose the right platform?
- Deployment of Hyperledger on AWS and AWS Managed Blockchain.
- Demonstration of blockchain network for improving transparency in retail network.
Join JK Technosoft thought leaders, Akash Govani & Himanshu Malviya for an interactive webinar on “Blockchain on AWS for Businesses”
Even if you are unable to make it to the event, register anyway and we’ll send you the recording.