How Blockchain App Development is Paving the Way for the Future

Blockchain Development
How Blockchain App Development is Paving the Way for the Future

Agenda
1 What is Blockchain?
The question is ‘How do we Adopt Blockchain’
instead of ‘Why should we Adopt Blockchain’
Moving Further
2
3
4

What is Blockchain?
Distributed Ledger, popularly known as Blockchain, is
the technology behind making the history of any digital
asset immutable, i.e., the origin and journey of the
digital asset are rendered transparent and accessible,
through decentralization and cryptographic hashing.
Not long ago, Blockchain was considered just hype
with no real-world use-case in sight. But, the
technology penetrated faster and at a much larger
scale. The famous use case of Blockchain, the Bitcoin,
brought the much-deserved spotlight to the technology
and the rest as they say is history.
Copyright©2020 Damco Group. All Rights Reserved.

The question is ‘How do we Adopt Blockchain’ instead of
‘Why should we Adopt Blockchain’
Blockchain development offers the following four
advantages:
Stringe
nt Security
Cost-
optimization
Unparallel
ed
Transparency
Incremental
Efficiency

Stringent Security
The most conspicuous advantage of Blockchain
application development is a security enhancement.
Business databases, especially of Financial Services and
Insurance industries, are prone to attack by hackers and
fraudsters.
In a Blockchain network, all the transactions are viewed
by the authorized members before being entered in a
decentralized ledger. Since the information is stored in a
chain of computer systems, instead of a single server, it
becomes impossible to alter the data from a single point.

Since Blockchain is a distributed-decentralized ledger
where the network participants have access to the same
data across all their nodes, the data can be updated or set
out for further distribution only after a consensus is
achieved.
On the same track, to change a single record, it
would require altering all the subsequent records. It is the
feature of immutable history that hails Blockchain
development as the next-big-thing for traditionally opaque
organizations such as Financial Services and Insurance.
Unparalleled Transparency

As per a study, by 2022, Blockchain can potentially
reduce infrastructure cost in the Financial Services industry—
saving somewhere between USD 15 bn to USD 20 bn in a
year! Such phenomenal cost-optimization would be made
possible due to reduction in the manual work — pooling,
editing, and sharing data.
The employees would save time on time-consuming
redundant processes and can focus on things that matter.
Moreover, compliance reporting and audit would become
quite hassle-free.
Cost-optimization

Blockchain circumvents the need for an
intermediary in the payment process that traditionally
has had a convoluted journey. Blockchain application
development can enable faster transactions in cross-
border peer-to-peer (P2P) remittances.
Seamless payments can increase the efficiency
of transactions in regions that lack effective financial
services. Similarly, property management workflows,
contracts in the Finance and Insurance sector can be
rendered more efficient through a central system of
recording ownership.
Incremental Efficiency

Five major sectors that have begun observing the first wave of disruption due to Blockchain development
are:
Product
Supply Chain
Real
Estate
Data Management
Insuran
ce
Financial
Services and
Banking
Blockchain
Development

Finance and Banking services have taken a lead in
Blockchain app development. In fact, FinTech startups were
the first to adopt Blockchain technology when the rest
sectors considered it merely a frill and not potent enough to
have practical use cases. FinTech not only imbibed it but
also registered return on investment through Blockchain
adoption.
Blockchain provides a secure system to register
immutable records of the millions of transactions that take
place within a Financial Services organization. The
decentralized and distributed ledger system alleviates the
risk of frauds that have been ailing the Finance pipeline. It is
also purported that transactions would be cheaper up on the
wider adoption of the technology.
Financial Services and Banking

In the Insurance industry, underwriting and claims
processing are the most labor and time-intensive processes.
Hence, it is only logical that the early adopters look for
Blockchain use cases in these areas of operation. Insurers
can partner with a Blockchain Development Company to
deploy tools that provide them visibility in existing and past
insurance policies or claims associated with property/insured
in the question.
In underwriting, Blockchain can decrease costs,
improve dynamic pricing, improvise risk assessment, and
streamline client onboarding. Besides, underwriting and
claims; Blockchain apps can provide seamless, and
transparent experience in binding new policies to insureds.
Insurance

Data Management is not an industry per se, but an
underlying function in all industries. In every workflow, it
is critical that the data is accessible to only authorized
users. Blockchain applications can serve as permission-
based platforms and help stakeholders in detecting data
tampering.
Even if an attacker manages to gain access to a
Blockchain network and the associated data, he/she
won’t be able to retrieve the information. It is because
the data blocks are fully encrypted guaranteeing secure
flow for the intended users.
Data Management

Real estate is one traditional sector that would soon be
witnessing disruption, thanks to Smart Contracts or Crypto-
contracts. In a simple definition, Smart Contract is a
computer program facilitating the direct transfer of digital
currencies/assets between two parties.
Blockchain apps can facilitate functions such as listing,
payment, and legal documentation as well. Conventionally,
real estate transactions involve intermediaries that claim
commission along with a fee. Blockchain can expedite the
complete process as transactions exclusively occur between
the seller and the buyer.
Real Estate

Blockchain use-case in streamlining the Product
Supply Chain needs a special mention as the COVID-19
crisis has put enormous stress on this business function.
Supply of critical medical equipment and
pharmaceuticals has been acutely affected due to this
health-crisis led disruption.
International multi-party contracts worth millions of
dollars, that take anywhere months to years to
negotiate, are getting signed in a matter of hours. But,
the main limitation has been the lack of trust between
the trio—demand, supply and the financial instrument.
Product Supply Chain

Though the basic function of verifying and
transferring financial information is applicable to almost
all industries, at the current development level, certain
industries seem more suited to Blockchain mediated
solutions — with Financial Services, Government, and
Healthcare leading the band.
As we have been witnessing recently in the COVID-
19 crisis, issues in global payments and trade finance
can be addressed by Blockchain-based solutions. This
would require cohesive investment in Blockchain
application development and testing for various use-
cases.
Moving Further

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How Blockchain App Development is Paving the Way for the Future

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