Blockchain Technology

The technology is commonly associated with the crypto currency rush and bitcoin mining, but this technology has caught up on a larger scale recently, including more conventional industries, financial institutions, banking, utilities, major oil firms and governments.

Asseco recommends to follow structured approach depending on your blockchain strategies:

• Identify value on a molecular level, and choosing weak points using our technology,
• Capture business value of blockchain by personalizing technology focusing on your strategic objectives, taking into account regulatory barriers and established standards.

The potential use cases of blockchain technology for government includes: 

• Healthcare
• National Identity Management Systems
• Tax and Internal Revenue Monitoring
• Vote system
• Secure Banking Services etc.

Six distinct categories of blockchain

Record keeping: storage of static information

Static registry

Distributed database for storing reference data.

Example: Land title; Food safety and origin; Patent.

Identity

Distributed database with identity-related information; Particular case of static registry treated as a separate group of use cases due to extensive set of identity- use case

Example: Identity fraud; Voting; Civil–registry.

Smart contracts

Set of conditions recorded on a blockchain triggering automated, self-executing actions when these predefined conditions are met

Example: Insurance-claim payout; Cash-equity trading.

Transactions: registry of tradeable information

Dynamic registry

Dynamic distributed database that updates as assets are exchanged on the digital platform.

Example: Fractional investing; Drug supply chain.

Payments infrastructure

Dynamic distributed database that updates as cash or cryptocurrency payments are made among participants

Example: Cross-border peer-to-peer payment; Insurance claim.

Other

Use case composed of several of previous groups; Standalone use case not fitting any of the previous categories

Example: Blockchain as a service; Initial coin offering.

Blockchain does not need to be a disinter mediator to generate value

Benefits from reductions in transaction complexity and cost, as well as improvements in transparency and fraud controls can be captured by institutions and multiparty transactions using appropriate blockchain architecture. The economic incentives to capture value opportunities are driving incumbents to harness blockchain rather than be overtaken by it. Therefore, the commercial model that is most likely to succeed in the short term is permited as a public blockchain. Public blockchains have no central authority and are regarded as enablers of total disruptive disintermediation. Permissioned blockchains are hosted on private computing networks with controlled access and editing rights.

Asseco elite specialists’ team is reviewing all new trends, developments and new possibilities of the technology for its use in different economy sectors.

Asseco can help you make the first steps to your customized blockchain, defining the appropriate up-to-date solution for your standard and/or specific needs.