Joining the Blockchain
Business Today|September 06, 2020
From banking and logistics to governance, the public ledger technology is helping cut cost and time, enhancing efficiencies
K.T.P. RADHIKA
Joining the Blockchain

Major Industries That Use Blockchain

Banking and finance

Brings efficiency, simplicity and transparency in operations; reduces transaction time from hours to seconds; automates inter-bank processes like trade finance and remittances; reduces use of paper at an industry level

Governance

Helps to track a large pile of data like land records or citizen’s records like birth certificates; eliminates need for reconciliation

Telecom

Helps share data for solving complaints of mobile number portability and unsolicited calls and messages; helps in standardisation and implementing transparency across the ecosystem

Supply chain

Helps asset tracking; eliminates data fraud; and eases supply chain finance.

Every bank’s core banking system does a lot — it records all transactions and updates customers’ accounts and other financial records. But what it can’t do is view a customer’s relationship with other banks. A customer could submit tax relief documents (Form 15 G/H and others) at multiple financial institutions, and this poses a challenge for banks while validating the customer’s tax documents. The absence of real-time reconciliation among financial institutions can lead to potential tax pilferage.

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