Joining the Blockchain

From banking and logistics to governance, the public ledger technology is helping cut cost and time, enhancing efficiencies

- K.T.P. RADHIKA

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.