What is Blockchain?

Blockchain is a distributed ledger technology with a set of rules and protocols that define how transactions on the ledger are to be done. This software is processed through a peer to peer network where each transaction or node has to be validated through multiple keys across a wide user network, making it more secure than information stored on a centralised system. This transactional technology has a number of use cases and applications for enterprises that streamline processes, improve security and reduce operating costs.

There are three levels of the blockchain stack

Figure 1: The three software development layers in blockchain. (Source: Demirors, 2017)

Jade Eli Technologies works at both the Protocol layer and the Application layer.

Jade Eli Technologies is developing the capability to establish Enterprise Blockchain solutions, which operates on a private network, with only already trusted parties having access to the keys. This speeds up processing time significantly, and requires less power and energy to operate than public blockchains and maintains the data privacy and security enterprises require.

Currently Jade Eli Technologies has commenced work on a public permissioned Blockchain application for streamlining supply chain of fresh food production and delivery and improving food security globally.

What are just a few of the Blockchain use cases for Enterprises?

 

Industry Application Benefits
Automotive Industry
  • Blockchain can track truthful, full history of vehicles from pre-production to sale
  • Efficient and immutable tracking of supply chain management.
Banking, Financial and Fintech
  • Streamlining payments processing with high efficiency, fast and secure transactions
  • Empower global transactions, challenging national currency boarders
  • Minimizing auditing complexity and cost for any financial ledger
Cloud Storage
  • Increased security with a shift from centralized data security to decentralized network
  • Lowered transactional costs within a decentralized network
  • Crowdsourcing unused cloud storage
Credit History
  • Make credit reports more accurate, transparent and accessible
Logistics
  • Tracking journeys and stops, paired with IoT to create an immutable ledger of trips
Energy
  • Bypass public grids to allow for cheaper peer to peer energy transfer
  • Smart utility metering
Human Resources
  • Background checks
  • Verification of identity and employment history
  • Payment and benefits process validation via smart contracts
Insurance
  • Improve multi-party contracts
  • Streamlining risk contract efficiency
  • Streamlining claims adjudication
  • Reduce disputes with transparency of shared data
IOT
  • Ability for IoT applications to contribute transactional data to blockchains
  • Implications for across industries (trucking / transportation/ supply chain integrity)
Marketing
  • Bypass intermediaries, providing more cost effective advertising
Medical & Healthcare
  • Drug supply chain integrity
  • Patient databases / indexes on blockchain
  • Claims adjudication
  • Medical supply chain management
  • Transparency and automation within the patient – to – hospital or patient – to – doctor transactions
  • Clinical trial provenance – integrity with an auditable trail of data exchange
  • Improved efficiency, privacy and ownership of patient health data<