Quatega helps to evaluate opportunities for transformation of businesses to ignite the client’s blockchain strategies and schemes. Our team of specialists at Quantega secures the advantages of blockchain technology to furnish the client business with authentic data, trusted workflows, asset transfer, provenance tracking of business products and provision for accurate auditing. Quantega believes that blockchain is perfectly appropriate because the target cases involve several parties, with multiples of them writing the data and all of it shrouded with uncertainty and mistrust which can only be handled efficiently with blockchain technology.
The client’s organization needs to possess the ability in terms of market size and influence to invite other parties into the consortium. It is highly essential to assess the particularities of data that our team at Quantega stores in the form of trusted transactions within the blockchain. Once the data gets specified, we can identify the audience on the basis of content and value.
Empowered and Trusted Digital World:
Harnessing the true power and essence of blockchain technology involves an integration of attributes across several organizations. Rehan, a driver based in Hyderabad, is a driver par excellence with a spotless reputation. He is seeking to purchase a high-end automobile but his funds are limited. Besides, he will need a license, an insurance plan, and a big loan. Automobile manufacturers, insurers, banks and governmental agencies are getting involved in digital evolution and are seeking to focus beyond restrictions to empower a smart economy. The approach of smart economy involves automobile manufacturers acknowledging people who are more into car leasing and sales. They are developing smart business contracts with ride-sharing service companies to underwrite the loans for qualified drivers like Rehan.
Rehan applies for car leasing on the basis of the smart contract and follows the sources of a contextual reputation as enlisted below.
Governmental attestation of Rehan’s identity.
Attestation of the dept. of transport to the validity of his driver’s license
Attestation of the ride-sharing Service Company to his current employment and confirmation of his salary.
Attestation of the ride-sharing Service Company to the driver’s reputation.
Attestation of the driver’s financial status.
Attestation by the manufacturer to the history of vehicular service.
The type of offer to be made to Rehan is determined by an algorithm. The driver is then offered a lease with the use of an automated process based on smart contract at an affordable rate if his score is low. If the score is high, then Rehan can be offered with the car at zero cost in terms of loan amounts. If the score is exceptional, then Rehan will be offered with the car along with payment coverage of tolls and fuelling. For insurance facilities of the new car, Rehan will have to provide his employment details and history of vehicular service for the generation of an insurance quote for the new car. Rehan’s criminal background, license validity, driving in the community history and every other test of transparency will be checked to make the riders feel safe and secure. The government will also keep with itself a synced copy of the blockchain from the ride-sharing Service Company for real-time auditing and compliance checking. In this way, a smart contract powered by blockchain technology can empower the digital world to enhance the economy. Multiple organizations will collaborate in a seamlessly integrated fashion and with impeccable transparency to tap into the immense power of the miraculous blockchain technology and empower a smarter and more sustainable economy.
Applications of Blockchain:
Optimized clearing and settlement: The system of shared and distributed ledgers enables speedy cycles of clearing and settlement. Blockchain optimizes the processing of transactions thereby lowering the cost, reducing risks of counterparty settlement and doing away with fraudulence.
Secure, tamper-free storage of documents: The exchange of documents in financial transactions can be conducted through blockchain technology with a non-repudiable and incontrovertible inspection trail associated with the documents stored with security.
Process Automation: Smart contracts developed by blockchain technology can enable efficient automation of business processes to make them transcend beyond the common organizational boundaries.
Ledger and process consolidation: Establishments with numerous legitimate entities can consolidate information from several traditional ledgers into a singular system of data which can enhance administrative compliance at conceivably lower expenses with the help of blockchain technology.
Transparent Audit: Blockchains are so designed to contain an unchangeable history of the movement of assets. This makes provision for incredible transparency in auditing and furthermore for administrative report and compliance.
Reduction in systemic and operational risk: Accounts should be funded prior to conduction of transactions. Blockchain technology can do away with the hazards of liquidity and credit. The blockchain technology further empowers highly secure digitization of business processes in the organizational space.
Operational improvements in the middle and back office: Blockchain technology powers the optimization and potentially eliminates back office processes through technological advancement of processes and instruments. These incorporate processes around enhancement of trade, revision of errors, allotment, and counterparty coordination.
One size fits all: Purpose built ledgers is highly beneficial as a ledger that can fit in all the use cases. This ledger is being focused on financial institutions that are collaborating with tech firms to mould shared distributed ledger system into a ledger system that is multi-purpose enough to fit in with their business requirements.
Bilateral Blockchains: Owing to the fact that a publicly visible blockchain is derogatory in competitive trade markets, bilateral blockchain is highly essential for the security of information exchange, in which the information is transparent and auditable to both the concerned parties.
‘Multi-Party system’ blockchains: The multi-party blockchain is suited for cooperation in situations that demand the sharing of information among several parties.
‘Public to all’ blockchains: The two categories of the public to all blockchains include the first in which every bit of information of the blockchain is visible to all the participants. The second type includes information on the blockchain that is available to the concerned parties on the network and in the external space beyond the network.
‘Need to know basis’ blockchains: In this model, information can be stored in encrypted form using the private key of the sending node.
Blockchain on demand: This type of deployment model is required if the need for correspondence between two entities is based on project requirements and as such the blockchain needs to be accessed on demand to record the data and then shut it down after use.
Getting Ready for Blockchain:
The cost-effective and immediate assurance of trust furnished by the renowned blockchain technology has the incredible power of unleashing disruptive and massive innovation by bonding any manufacturer and any supplier in the world into a seamless and secure trading relationship. The technology of cryptocurrency called Blockchain possesses the miraculous power to eliminate third-party intervention in financial transactions thereby fundamentally transforming the manufacturing industry into smooth, effortless, secure and inexpensive business process.
Blockchain will fundamentally metamorphose the structure of the market and perhaps even the architecture of the Internet in itself.