Blockchain is a topic that has received considerable attention in the last few years, especially thanks to the bitcoin “hype”.
In this blog we dive into the hot topic of blockchain and how we at NTT DATA Business Solutions are using the technology in our projects.
Blockchain is a topic that has received considerable attention in the last few years, especially thanks to the bitcoin “hype”. It might have been bitcoin that made blockchain enter the vocabulary of many of us, but bitcoin is actually just an application built on the blockchain architecture and concept.
Blockchain is most relevant when the E2E process control is distributed across multiple participants, when there’s a need for information or confirmation from different parties, or if there is a lack of transparency. If there are clear stakeholder benefits or risks of negative financial outcomes by staying idle, one can address if a Blockchain solution is the answer to the challenge.
If we take a look at the seafood market, it’s becoming increasingly difficult to identify the origin of the fish we buy. Blockchain technology can be used to trace the journey of each fish from catch to plate. Achieving traceability means the ability to obtain reliable information about the fish and its movement throughout the supply chain, ultimately allowing consumers to make more informed decisions about their purchases. A blockchain solution can help achieve transparency – provenance and traceability in your Supply Chain, digital trust – reduce risk of fraud and tampering, or reduce cost by removing overhead.
Blockchain can be relevant in several industries like Consumer & Agriculture, Pharma, Automotive, Banking & FS and in Insurance or the Public Sector. In NTT DATA Business Solutions and NTT Data globally, we have been working on blockchain solutions together with our customers whenever relevant. Often these projects include other technologies, such as IoT or AI. Some of our implementation examples are the Automatic Car Damage detection, a PoC perfect for Rental Car companies, or the Digital Credentials which can be used in the SuccessFactors Learning module, in education or the public sector. Other examples are the Track & Trace solution – itelligence Logistics Bridge – a pilot realization done with Bosch or the Nordic project “Truckchain – Mobility as a Service” developing an optimization process for transportation companies. Picking up this last example, the solution implemented allowed to tackle the challenge of transparency and efficiency among all involved parties: treatment plants, construction sites and transport companies.
All of these projects started with a blockchain introduction session and an identified challenge at a customer, but above all a great desire to improve our customers business using the most adequate technologies for the specific challenge. Blockchain happened to be the answer in these cases, and we believe there are many more situations to be uncovered.
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