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block-chain

Blockchains are a highly reliable, secure mechanism for storing and synchronizing digital records, replacing single points of failure with a secure network of validated transactions.

The following differentiates blockchains from traditional databases:

  • Security: Data cannot be changed once it is committed in the system
  • Open: It is open sourced and transparent
  • Commercial: The technology was designed for commerce and scalability. It uses the concept of a shared ledger which is similar to an accounting ledger
  • Synchronized: All activity on the distributed ledger is automatically reflected across the network
  • Smart: The smart contracts feature enables autonomous execution of functions based on predefined conditions

Two main areas where blockchain technology can accelerate the digital transformation in your organization is where you have lack of transparency requiring reconciliation of business transactions and the other when you need to track assets and inventory across your value chain extended from your suppliers to your customers.

We recommend the below specific pre-requisites when to consider blockchain as part of your digital transformation journey -

  • Manual processes: A great number of processes are still in paper form, opening the door to unnecessary operational risks
  • Lack of transparency: The mixture of manual, disparate systems and disorganized data creates databases with few actionable insights and analysis paralysis
  • Disorganized compliance data: Data is not transferred between departments and organizations efficiently, resulting in unreliable customer due diligence
  • Disparate systems: Trading, order management, and settlement processes are housed in separate systems, in addition to multiple copies of shared ledgers, leading to time-consuming and expensive reconciliation processes
  • Cyber security risk: Legacy systems give rise to cyber security risk as a result of segmented IT infrastructure. A hack into just one backdoor can compromise the whole organization

As your start with your blockchain journey in your organization below are some key areas to consider:

  • Governance — Need to address questions like who owns the blockchain? How does new consensus algorithms or changes to the protocol take place?
  • Security — How do we protect the end points, what are the security considerations for the different nodes in the blockchain.
  • Privacy — How do we ensure pseudo anonymity. What privacy considerations do we take into account
  • Scalability — How many nodes will be on the blockchain, will the current blockchain infrastructure be scalable for the required number of nodes in your organization’s usecase.
  • Interoperability — Will the blockchain interact with other blockchains ? How will data be interoperable across difference blockchains.
  • Integration — How will the integration take place with existing legacy systems
  • Speed and performance- Time taken to add the blocks and record transactions

Even though blockchain offers tremendous savings, but initial high capital cost to purchase hardware and integration with existing may deter rapid adoption. Most organizations are currently focused on Proof of Concepts and Pilots. As the technology rapidly matures focus on production systems will rapidly take the center stage.

Please contact us to discuss specific potential Use cases for the Pharmaceutical and Healthcare Industry segment especially for Patient Recruitment and Clinical Trials.