84  Blockchain

Digital assets

A digital asset is anything that exists in digital format and does have the

right to use or have an ownership right. Some examples of digital assets are

audible music, movies, audible books, digital books, digital pictures/paint-

ings, digital documents etc.

Blockchain footprint

We have already seen multiple examples of digital assets in Chapter 2 as

well as in this section. Some of the examples of digital assets are listed

below. Blockchain is being used to enable and establish an ecosystem to

make them more transparent, secure and global reachable.

• Cryptocurrencies

• CBDC

• NFTs (Non-fungible tokens)

• Entertainment (movies, music and games)

MARKET VALUE POSITIONING BASED

ON BLOCKCHAIN ADOPTION

Blockchain disruption

As discussed in this chapter, there are multiple use cases of blockchain that

are either partially live or under a POC to create value for businesses. In the

following section, we will go through the industry sectors/sub-sectors and

work out the value added by using blockchain.

Before we dive into individual sectors and value add for the businesses

beneath these sectors, let’s run through the common financial and non-

financial benefits of adopting blockchain.

Financial benefits

• Removal of intermediaries that can ultimately provide cost efficiency

and financial benefits

• Facilitate upgradation or replacement of legacy IT systems or IT debt

through the adoption of blockchain can significantly improve cost

efficiencies

• Improvement in security through the use of blockchain can not only

minimise hacking attacks that cost brand and monetary losses but

also gain market share by attaining customer trust

• Use of blockchain decentralised features, businesses can target global

markets quickly and safely