154  Blockchain

• Do we have to provide business transactional activity reporting to

regulators?

As part of the regulated companies, especially, financial services

need to provide reporting frequently. For instance, investment banks

need to provide a daily report to regulators for liquidity and risk.

Blockchain can add value by facilitating the reporting in real time and

bring substantial cost savings and transparency as well as keep the

regulators happy.

• Do we interact with non-trusted third parties?

Blockchain technology has in-built functionalities to provide trans-

parency, immutable logging of the transactions, historical reporting

and more importantly providing all these features with security as the

topmost priority.

Businesses can add value where there are multiple parties within

the blockchain eco-system. Blockchain can improve the workflow of

the transactions and use cases even if the parties do not trust each

other by using the features of consensus algorithms like Proof of Work

(PoW), Proof of Stake (PoS) and Proof of Authority (PoA).

• Do we have transactional workflow such as transfer of digital infor-

mation and/or assets between multiple parties?

Businesses with a high percentage of digital assets within their busi-

ness model can benefit from blockchain technology. Blockchain tech-

nology offers multiple functionalities to facilitate the completion of

digital asset transactions quickly and securely. Blockchain features

like tokenisation, coins, NFT, digital identity, audit of all records,

immutably and so on are some of the value-addition features.

• Do we have an existing or future strategy for digital transformation?

There has been a shift in customer choice and taste with respect

to online shopping. There has also been a disruption of digitalisa-

tion and globalisation. The world has become reachable through the

Internet, and online activities have taken a major positive shift. Most

of the companies now have an online presence or are shaping up their

strategies for digitalisation of their business offerings. The COVID-

19 pandemic has also taught all of us the value of Internet. Businesses

without any online presence have significantly suffered, and some of

them have also gone out of business. Businesses with digital transfor-

mation should carry out a feasibility study of blockchain and see if it

can create value addition or competitive advantage for them.

• Does our business model involve transferring funds globally?

Businesses that are involved with transferring the funds glob-

ally must bear the commission costs for foreign exchange as well

as commission from multiple intermediaries. The whole cross-

border payments can also take a substantial amount of time like

2–3 days. Blockchain can provide value addition to the businesses by