Blockchain framework  155

substantially saving the time for payment transfer as well as cost. For

instance, Ripple (XRP) is a start-up that has disrupted cross-border

payment market using blockchain. Ripple can transfer money glob-

ally with minutes rather than days. There are other blockchain tech-

nologies like CBDC that will digitalise fiat currency like GBP and

USD soon. One of the other initiatives was the launch of JPM Coin

from JP Morgan bank.

• Do we have a requirement to comply with data regulations like GDPR?

Any business which interacts with and stores customer data needs

to comply with various data protection laws regionally as well as

globally. One of the data protection laws is GDPR. Anyone who

does business in the European Union and stores PII data of European

Union citizens needs to comply with the law. There are hefty fines if a

business does not comply with GDPR. As per the GDPR, the follow-

ing is the summary of one of the biggest fines if the business does not

comply with the law:

Under the GDPR, the EU’s data protection authorities can impose

fines of up to up to €20 million (roughly $20,372,000), or 4% of

worldwide turnover for the preceding financial year—whichever is

higher.

• Do we have a need to securely share the full transactional history of

digital assets with multiple participants?

Businesses who need to provide transparency and audit of all digital

asset’s transactions to multiple parties and customers can significantly

benefit from blockchain. Blockchain can provide historical transac-

tion records that are trusted, verifiable and immutable to multiple

parties in real time. Businesses can substantially provide value addi-

tion to customers and multiple third parties in the network by using

blockchain.

• Does our strategy require to eliminate or reduce manual efforts for

reconciliation and dispute resolution?

Businesses who deal with multiple third parties and have to fre-

quently deal with reconciliation and dispute resolution activities

should review the use of blockchain. Blockchain adoption can assist

in reducing manual repetitive efforts with transaction reconciliation

and dispute resolution activities.

• Do we store the proof of digital assets ownership and are we account-

able for protecting it?

Any business with substantial footprint on digital assets needs to

protect and store the transactional records as well as ownership of the

assets. Blockchain can provide value addition by providing secure,

transparent, auditable and trusted technology to store the ownership

and transactional history of the digital assets (Figures 5.4 and 5.5).