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• Does our business require to store confidential information?

Some businesses need to store confidential information of custom-

ers. Specially in financial services, the business might be required to

store highly critical information like certificate of bonds or investment

records and so on. In these scenarios and business models, it would

be appropriate to assess the blockchain technology to provide trans-

parency, security and immutable audit of the information as well as

digital documents.

In this scenario, a private or hybrid blockchain (permissioned block-

chain) would be the best choice of blockchain technology.

• Is our business regulated by local and/or global regulators?

Any business under regulated industries has multiple requirements

to provide various reports and comply with risk, leverage, liquidity

and operational resiliency to protect the financial system of the coun-

try. Blockchain technology can provide various benefits for these use

cases. Companies should assess the use of private blockchain (permis-

sioned) for these kinds of use cases.

• Do we require to provide audit for transactional activities to

regulators?

Businesses under regulated industries need to provide various trans-

action audit reports to regulators locally as well as globally depending

on the business. There is a substantial value-addition creation of using

blockchain for these frequent and repetitive tasks. A private blockchain

with the regulator as one of the entities within the blockchain network

can substantially provide transparency and real-time reporting to the

regulators. This can also save significant operational cost to the business.

• Does our business have multiple globally dispersed entities and

departments?

Multi-national companies have multiple internal entities and inter-

departments within each entity. Usually there is a huge amount of

duplication and siloed activities within each entity as well as internal

departments within each entity. This is a huge burden on the budget

and resources, causing a lot of wastage. There are multiple transfor-

mational programmes to reduce the wastage of manual activities and

automate as much as repetitive tasks as possible.

Blockchain technology should be reviewed as part of every trans-

formational programme, trying to improve automation and reduce

the manual activities.

With these kinds of use cases, a private blockchain could be a good fit.

Type of consensus – consensus type decision tree

Blockchain technology provides various consensus algorithms. This can

be useful for various use cases. We have already discussed the types of