Last week, the Dragonchain HQ in Seattle received a number of important guests open to the potential of our hybrid blockchain platform and Blockchain as a Service. The group in question was a delegation of 22 executives from major Belgian companies, visiting the US as part of a trip organized by the ETION group. The ETION inspiration trip took the delegation to the offices of some of the top technology companies in Seattle, which included Microsoft and Amazon, in addition to Dragonchain. The Belgian delegation came to Dragonchain with the purpose of learning more about blockchain solutions and Blockchain as a Service, as well as how our technology could be applied to their existing systems. This group of Belgian business leaders represented a variety of industries, ranging from supply chain and manufacturing to information technology and retail, all sectors that have seen blockchain implementation.
Many members of the delegation were aware of blockchain technology, but had yet to be introduced to the finer points of how blockchain works. Another objective of the Belgian delegation was learning about the benefits of blockchain for businesses and its potential for integration with different use cases.
Reducing Operating Expenses through Blockchain
One of the main anchoring points Dragonchain provided for what blockchain can be used for involved lowered operating costs and lessened resource expenditure. The Dragonchain team illustrated these benefits through some of the following improvements that blockchain can help enable:
- Real-time traceability: By maintaining an accurate and up-to-date count of available and delivered products, businesses can eliminate the common and costly problem of overstock. In reducing the need to maintain a stock buffer, enterprise blockchain users are able to increase their working capital and operate more efficiently. Blockchain-based traceability can also allow for active changes to shipping routes in order to expedite the delivery of time-sensitive or perishable packages.
- Optimized use of containers: Smart contract capabilities and IoT sensors will allow businesses to improve the way that products are arranged into shipping containers. This can cut down on the margin of error in supply chain operations, optimize the amount of product per container and reduce the total number of containers needed in a shipment. These sensors can detect the amount of unused space in a container and use a smart contract to automatically charge for underutilized container capacity.
- Reduced theft and fraud: IoT sensors can also be used to monitor changes in the contents or route of a shipment, eliminating the guesswork if parts of an order go missing. By pairing these devices with the smart contract capabilities available through blockchain, businesses can receive an immediate alert if the contents of a shipment are tampered with before reaching their final destination. Because of blockchain’s immutable ledger functionality, businesses can trust that their records are accurate and resistant to tampering and can therefore pinpoint exactly when and where a product was stolen.
These are only some of the ways in which the use of blockchain can turn into savings for businesses. If we continue to look at supply chain, we see that blockchain implementation can reduce costs for supply chain businesses by an annual average of $198,000, according to a study from BCG. This is just one specific example of how blockchain can reduce operational costs; even if you are not in the supply chain industry, you can still save your business money through blockchain.
Factor-Based Identity and Blockchain Adoption
Some of the other topics our team discussed with the Belgian delegation were decentralized identity, privacy and integrating the Dragonchain Platform across different parts of a business model. The discussion surrounding Dragon Factor and the identity solutions possible through Dragonchain showcased the benefits of being able to control your own data and streamline processes surrounding credentials and authorization.
Another important subject covered in Dragonchain’s presentations was the means and possible first steps through which a company could begin to integrate our technology. In an effort to provide a comprehensive look at our Blockchain as a Service, our team not only highlighted the benefits of blockchain, but also demonstrated what an emerging blockchain business solution might look like. Dragonchain showed the delegation a model for blockchain implementation that not only looked at adoption within the business itself, but also took into account the way in which a blockchain solution would interact with partners of the company.
Our meeting with the Belgian delegation proved to be an informative and beneficial experience for all parties. The business leaders on the ETION inspiration trip learned about blockchain technology and the solutions offered by Dragonchain, while we gained valuable insights on the challenges, goals and considerations seen in multiple industries. We look forward to future collaboration with our new connections and the opportunities for mutual growth through blockchain. To learn how your business can benefit from blockchain implementation, check out our free Blockchain Project Planning Guide.