The Business Benefits of Blockchain - Particularly in High Capital Industries

The business benefits of blockchain are clear and are increasingly becoming a key part of business strategies.  

The respected Forbes Technology Council recently listed 18 key blockchain business benefits.  They were:

1. Managing Global Supply Chain Networks

2. Enabling Digital Goods Portability

3. Tracking Vehicle Ownership Records

4. Maintaining Software Bill of Materials (SBOM)

5. Tracking Production and Consumption of System AuthorisationFacility

6. ‘Owning’ One’s Own Personal Identification

7. Enhancing Customer Loyalty Programs

8. Tracking and Verifying Carbon Credits

9. Opening Up Opportunities In Real Estate Investment

10. Maintaining Land Ownership Records

11. Migrating Consumer-Owned Assets Between DigitalWorlds

12. Improving User Engagement Through Non-Fungible Tokensand Adding New Financial Services

13. Verifying Product Authenticity

14. Self-Reporting Data Usage

15. Boosting App Developers’ Productivity

16. Improving Safety and Security in the Food SupplyChain

17. Improving Accessibility and Exchange of EducationCredentials

18. Enabling Easy and Secure Storage and Sharing ofPatients’ Medical Records

At Finboot we have found in recent months that highcapital industries like chemicals, steel, oil and gas and cement, are investingin technologies, like blockchain, to increase transparency and increase efficacy– in terms of moving to net zero and saving time / money – of their complex andmultinational and mult-territory supply chains. Blockchain is the ‘killer app’ in this space as it spotlights pinch pointsand highlights where efficiencies can be made.

Blockchain holds the key tobusiness becoming more sustainable and efficient.  It isextremely useful around ESG reporting as it provides untamperable data around thecircular systems businesses are moving towards and enables fully automated,greener, value chains.  It also protectsagainst industrial espionage, safeguards intellectual property, and preventsmoney laundering and bribery.  The latterbusiness benefits can be crucial in emerging markets.  

Since 2021 Finboot has been veryproud to work with the chemical giant, SABIC, to increase the circularity of theirsupply chain, reduce emissions, increase efficiency and save money.  In its third quarter 2022 report SABIC stated: ‘The [Finboot blockchain platform, MARCO] offers reduced costs, time and improved data integration for all value chain partners.’

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