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Blockchain stands as a certified layer for registering immutable, certain and indisputable information records.
By certifying customer digital identities and attributes, blockchain could streamline Know Your Customer (KYC) verification activities.
Smart contract technologies allows for shared business rules and automatic business execution among different stakeholders.
Blockchain stands as a certified layer – or single source of truth – for registering immutable, certain and indisputable information records. Indeed, blockchain notary capabilities could apply to both digital and physical assets, e.g.:
The Know Your Customer (KYC) verification process is typically associated with financial services subscriptions, such as opening a bank account or purchasing an insurance product. In particular, this type of verification allows service providers to:
Nick Szabo was the first to formalise the idea of smart contracts in 1993, as a protocol used to facilitate, verify and execute a contract. With the introduction of blockchain technology, the definition of smart contracts as blockchain-based software applications which do not necessarily require human intervention for their execution became established.
In fact, smart contracts are able to operate autonomously. In addition, being part of the blockchain, they cannot be altered (they can only be modified if the change is required by the contract itself). Similarly, their execution cannot be influenced, as the smart contract will always be executed according to its specific rules, which are stored in the blockchain.
Financial services are by far the most advanced industry in terms of blockchain exploration with both independent and consortium initiatives.
Insurance companies are in the ‘peak of inflated expectations’ phase referring to Gartner hype classification.
Healthcare companies are starting to see the potential of the emerging technology, with a wide set of possible applications envisioned.
Blockchain has the potential to be combined with contracts technologies to drive significant innovation in the Energy industry.
Traditional telecoms providers are yet to embrace Blockchain, however Blockchain could offer new monetisatable services for their customers.
Within the Retail industry, the Blockchain paradigm can impact and disrupt a wide range of processes, from Supply Chain Management activities to Sales and After Sales Services.
Blockchain technology has the possibility of enabling service categories and home automation with the Property industry.
Property: a Blockchain accelerator manages the change of property ownership, in other words the transfer of ownership of any digital or physical asset (e.g. vehicles, equity, houses, etc.). Through the registration of a transaction in the Blockchain register, the identity of the seller and the buyer, the unique identifier of the asset and the time stamp associated with the transaction are guaranteed and cannot be modified.
Voting: in contexts that require a high level of transparency and security, such as voting in public ballots (e.g. to express a preference in a survey), the Blockchain technology relies on crypto currencies to guarantee both the legal certainty of the vote and the transparency of the process.
Ticketing: ticketing and couponing systems are highly complex. Furthermore, the risk of distributing counterfeit tickets is a major problem even for the more advanced and modern systems. Through the use of a web platform that exploits the specific features of Blockchain technology, it’s possible to create a secure and interoperable couponing/ticketing solution that still ensures the best possible end user experience.
SDN Security: the rise of Software-Defined Networks means that there are new ways for hackers to enter a network or system. Securechain is the solution that introduces security gateway into SDN, whilst creating a forensically auditable and unchangeable log of events. Securechain is built on the Ethereum Blockchain.
Secure Authentication: Authentichain is a new authentication system developed using Blockchain Technology. With Authentichain, it is possible to manage a private network of smart devices that are mutually authenticated and verified. It is also possible to easily extend the network and connect it to other networks (e.g. service providers, specialised technical support, etc.) while guaranteeing the actual identity of the parties involved and the traceability of access.
Insurances: over the years, complexity and costs related to the management of insurance processes have undermined the profitability of companies and inhibited the distribution of innovative insurance products. Insurechain is a solution that facilitates the automation of premium calculations, the management of appraisals and the settlement of certain types of claims, ensuring end-user transparency.
IoT (Internet of Things): things rely on the use of the Blockchain technology to manage the authentication and integrity of messaging between themselves, in order to guarantee the use of a safe and reliable IoT network.
As the news stories around blockchain increase at a furious rate, it can be hard to separate the hype from the reality. This is especially true as the majority of the working use cases are still in finance and many of the other existing startups tend to be very specific and too early stage to report anything concrete. Reply provides perspective on the future of blockchain usage.
Blockchain triggers a disruption that resembles the development of the Internet. Blockchain could revolutionise how contracts are concluded, how bank transactions are processed, how rights (copyrights, etc.) are managed or how day books are handled.
The article explores at a high level the technology and application of blockchain, and some of its endless potentials. As we are living in times where the word ‘trust’ plays a vital role, blockchain can be considered as today’s revolution, the beginning of a new era. It is the gap-filling answer: a reliable solution that helps two or more parties to connect and trust each other directly, able to link individuals no matter of their distances and cultural backgrounds.
Reply takes part in the Digital Finance World Forum in Frankfurt on 1- 2 March 2017, a two days dedicated to the hottest information about Blockchain, bitcoins, Big Data and the Internet of Value.
On Friday 30 September 2016, Reply hosts an event, dedicated to Blockchain Applications in a clear framework of business innovation. The event takes place at Sefton Hotel, Isle of Man.
Cluster Reply and Leadvise Reply in cooperation with Microsoft organize the Blockchain Business Summits 2016 at the Microsoft Offices in Cologne (28 Sep), Munich (6 Oct) and Hamburg (2 Nov), offering the opportunity to get in contact with leading Blockchain strategists, architects and developers and to discuss topics of individual interest.
On Tuesday 24 May 2016,
Reply hosts an Executive Meeting dedicated to
Blockchain Applications for different industries: Banking, Telco and Retail. The event takes place at Firmdale Covent Garden Hotel,
On Thursday 12 May 2016,
Reply hosts an Executive Meeting, dedicated to
Blockchain – Bitcoin in a clear framework of business innovation. The event takes place at Le Royal Hotel & Resort, Luxembourg.
Every so often a technology concept appears, seemingly out of nowhere, that might be said to challenge the existing paradigm. The latest new idea to start filtering into the IoT community’s collective mind involves the application of Blockchain technologies to the IoT/M2M world. Matthew Coward, Manager at Sytel Reply, explains how Reply is defining and leading the relationship between the blockchain and IoT.
The Blockchain has begun to disrupt not only the financial sector, but also the telecommunications sector. Using Reply’s expertise in the
Blockchain technology and
Software Defined Networking,
Sytel Reply has created a brand new and powerful system, Securechain, to provide security, scalability and auditability to future networks.
Blockchain technology’s potential in changing the banking processes has created a dilemma for financial institutions uncertain of how best to use the exciting new technology. The article is focusing on the aspects that will be positively affected by the adoption of the
Blockchain technology. The feature displays the voice of the most prominent experts of the field, including Fausto Jori, Partner at
e*finance consulting Reply.
Reply presents the first accelerators based on the Blockchain technology, developed by the company’s Competence Centre in Europe. The Centre consists of highly skilled professionals able to support the Fintech industry through their understanding and analysis of the potential offered by the Blockchain technology, and thanks to the experimentation of these new technologies through accelerators that enable the development of expert business solutions.