Blockchain technology can be used for practical business purposes to establish an immutable audit trail for compliance with contracts and regulations.
- The audit trail can be used for regulatory compliance, compliance with a business contract, as well as for general traceability and provenance of goods.
- Because multiple parties can be blockchain participants, proactive auditing is possible by providing a node to the regulatory authority.
- In the future, government regulators could provide industry-vertical smart contracts that create proactive compliance and avoid millions of dollars in industry fines.
- Use cases, such as those involving food supply chain, logistics, automotive, and other highly regulated industries help to illustrate how blockchain technology can be applied to solve business problems.
How we can help
- Development of requirements documentation
- Helping discover your industry requirements for an effective blockchain network
- Discovery interviews and design thinking session to make sure the application is a fit
- Selection of blockchain platform, blockchain vendors, APIs/services
- Solutions infrastructure and architecture
- Planning of timeline and deliverables
- Development/integration with a secure front-end interface including mobile app
- Integration with backend systems
- Delivery of a proof-of-concept, prototype or minimum viable product
- Bringing the prototype to production