Blockchain is truly a wonderful technology and has revolutionized the way we store and share data. Blockchain is more efficient than most modern databases when we consider the features of immutability, transparency, security and decentralization offered by Blockchain.
We at Orange Mantra see the benefits of this technology and are developing Blockchain applications for our clients. We also provide training modules to enable our clients to smoothly transition to Blockchain. We also provide maintenance services to our clients since customer satisfaction is our utmost priority.
We develop Blockchain applications for various platforms to allow for mobility and an intuitive and easy experience to our clients.
Keeping A Check On Fraudulent Claims
Since the IDs on a Blockchain are thoroughly verified and each account is made secure using cryptographic coding techniques, we can help identify and bring down the number of cases of fraudulent claims in the insurance industry, where customers submit incorrect information from someone else’s account.
Eliminating Third-Party Intermediaries
By making use of Blockchain, we can successfully eliminate the need for third party financial institutions as Blockchain is based on a P2P (peer-to-peer) architecture wherein the transactions take place directly between the users without the need for supervision.
Since the records of all transactions made on a Blockchain network are visible to every connected user, we can bring more transparency to the transaction process which can result in a greater customer inclusion to various processes.
Ensuring Intra And Inter Departmental Communication
We can design and develop custom private and permissioned Blockchains to best suit the needs of our clients who wish to have a seamless intra and inter departmental communication process for following up on any of the tasks being executed by the organization.
Ensuring Data Integrity And Safety
We can ensure the safety of our data through Blockchain as the data once uploaded to the Blockchain cannot be edited or tampered with. Any new changes to existing records will have to be uploaded as a new record.
Reducing the transaction fees on cross border payments
Customers pay huge sums of money as transaction fee for making cross border payments. With the increasingly global world, making such payments is becoming costlier with each passing day. By implementing Blockchain, we can reduce the dependency on third-party intermediaries for international payments and bring down the amount paid as fees close to zero as Blockchain is based on a P2P architecture where all transactions are direct between the users without any interference from other parties.
Customers no longer need to wait for days to receive the confirmation for their transaction
With most banks and financial bodies, processing a transaction and receiving the confirmation takes a few days. We can use Blockchain to make payments to the recipient/vendor and receive a confirmation of the successful transfer of funds (on both the receiving and the sending ends) instantly.
Customers no longer need to be limited to the availability of banks or financial institutions in their area
Any user connected to the internet can become a member of the Blockchain network and can participate in the transfer of funds rather than visiting a bank or similar financial body for the same thus saving the customer a lot of precious time and money.
Vulnerability Of A Single Point Of Failure
In the case of most organizations, the data is store in a single location. With the number of cyber-attacks rising, a single storehouse of data is certainly not 100% safe from hacks. By making a shift to Blockchain, we can guarantee that our data is safe from being leaked onto the public domain as Blockchain is based on a decentralized structure where all the data is stored across all the devices connected to the network and not on one sever. Hacking a decentralized system is extremely resource intensive and mathematically, the probability of a successful attack is very close to zero.
No Supreme Authority
Most databases have an administrator who is placed in control of the data and is responsible for its safekeeping. This administrator might make changes to the data or leak it online and we might never know about it. Blockchain is based on a trust-less system i.e. no user is trusted with the responsibility of keeping the data safe and all the members are equally privileged when it comes to taking decisions regarding the database.
We can put a check on identity theft which has become a major concern for the public. Customer identities can be managed and made secure using Blockchain where the customers need only register once and provide references to their Blockchain ID rather than providing personal information for all purposes as the Blockchain ID is properly vetted and will stand as a valid identification proof.
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Improper enforcement of IPR
Data uploaded to the Blockchain is timestamped along with the digital signature of the uploader. Smart contracts ca be programmed to execute for the sharing of content with other users, ensuring that the content creators get credit for their work and receive payments in real time. The data shared is encrypted and can only be viewed by users who have paid for it. Even if the user who paid for the data tries to share it with other users, the data won’t be decrypted because of the cryptographic techniques used in the Blockchain source code.
This way, we can even help control the widespread piracy of content over the internet.
Involvement Of Third-Party Vendors
In the real estate market, there are a lot of dealers, brokers and other parties involved when you look for an apartment. By incorporating a Blockchain database, we can eliminate these intermediaries and make the dealings direct between the users. Blockchain will bring the owner/landlord and the customers to one platform for the dealings and will also help reduce the total expenditure on buying/selling an apartment as the customers will no longer need to pay other parties for their services.
Irregular Rent Payment
The most common problem stated by landlords was the irregular payment of rent by their tenants. This problem can be successfully dealt with by using Blockchain as we could program smart contracts to self-execute and automatically pay the rent on a date pre-decided by the tenant and the landlord each month.
Fraud Prevention/ID Management
After incorporating Blockchain, the customers will no longer be able to provide incorrect and misleading information to the landlords and home-owners when buying and selling property. Blockchain IDs could help in this case as thorough verification is done before uploading anything to the Blockchain and creating multiple identities from one user address is virtually impossible.