What EY can do for you
Blockchain is a digital peer-to-peer asset transaction alternate, shared amongst a distributed community of computer systems, that may assist enhance the velocity of completion or settlement and enhance safety. It has the potential to streamline and speed up your small business processes, enhance safety towards cyber threats and scale back or eradicate the roles of intermediaries.
Blockchain can give you a compelling choice when information that ought to be saved collectively is fragmented on the supply or there may be an absence of knowledge safety. Some advantages of leveraging this know-how embrace information reconciliation, standardization and harmonization and diminished dangers.
Three key options of blockchain are:
1. Distributed ledger
- Each participant within the community retains a duplicate of all transactions
- Transactions are secured by encryption to forestall tampering
2. Consensus algorithm
- Nobody node or server is liable for approving transactions, resulting in genuinely distributed transaction processing
- Every entry is validated and recorded on all ledgers throughout the community
3. Good contracts/programmable ledger
- Transactions may be despatched with guidelines hooked up – small applications that govern when and the way transactions are processed.
Our strategy to blockchain begins with a maturity evaluation the place numerous service traces can assist the next enterprise developments:
- Creating organizational consciousness. The purpose of the primary section is to lift the extent of your consciousness, working collectively to determine blockchain potential.
- Performing a blockchain alternative evaluation. Throughout the second section, the main focus is on figuring out the areas of utility and use instances that will convey the very best added worth.
- Growing a change street map. Within the third section, we assist consolidate, prioritize and construct a multi-phase transformational street map.
- Supporting implementation. On this section, we assist you with the definition and implementation of proofs of idea, pilots and full-scale blockchain implementations built-in together with your group and its worth chain.
Have you ever thought-about these 5 questions?
- How can blockchain unlock worth in your group’s worth chain?
- How will blockchain have an effect on your group over the following 2, 5, and 10 years?
- What are the taxation and authorized implications of blockchain in your group?
- What are the limitations to organizations pushing off their blockchain agenda?
- What does product innovation appear to be in your firm?
Our Consulting group is right here that can assist you reply these necessary questions with higher solutions.
