DLT TECHNOLOGY: BLOCKCHAIN

DLT TECHNOLOGY: BLOCKCHAIN

A blockchain is, in general, a database that is distributed among different participants, cryptographically protected and organized into blocks of transactions related to each other mathematically. In short, a decentralized database, which cannot be altered.

A fundamental element, in the Blockchain, is that it is a system that allows parties that do not fully trust each other to maintain a consensus on the existence, status and evolution of a series of shared factors.

The consensus is one of the keys of the blokchain, because it is the foundation that allows all the participants in it to be able to trust the information that is recorded in it. This is a fundamental aspect to transform many business sectors.

A blockchain is composed, mainly of three parts:

1.- Cryptography: A procedure that, using an algorithm with a key (encryption key), transforms a message without attending to its linguistic structure or meaning, in such a way that it is incomprehensible, to any person who does not have the secret key ( decryption key) of the algorithm used.

2.- The blockchain or blockchain: database designed for the storage of records made by users. All blockchain must act under the same protocol rules to validate the block, and the information collected and incorporate it into the blockchain.

3.- A consensus: The consensus is based on a common protocol that verifies and confirms the transactions made, and ensures their irreversibility.

The blockchain potentially creates new opportunities to generate greater commitment among companies, their suppliers, customers, regulators and competitors to interact within a distributed system built to boost the efficiency of the value chain and reduce costs.

We offer a range of digital-technology consulting services that cover the entire value chain of the blockchain strategy for a company.

METHODOLOGY

1.- Blockchain business strategy

2.-Blockchain pilot test

3.-Design of Blockchain solutions

4.-Direction and governance of the Blockchain solution

5.- Optimization and monitoring of the Blockchain solution

1.- Blockchain business strategy

The BusinessGoOn blockchain analysis helps companies identify opportunities for blockchain initiatives in all business units, their customers, as well as suppliers and regulatory stakeholders.

BusinessGoOn’s extensive experience in business process engineering allows us to help companies imagine their main operations and use blockchain solutions that drive the best business results in costs, efficiency and process quality.

Analyze and identify opportunities in the value chain of companies.

Perform an evaluation of the opportunities detected and prepare the appropriate Blockchain.

Analyze operational risks and the impact on the company’s business, the implementation of Blockchain technology

Design the company’s Blockchain strategy, the necessary action plan and the subsequent implementation and monitoring.

2.- Blockchain pilot test

BusinessGoOn uses its own methodology to evaluate the impact of the Blockchain in the key operational areas of the company and thus demonstrate the potential value of the implementation of the business block chain through the systematic implementation of strategic Blockchain pilots.

The BusinessGoOn experience allows us to evaluate, explore, analyze and effectively direct the implementation of the Blockchain, not only in the company, but in multiple stakeholders throughout the company’s value chain.

Analyze, identify and select Blockchain pilot tests.
Analyze, evaluate and select the set of necessary Blockchain tools, as well as, the right partners for implementation.
Test, the veracity and reliability of the Blockchain pilot tests.
Check the correct implementation of the Blockchain pilot tests.

3.-Design of blockchain solutions

BusinessGoOn analyzes and evaluates the capacities of the different providers of technological-digital services, the level of interest of the ecosystem partners, identifies the possible implementation risks and obstacles.

As well, BusinessGoOn will provide a Strategic Road Map to minimize the risks of transition and integration that align the interests of the main stakeholders to help achieve the optimal results, in the required Blockchain solution.

BusinessGoOn helps companies identify which existing key public blockchain platforms, consortia and external associations should be integrated as part of their strategy to boost additional organizational value.

Analyze and select blockchain implementation opportunities in the company
Design of a Blockchain business solution that covers and integrates people, processes, business and technology operational models
Analysis of risks related to legal compliance, regulatory standards and cybersecurity.
Creation of a risk mitigation plan.
Design of a Blockchain implementation action plan.

4.- Management and governance of the Blockchain solution

The government and management of Blockchain, BusinessGoOn provides end-to-end implementation and ecosystem development support required to ensure the execution of blockchain initiatives.

BusinessGoOn ensures that service providers, internal stakeholders and partners comply with the services committed, and that the solution is implemented as designed, and that the desired milestones and KPIs are met.

Design, development of the Blockchain business solution and its implementation.
Provide support in the execution of Blockchain implementation.
Perform change management in stakeholders and coordinate decisions between them.
Design and develop a Framework for the joint management and governance of the Blockchain solution.

5.- Optimization and monitoring of the Blockchain solution

BusinessGoOn, as the Blockchain ecosystem evolves and grows, can work with key internal and external stakeholders, redefine the main management and governance criteria and allow for changes in implementation that allow maximum profitability for ecosystem stakeholders, and that the desired milestones and KPIs are met, as well as, with the return on investment.

BENEFITS

  • Disintermediation: Two parties can make an exchange without the supervision or intermediation of a third party, reducing or even eliminating the counterparty risk.
    Greater security and confidence. Blockchain builds an environment of trust in which the exchange of data is carried out through encrypted and encrypted operations, which allows to safeguard data exchanges and ensure the safety of all involved.
    Users enabled: Users have control of all their information and transactions.
    High quality data: Blockchain data is complete, consistent, timely, accurate and widely available.
    Durability, reliability and longevity: Due to decentralized networks, blockchain does not have a central point of failure and is better able to withstand malicious attacks.
    Process Integrity: Users can trust that transactions will be executed exactly like protocol commands that eliminate the need for a trusted third party.
    Tracking and Traceability. Each block in the chain stores information and the blocks are linked to each other. Thanks to this, organizations can track information more easily and process history permanently. This creates a traceability mechanism that can help organizations to keep track of any transaction.
    Transparency: Changes in public blockchains are publicly visible by all parties that create transparency, and all transactions are immutable, which means that they cannot be altered or eliminated.
    Simplification of ecosystems: With all transactions that are added to a single public ledger, the disorder and complications of multiple ledgers are reduced.
    Higher Speed The absence of a central authority or intermediaries makes the information available to all participants of the on-site network. The simplification of the data transmission process inherently involves greater speed in the management of any information, which allows companies to act faster. Blockchain transactions can reduce transaction times to minutes and are processed 24/7.
    Lower transaction costs: By eliminating third-party intermediaries and general expenses for the exchange of assets, blockchains have the potential to greatly reduce transaction fees. The direct relationship between the systems and devices of the companies, through this technology, allows to automate the execution of the processes.

SECTORS

OTHER SERVICES