1. Industry Use Case Use case description How Blockchaincanbe
implemented?
Benefitof Blockchain
Financial
Services
Letterof Credit A bankhandlinglettersof credit
(LOC) wantsto offerthemtoa
widerrange of clientsincluding
startupsthat are "born Global"
but are currentlyconstrainedby
the costs involvedandthe time
to execute the transaction.
A commonledgerforlettersof
creditthat allowsthe bankandall
counter-partiestohave the same
validatedrecordof transaction
and fulfillmentof conditions.
1. Increasedtrust
2. Increase speedof
execution to<1 day
3. Vastlyreducedcost
ClientOnboarding/
KnowYour Client
ClientOnboardingisthe process
by whicha marketparticipant
determineswhethertodo
businesswithacounterparty.
Thisis bythe detailed
examinationof relatedrisks. A
keypart of ClientOnboardingis
Knowyourcustomer(KYC). KYC
isthe processusedbya business
to verifythe identityof their
clients.
Blockchainstoresthe verified
digital identityof customers,
updatedeachtime KYC checks
are re-run. Thiscouldbe shared
withinagroup of banks,or
eventuallywithinGovernment
run informationhubs.
1. Banksin grouphave rapid
access to validated
customerdocuments.
2. Newclientaccountscan
be openedmore quickly,
leadingtoquicker
depositsandrevenue
generation&reduced
costs of acquisition.
3. Improvedcustomer
satisfactionthrough
bureaucracyreduction
TradingPlatform Financial Services(Trade
Financing,P2P Marketplace,Any-
to-Any Marketplace,Consortium
networks)
BlockchainbasedTrading
platformnotonlyforprivate and
publicequitiesbutalsoforother
tradingof goodsand services.
These platformscanalsoembody
embeddedcontracts.Using
Blockchaintechnology,
individualsandfirmscan produce
and exchange financial contracts.
Thispeer-to-peercontract
creationandsettlementmeans
that all transactionsare cleared
on the private or inter-ledger
1. Reducedcostof
compliance,simplified
stack of processes, and
easyauditingof
transactions.
2. Lowercost of creating
contracts and
settlementssince there
are no intermediaries.
2. Blockchainwithnointermediary
involved.
Healthcare ElectronicMedical
Records
ElectronicMedical recordsare
currentlymaintainedin data
centers/cloudlike environment
and accessis limitedtoHospital
and care providernetworks.
Centralizationof suchmakesit
vulnerable tosecuritybreachand
can be expensive.
Patientdatacan be storedona
blockchainnetworkwithmulti-
signature addressforeachEMR.
The Owneri.e.the patientcanbe
providedwithPrivate keyanda
multi-sigaddress andeach
hospital/healthcare providehave
theirownprivate keyandmulti-
sigaddress.Patience canchose to
grant access andpatientrecord
wouldneed2signatures
(principlesof multisig) toaccess
the data.
1. Improvedvisibilityto
patientsonwhohas
access to theirdata.
2. Cost reductionin the
hospital andprovider
networkfrommassive
compliance costs
associatedwithEMR.
Insurance Smart Insurance
Contracts
Insurance contractstoday are
cumbersome toreadand require
lawyersandotherintermediaries
to be involvedforapplication,
enforcementandregulation.
Contract conditionscouldbe
storedas smart contracts ona
blockchainnetwork.Thissmart
contract can be executed
automaticallybasedonanevent
trigger(forexample,medical
emergency,flightdelays,
accidents,etc).
1. Quickand easy
settlementwithno
overhead
2. Highlyefficientand
automatedexecutionof
insurance contracts.
Government SimplifiedTender
Process
Governmentpublictendersare
subjecttomany differenttypesof
fraudand several layersof
oversightisrequiredwhichadds
cost and time inmaking
decisions.
A blockchainsolutionwould
introduce aconfidential bid
processthat iscompletely
transparentto all parties.
Companieswouldbe allowedto
submitexactlyone encryptedbid
priorto the tenderdeadline.
Once the deadline hasbeen
reached,the companieswould
submitkeystounlocktheirbid.
The keyscouldbe submittedto
1. Many typesof fraud are
preventedasdescribed
above.
2. A court can obtainaccess
to the securelysubmitted
bidsto enable judgement
if the evaluationprocess
was done accordingto
the rules.
3. The entire processcan be
auditedsince all
3. the governmentonlyinwhich
case the bidsremainconfidential,
or to all parties.
transactionsare part of
the blockchainledger
that cannot be
manipulated.
