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Commercializing Blockchain: Strategic Applications in the Real World

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Commercializing Blockchain: Strategic Applications in the Real World

Antony Welfare

ISBN: 978-1-119-57803-1 July 2019 352 Pages

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Description

The accessible, non-technical guide to applying and benefiting from blockchain technology.

Blockchain has grown at an enormous rate in a very short period of time. In a business context, blockchain can level the playing field between small and large organisations in several ways: Exact copies of the immutable, time-stamped data is held by all parties, all transactions can be viewed in real time, data blocks are cryptographically linked, all raw materials are traceable and smart contracts ensure no middle-men, ease of audit and reduced friction. The trust, transparency, security, quality and reduced costs of blockchain make it a game-changing technology that crosses sectors, industries and borders with ease. Even though the technologies are ready for adoption, businesses remain largely unaware of their full potential and effective implementation. End users require accurate and up-to-date information on the practical applications of blockchain — Commercializing Blockchain provides it.

A practical and easy-to-understand guide to blockchain, this timely book illustrates how this revolutionary technology can be used to transform governments, businesses, enterprises and entire communities. The author draws from his experience with global retailers, global technology companies, UCL Centre for Blockchain technologies, the government of the UK, Retail Blockchain Consortium and many other sources to present real-world case studies on the use and benefits of blockchain. Topics include financial transactions, tokenisation, identity management, supply chain transparency, global shipping and freight, counterfeiting and more. Provides practical guidance for blockchain transactions in business operations

  • Provides practical guidance for blockchain transactions in business operations
  • Demonstrates how blockchain can add value and bring increased efficiency to commercial operations
  • Covers all of the essential components of blockchain such as traceability, provenance, certification and authentication
  • Requires no technical expertise to embrace blockchain strategies

Commercializing Blockchain: Strategic Applications in the Real World is ideal for enterprises seeking to develop and deploy blockchain technology, particularly in areas retail, supply chain and consumer goods.

About the Author xiii

About the Contributors xv

Foreword xxi
Damien Moore

Foreword xxiii
Paolo Tasca

Preface xxvii

Introduction 1

Commercializing Blockchain 1

Antony Stores Group (ASG) Retail Business Illustration 2

Real-World Enterprise Level Use Cases – Financial Services, Retail, Supply Chain, and CPG 2

Who Will Benefit from Reading Commercializing Blockchain? 2

Antony Stores Group (ASG) Illustration 3

ASG Background 3

History of ASG 3

ASG Challenges and Pain Points 5

1 Introduction to Blockchain Technology 7

Blockchain Technology Definition 7

What Are the Reasons Why We Have Blockchain Technology? 8

The Internet and Blockchain 8

The ‘Trustless’ World 8

Blockchain: The Internet of Value 10

Blockchain has Five Important Characteristics 10

1. Blockchain for Truth and Trust 11

2. Blockchain for Transparency 11

3. Blockchain for Security 12

4. Blockchain for Quality and Certainty 13

5. Blockchain for Efficiency 13

Blockchain Regulation and Global Trade 14

Other Important Blockchain Benefits 29

Blockchain Theory for Good 29

Blockchain and Diversity 30

Blockchain for All Types of Organization 32

Blockchain for New Business Models 32

Example: The DAO – Decentralized Autonomous Organization 33

New Blockchain Companies 34

Blockchain Is Not a Verb! 34

2 Types of Blockchain 37

Differences to a Database 44

Consensus and Blockchain 45

ASG Consensus Example 55

Current Blockchain and DLT Ecosystems 56

Current Blockchain and DLT Ecosystem Summary 66

3 Enterprise Blockchain 67

Enterprise Blockchain and Trust 67

Characteristics of Enterprise Blockchain 68

Why Use Enterprise Blockchain? 68

Where to Use Enterprise Blockchain Technology 69

The Next 20-Year Transformation 70

Total Business Transformation Led by Blockchain Technology 70

Improved Working Together 71

Basics of an Enterprise Blockchain 71

Blockchain and ERP: The Future of the ‘Back Office’ – ERP 2.0 72

Can Blockchain Technology Supercharge ERP? 73

What Can Blockchain Add to ERP? 73

Blockchain and Planning 74

Blockchain and Analysis 74

How Blockchain Technology Can Transform Forecasting and Planning 75

Use Case: Blockchain and Intercompany 76

ASG Intercompany on Blockchain Example 80

Enterprise Blockchain Summary 82

4 What Does Blockchain Solve? 83

Trust 83

Transparency and Openness 84

Immutability 84

Transactions Automation – Smart Contracts 85

‘Why Blockchain Will Be Transformative’: Looking at the History of Contracts through to Present Day Usage 85

New Business Models and Opportunities 98

MonoChain: A Blockchain Start-Up Building the Circular Economy 99

5 Blockchain Powering the New Marketplace Model 107

A Fundamental Foundation: Marketplaces Built Using Blockchain Technology 107

Marketplace for Anything 108

Decentralized Utopia – Reality or Dream? 109

Example of a Product Marketplace: Replace Amazon, eBay, or Alibaba 110

Example of a Service Marketplace: Replace Uber or Airbnb 110

Real Use Case: Blockchain Product Marketplace – OpenBazaar 111

Real Use Case: Blockchain Marketplace to Replace Uber – EVA 111

Summary 112

6 Where Can Blockchain Technology Be Applied? 113

Industries 114

The Retail and Supply Chain Industry 114

Cryptocurrencies 115

Identity Management 115

Loyalty 117

Gift Cards 117

ASG Gift Card Blockchain Example 118

Warranty Management and Refunds Management 119

Improved Sourcing 120

Inventory Management and Returns Management 120

ASG Inventory on Blockchain Example 121

ASG Returns Blockchain Example 122

Supply Chain Industry (Including Brands, Consumer Products, and Manufacturers) 123

Supply Chain Transparency 124

Global Shipping and Freight 124

Certification and Authentication 125

Traceability 126

Provenance 127

Counterfeit Products 128

The Finance and Financial Services Industry 128

7 Blockchain Adoption 161

How Will Blockchain Be Adopted? 161

Blockchain Adoption: The User Interface 161

Smartphone as ID 162

QR Code World 163

Real Use Case: HTC Launches a Blockchain Smartphone in December 2018 163

Blockchain Adoption: The Understanding of Blockchain Technology 164

Blockchain Adoption: The Killer App for Blockchain 166

Blockchain Adoption: Daily Life Use Cases 166

Blockchain Adoption: Winning Business Models 167

8 First Use Cases 169

History of Bitcoin 169

Cryptocurrency and Crypto Assets 172

How Are Crypto Assets Classed? 172

ICO – Initial Coin Offering 174

ICOs Often Raise Money via Crypto 174

Why Use an ICO? 175

STO – Security Token Offering 176

What to Look for in an ICO/STO 176

Tokenization 177

Tokens for Liquidity 177

Tokens for Globalization 178

Tokens for Global Commerce 178

Tokens for New Assets 178

Tokens Take Us Beyond Money 179

Benefits of Tokenization 184

9 What Makes It Work? Blockchain Best Practice 185

Consensus 185

Governance 186

Agile and Iterative Approach 187

Solution Driven 187

Collaborate 188

Teams Need to Be Fully Bought In 189

Open-Minded to Everything 189

Learning Mentality 190

Blockchain Best Practice Summary 190

10 How to Commercialize Blockchain/Reach Its Potential 191

Blockchain Is a Network Play 191

Real Use Case: Retail Blockchain Consortium 192

Mission and Vision 192

How You Benefit by Joining RBC Executive Forum? 193

Real Use Case: UK Government APPG Blockchain 193

Blockchain Business Case 194

Benefits of Implementing Blockchain Technology 195

Efficiency Gains of Blockchain Technology 196

Revenue Growth with Blockchain Technology 198

New Business Growth Powered by Blockchain Technology 200

Blockchain Technology Benefits Realization 202

People and Process Transformation 203

Principles of Transformation 204

Example Blockchain Implementation Plans in Retail 206

ASG Provenance Tracking Example 206

How to Commercialize Blockchain Summary 208

11 Risks of Implementing Blockchain Technology 211

Change – Inertia of People 211

User’s Adoption 212

Scale and Complexity 213

Standardization 213

Government 214

The Control Structures Around the World aka “The 1%” 214

Regulations 215

Millennials and Younger Generations 216

Ignorance 216

Quantum and New Technology 217

12 Blockchain Is Better When Used with Existing and Other Emerging Technologies 219

IoT, AI/ML, RPA, Blockchain, AR, VR – Emerging Technologies 220

How Blockchain, AI, and IoT Work in Harmony – ‘ABot’ 220

Use Case: Emerging Technologies Working Together in Retail 225

Use Case: Waltonchain for Provenance 226

Use Case: Convergence of Blockchain, IoT, and AI for Successful Provenance Solutions 227

13 Future of Blockchain 251

What Will Blockchain Technology Look Like in 2025? 251

New Business Models Examples: 254

The Circular Economy Powered by Blockchain 254

Use Case: Auto Industry and Blockchain Technology 258

The Future of Blockchain – Contributors’ Views 259

Future of Blockchain – Paolo Tasca 259

Future of Blockchain – Chris Wing 262

Future of Blockchain – Nikhil Vadgama 263

Future of Blockchain – Marta Piekarska 264

Future of Blockchain – Peter Bambridge 264

Future of Blockchain – Areiel Wolanow 265

Future of Blockchain – Carlos Vivas Augier 267

Future of Blockchain – Vikram Kimyani 267

Future of Blockchain Summary 268

14 Use Cases in Real World – 2019 highlights 269

Financial Transactions 270

Financial Transactions Benefits and Outcomes 271

Financial Transactions Examples 272

Cryptocurrencies 273

Tokenization 274

Tokenization Benefits and Outcomes 274

Tokenization Examples 274

Identity Management 276

Identity Management Benefits and Outcomes 277

Identity Management Examples 277

Loyalty 280

Loyalty Benefits and Outcomes 280

Loyalty Examples 281

Gift Cards 281

Gift Cards Benefits and Outcomes 282

Gift Cards Examples 283

Coinbase Introduced e-Gifts after Gaining an e-Money Licence from the FCA in the UK 283

Warranty Management 283

Warranty Management Benefits and Outcomes 283

Warranty Management Examples 284

Refunds Management 286

Refunds Management Benefits and Outcomes 286

Refunds Management Examples 287

Global Shipping and Freight 288

Global Shipping and Freight Benefits and Outcomes 288

Global Shipping and Freight Examples 290

Improved Sourcing and Procurement 291

Improved Sourcing and Procurement Benefits and Outcomes 292

Certification and Authentication 292

Certification and Authentication Benefits and Outcomes 293

Certification and Authentication Examples 293

Inventory Management 295

Inventory Management Benefits and Outcomes 295

Traceability 296

Traceability Benefits and Outcomes 297

Traceability Examples 298

Provenance 300

Provenance Benefits and Outcomes 301

Provenance Examples 301

Counterfeit Products 303

Counterfeit Products Benefits and Outcomes 303

Counterfeit Products Examples 304

Retail Blockchain Consortium 307

About the RBC 307

Mission and Vision 308

How Will You Benefit from Joining? 308

Get Involved – Join the Executive forum 308

Index 311