Blockchain

Create efficiencies in your company’s existing ecosystems by cutting costs needed for an expensive and inefficient layer of intermediaries.

The Need for Blockchain

While you may associate blockchain with cryptocurrencies like Bitcoin, cryptocurrencies are just one example of blockchain application. Blockchain is literally just a chain of blocks where each block contains digital information and every block in a blockchain is based on the data stored in a previous block. This means that blockchain data cannot be altered. It is possible to store data such as physical assets, purchases, ownership status, transactions, supply chain, warranties among others.

Syndrome Newedge can help you apply blockchain technology in different verticals within your organization. In supply chain management, we can help you track the origin, quantity and movement of goods, simplify transfers, and increase transparency and efficiency. Your accounting department may find it handy, as it can safeguard data from tampering, increase efficiency, and follow a highly traceable audit trail. Blockchain can be utilized for smart contracts, as they can automatically validate, sign and enforce contracts – a time and money-saving process that could eliminate the need for a mediator.

Benefits of Blockchain

Enhanced efficiency

Blockchain removes the need for intermediaries and that is one of the biggest reasons to adopt this technology, which not only reduces costs but also renders the whole process faster.

Advanced data security and protection

Blockchain technology has been proven to be safer than traditional payments. Each party banking on blockchain can access the entire database and its complete history. Your company is entitled to verification of records of your transaction partners directly; it doesn’t need any intermediary.

Traceability

Within your supply chain, you can trace where goods are residing at any moment. Such important information about the goods can be relayed from or to the new owner for any action.

Transparency

The system offers every detail to all the parties involved which leads to transparency and commercial trust between you and your partners. This leads to a healthier and stronger relationship between you and your customers.

Cost savings

When you involve a third party for your payments, it involves fees which lessen your profits. Blockchain eliminates the needs for a third party, reduces third party risks and saves money. You don’t need to bank on intermediaries like brokers, lawyers, and bankers.

Provides easy audit

There is a record of each and every transaction conducted on blockchain which is done sequentially and indefinitely, which extends an indelible audit trail for the life of an asset between you and your customers.

Assurance of quality

If any irregularity is found or detected anywhere along the chain, the system can take you to its origin point. This makes it easy for you to conduct investigations and take the actions required.

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Why Syndrome Newedge for Blockchain?

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Strategic ideation

We employ an efficiency team to analyse your company’s current ecosystems, while the experience team analyses all potentially relevant ecosystems. The two teams then map all the blockchain-enabled innovation opportunities for the different ecosystems.

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Portfolio development

Our experts create a portfolio of blockchain-enabled opportunities: the efficiency team identifies the innovations that will sustain existing products and services, and the experience team identifies disruptive innovations that could create new products and services to meet the growing customer demand for differentiating experiences.

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Assess impact

Our team will identify value by pragmatically and skeptically assessing impact and feasibility at a granular level and focusing on addressing true pain points with specific use cases.

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Prototyping and testing

We provide demonstrable proof of the value of these opportunities, creating and testing prototype products and services in an agile, lean development approach.

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Identification and implementation

Our experts help you identify and implement the opportunities that are shown to have the greatest benefits for your company and your ecosystem partners.