Ocyan's services are modular components for deploying decentralized applications. With such building blocks, here we describe some uses cases that can be implemented.
How Distributed Ledger Technology (DLT) is Driving innovation & collaboration
One of the most promising aspects of blockchain technology is its capacity to reduce friction and make it easier for parties to interact and engage with trust and transparency.
The impact of Blockchain & DLT doesn’t just extend to the external edges of a any financial firm, but it also reaches within. While the industry is shifting to use DLT as the single source of truth, you still need to deliver the necessary integrations as backwards compatible as well as thinking about how they will enable future capabilities and business models.
The value that Ocyan provides to your decision in integrating with a decentralized network, is the ability to inter operate your cloud infrastructure, applications and infrastructure between any setup DLT setup.
Through Ocyan, you are receiving the services of a platform, that builds the connections between your local-managed nodes, with your applications. Offering a standardization of API, data structure, monitoring, logging and data indexing.
Becoming more agile
If you want to ensure trust in the supply-chain of your products, blockchain can be at the center as a key enabler. Blockchain can help manufacturers circumvent the intermediaries that lie between their brand and their customers, giving them more control over presentation and pricing.
The blockchain is not just a repository of data, it can be used to drive valuable analysis, It can tell you not to take delivery of this particular consignment of fresh produce or take it at a discount and sell it quickly because based on the chain of custody information in the blockchain, it shows it was sitting in the dock beyond its freshness window.
The implications for reducing the frequency and cost of recalls is obvious. Being able to quickly identify the source of a damaged component of your product, might in turn enable consumers to find out if their purchases were among a bad batch. As supply chains are currently configured, it can take a week or more to track the source in a supply chain that has been affected by a fault.
Five key Points
- Reconsider operating models
Blockchain offers an opportunity to change the way you run your supply chain, to achieve efficiencies and savings.
- Link up your supply chain.
Blockchain can connect many third parties in a secure, trusted way, making it easier to track items and interact with suppliers.
- Benefit from data analysis.
Use the detailed data blockchain provides, such as spoilage rates and location of products, to help drive business decisions.
- Improve visibility.
Blockchain can help build trust between retailers and customers, offering evidence of provenance, as well as stopping counterfeits.
- Collaborate with partners.
Form consortiums to build blockchains that are big enough in scale to be effective.