{"id":16478,"date":"2021-10-31T13:24:14","date_gmt":"2021-10-31T07:24:14","guid":{"rendered":"https:\/\/bbf.digital\/new\/?p=16478"},"modified":"2025-07-20T11:52:33","modified_gmt":"2025-07-20T05:52:33","slug":"blockchain-insights","status":"publish","type":"post","link":"https:\/\/bbf.digital\/new\/blockchain-insights","title":{"rendered":"BLOCKCHAIN INSIGHTS"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Many of us hear about blockchain and cryptocurrencies like bitcoin everywhere nowadays. Very high load of search topics in Google in Bangladesh tends to move to blockchain and whether bitcoin is legal in Bangladesh. So, a thought arises, what is the hype surrounding blockchain?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Blockchain technology itself is nothing entirely new, it combines existing technologies like an age-old concept of a recording book that we use to keep track of our income and expenses or in business an account book to keep track of the money. Blockchain is just the digital version of it with some enhancements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When searching for blockchain we get some technical terms like decentralized, distributed and record that are connected using cryptography. This basically means that the recording book we already have talked about is not maintained by one single person or a company, rather it&#8217;s shared between multiple people in a network and secured and public (depends on the users).<\/span><\/p>\n<h1><span style=\"font-weight: 400;\">Blockchain\u2019s Use in Industry:<\/span><\/h1>\n<p><span style=\"font-weight: 400;\">From the last few years major research and development is going on producing and developing uses of blockchain. It&#8217;s visible in many sectors of our society. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial Services: Banking, Stock<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial services<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Banking<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Stock trading and hedge fund<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Crowdfunding<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Crypto Exchange<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Will and inheritance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Accounting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Loan and credit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Insurances<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Travel &amp; mobility<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Automotive manufacturing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Car Leasing and sales<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Ride-hailing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Trucking<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Aerospace and defense<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Air Travel<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Hospitality<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Infrastructure<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Industrial IoT<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">3D printing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Construction, Architecture and building<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Real Estate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Energy Management<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Healthcare<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Health information exchange<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Claims management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Pharmaceuticals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Research and Clinical trials<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Public sector<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Govt. and Public records<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Voting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Gun tracking<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Federal Mail<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Law Enforcement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Public Transportation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Waste Management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Public Assistance<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Retail &amp; CPG<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Retail<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">E-commerce<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Food and Beverage<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Gift card and Loyalty program<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Agriculture &amp; mining<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Crops and Agriculture<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Animal Husbandry<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Fishing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Logging and Timbre<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Mining<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cbinsights.com\/research\/industries-disrupted-blockchain\/#communication\"><span style=\"font-weight: 400;\">Education, communication, &amp; information services<\/span><\/a>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Education and Academia<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Publications<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Libraries<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Messaging<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cbinsights.com\/research\/industries-disrupted-blockchain\/#entertainment\"><span style=\"font-weight: 400;\">Entertainmen<\/span><\/a><span style=\"font-weight: 400;\">t<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Intellectual properties and rights management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Video Streaming<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Gaming<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Sports Management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Art<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Photography<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cbinsights.com\/research\/industries-disrupted-blockchain\/#other\"><span style=\"font-weight: 400;\">Other<\/span><\/a>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Cloud computing and storage<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Internet identity and dns<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Internet advertising<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Human resources<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Business and Corporate Governance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Forecasting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Charity<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Banking:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain and banking are just the start. From a high-level perspective, banks serve as the critical storehouses and transfer hubs of value. As digitized, secure, and tamper-proof ledgers, blockchains can serve the same function, injecting enhanced accuracy, transparency and information sharing into the financial services ecosystem.<\/span><\/p>\n<p><a href=\"https:\/\/www.cbinsights.com\/investor\/credit-suisse\"><b>Credit Suisse<\/b><\/a><span style=\"font-weight: 400;\">, for example, partnered with New York-based startup <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/itbit\"><b>Paxos<\/b><\/a><span style=\"font-weight: 400;\"> to use blockchain to settle US stock trades in March 2020. Meanwhile, <\/span><a href=\"https:\/\/www.cbinsights.com\/investor\/jpmorgan-chase-co\"><b>JPMorgan Chase<\/b><\/a><span style=\"font-weight: 400;\"> has entered the blockchain space with the <\/span><b>JPM Coin<\/b><span style=\"font-weight: 400;\">, which they intend to use to facilitate transactions between institutional accounts. Other banks like <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/goldman-sachs\"><b>Goldman Sachs<\/b><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/citigroup\"><b>Citigroup<\/b><\/a><span style=\"font-weight: 400;\"> have also experimented with blockchain. The incumbents performed an equity swap built on <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/schvey\"><b>Axoni<\/b><\/a><span style=\"font-weight: 400;\">\u2019s Axcore blockchain in February 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Facilitating payments is highly profitable for banks \u2014 cross-border transactions generated $224B in payments revenues in 2019. However, blockchain technology offers a secure and cheap way of sending payments that cuts down on the need for verification from third parties and beats processing times for traditional bank transfers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the greatest financial service and mobile wallet service providers <\/span><a href=\"https:\/\/www.thedailystar.net\/bangladesh-first-blockchain-based-remittance-service-launched-1958453\"><span style=\"font-weight: 400;\">Bkash<\/span><\/a><span style=\"font-weight: 400;\"> along with Standard Chartered Bank and <\/span><span style=\"font-weight: 400;\">Valyou of Malaysia, launched the first blockchain-based cross-border remittance service in Bangladesh, facilitating instant transfers from Malaysia.<\/span><\/p>\n<p><strong>Stock Trading and Hedge Fund:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">For a long time, companies have worked to ease the process of buying, selling, and trading stocks, and now blockchain-focused startups are looking to automate and secure the process more efficiently than any past solution.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T\u00d8.com, a subsidiary of <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/overstockcom\"><span style=\"font-weight: 400;\">Overstock<\/span><\/a><span style=\"font-weight: 400;\">, wants to enable a stock transaction system online using blockchain. The tZERO platform integrates cryptographically secure distributed ledgers with existing trading processes to minimize settlement time and costs and increase transparency and auditability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Working together with currently working trading networks and exchanges will help blockchain take off in the space. Blockchain company <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/albumatic\"><b>Chain<\/b><\/a><span style=\"font-weight: 400;\">, which was acquired by Stellar in 2018, helped build a live blockchain integration that successfully connected Nasdaq\u2019s stock exchange and Citi\u2019s banking infrastructure. More recently, Nasdaq partnered with R3 to build a platform \u2014 using R3\u2019s enterprise blockchain software solution Corda \u2014 those financial institutions can use to create and manage their own digital asset marketplaces.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><strong>Crowdfunding:<\/strong>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The crowdfunding industry emerged to \u201cdisintermediate\u201d capital formation by giving backers (aka \u201cpledgers\u201d) or individual investors the ability to fund creators and entrepreneurs, without the involvement of any middleman. Thus, providing a natural alignment with blockchain capabilities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, the movie <\/span><a href=\"https:\/\/campaign.braidthemovie.com\/\"><b>BRAID<\/b><\/a><span style=\"font-weight: 400;\"> became the first major feature film to be financed through a token \u201ccrowdsale\u201d on the <\/span><a href=\"https:\/\/www.cbinsights.com\/research\/what-is-ethereum\/\"><span style=\"font-weight: 400;\">Ethereum blockchain<\/span><\/a><span style=\"font-weight: 400;\"> through its $1.7M campaign on <\/span><a href=\"https:\/\/www.cbinsights.com\/investor\/weifund\"><span style=\"font-weight: 400;\">Weifund<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Initial Coin Offerings (ICOs), in which companies sell cryptocurrency-backed tokens in their companies in the same manner as a publicly traded company sells stock, are another example of blockchain-powered crowdfunding.<\/span><a href=\"https:\/\/www.cbinsights.com\/research\/blockchain-disrupting-banking\/\"><span style=\"font-weight: 400;\"> Companies<\/span><\/a><span style=\"font-weight: 400;\"> like <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/coinlist\"><b>CoinList<\/b><\/a><span style=\"font-weight: 400;\">, which began as a collaboration between Protocol Labs and AngelList, are bringing digital assets to the mainstream by helping blockchain companies structure legal and compliant ICOs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other startups emerging in the ICO ecosystem include <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/waves-platform\"><b>Waves<\/b><\/a><span style=\"font-weight: 400;\">, a platform for storing, managing, and issuing digital assets, and <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/republic-1\"><b>Republic<\/b><\/a><b>\u2018s<\/b><span style=\"font-weight: 400;\"> crypto initiative, which is aimed at helping people invest in ICOs for as little as $10.<\/span><\/p>\n<p><strong>Crypto Exchange:\u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">One way blockchain reduces conventional cybersecurity risk is by simply removing the need for human intermediates \u2014 thus lessening the threat of hacking, corruption, or human error.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the most successful blockchain companies are fairly centralized middlemen. However, many new projects are \u201cdogfooding\u201d the buying and selling of blockchain-based currency by putting the whole exchange on a blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A high-profile project here is <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/enigma1\"><b>Enigma<\/b><\/a><span style=\"font-weight: 400;\">, which claims MIT and Flybridge Capital as supporters. Enigma is the developer of Catalyst, an off-chain decentralized exchange and investment platform which can work without the need of a third party to act as a clearinghouse.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another high-profile decentralized exchange is Ethereum-based 0x.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Centralized exchanges like <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/coinbase\"><b>Binance<\/b><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/coinbase\"><b>Coinbase<\/b><\/a><span style=\"font-weight: 400;\"> have made moves in the decentralized exchange space, launching Binance DEX in 2019 and acquiring the peer-to-peer trading platform <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/paradex\"><b>Paradex<\/b><\/a><span style=\"font-weight: 400;\"> in 2018, respectively.<\/span><\/p>\n<p><strong>Wills and Inheritance:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Wills are a specific kind of contract, providing an ideal use case for a blockchain smart contracts solution. In addition to the challenge of verifying the deceased\u2019s actual death, will-related litigation often involves challenges to the \u201cgenuineness\u201d of a will \u2014 that is, whether the legal interpretation aligns with the deceased\u2019s intentions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the application of blockchain would not completely remove these challenges, it might make it easier to identify factual information, thus providing verifiable transaction data, and dismiss claims that are without merit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through its Smarter Contract platform, Japan-based startup <\/span><a href=\"https:\/\/www.cbinsights.com\/company\/zweispace\"><b>Zweispace<\/b><\/a><span style=\"font-weight: 400;\"> is developing a self-executing will system with a blockchain that will automatically distribute assets of an inheritance trust to beneficiaries upon confirmation of the trustee\u2019s passing, eliminating the need for executors and going to court regarding the integrity of the will.<\/span><\/p>\n<p><strong>Accounting:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">As the banking industry continues to adapt to cryptocurrencies and blockchain technology, accountants are beginning to follow along.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants work with a lot of documents \u2014 from tax forms to bank statements to spreadsheets \u2014 containing a lot of personal or organizational information. Using blockchain technology could make it easier to keep track of this sensitive data as it is processed by accounting firms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data tracking enabled by blockchain technology can also help to automate certain accounting services using AI, which could reduce human error and capture the occurrences of fraud.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Big four accounting firms are already trying to implement blockchain: <\/span><b>KPMG<\/b><span style=\"font-weight: 400;\"> has invested in programs and projects to research and share information about blockchain; <\/span><b>PwC<\/b><span style=\"font-weight: 400;\"> has created an auditing service for cryptocurrency assets; <\/span><b>Deloitte<\/b><span style=\"font-weight: 400;\"> has developed blockchain-based software; while EY\u2018s Blockchain Analyzer can help auditors to accurately vetting digital assets.<\/span><\/p>\n<p><strong>Loan &amp; Credits:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Banks and lenders underwrite loans based on a system of credit reporting. Using a credit report provided by one of 3 major credit agencies \u2014 <\/span><b>Experian<\/b><span style=\"font-weight: 400;\">, <\/span><b>TransUnion<\/b><span style=\"font-weight: 400;\">, and <\/span><b>Equifax<\/b><span style=\"font-weight: 400;\"> \u2014 banks evaluate the risk that you won\u2019t pay them back.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This central system can be hostile to consumers. The Federal Trade Commission (FTC) estimates that 1 in 5 Americans have a \u201cpotentially material error\u201d in their credit score that negatively impacts their ability to get a loan. Further, concentrating this sensitive information within 3 institutions creates a lot of vulnerability. The September 2017 Equifax hack exposed the credit information of nearly 150M Americans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alternative lending mechanisms using blockchain technology offer a cheaper, more efficient, and more secure way of making personal loans to a broader pool of consumers. With a cryptographically secure, decentralized registry of historical payments, consumers can apply for loans based on a global credit score.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A number of companies are working in this space. <\/span><b>Dharma Labs,<\/b><span style=\"font-weight: 400;\"> for example, is a protocol for tokenized debt. It aims to provide developers with the tools and standards necessary for building online debt marketplaces. Meanwhile, <\/span><b>Bloom<\/b><span style=\"font-weight: 400;\"> wants to bring credit scoring to blockchain and is building a protocol for managing identity, risk, and credit scoring using blockchain technology.<\/span><\/p>\n<p><strong>Insurance:\u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Most blockchain applications in the insurance industry today are focused on improving operational efficiency. Rather than developing new products, insurance companies are looking at ways blockchain can reduce costs, increase speed to market, and provide better customer experiences.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, using a blockchain to create a single source of truth for transactions between parties has the potential to significantly reduce processing time and costs for insurance companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many insurance blockchain initiatives include <\/span><b>cross-border partnerships<\/b><span style=\"font-weight: 400;\"> or deal with <\/span><b>cross-border transactions<\/b><span style=\"font-weight: 400;\">, Leveraging the immutability and version control aspects of blockchain tech.<\/span><\/p>\n<p><b>Insurwave<\/b><span style=\"font-weight: 400;\">, a joint project between consulting firm <\/span><b>EY<\/b><span style=\"font-weight: 400;\"> and blockchain company <\/span><b>Guardtime<\/b><span style=\"font-weight: 400;\">, delivers a blockchain platform aimed at marine insurance. Built on <\/span><b>Corda\u2019s<\/b><span style=\"font-weight: 400;\"> distributed ledger technology, the Insurwave solution creates an immutable database between shippers and insurers to allow for better risk assessments and quicker claims payouts. Clients can read more about 12 blockchain pilots in insurance here. We\u2019ve also looked in depth at how blockchain could disrupt insurance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In recent times Blockchain is treading into many fields of our society and as I have already mentioned some of the major advances in implementation of Blockchain in financial services, in next post I will talk about Blockchain in the Travel and mobility industry.<\/span><\/p>\n<p><strong><em>By Mohibul Hassan Chowdhury<\/em><\/strong><\/p>\n\n    <div class=\"xs_social_share_widget xs_share_url after_content \t\tmain_content  wslu-style-1 wslu-share-box-shaped wslu-fill-colored wslu-none wslu-share-horizontal wslu-theme-font-no wslu-main_content\">\n\n\t\t\n        <ul>\n\t\t\t        <\/ul>\n    <\/div> \n","protected":false},"excerpt":{"rendered":"<p>Many of us hear about blockchain and cryptocurrencies like bitcoin everywhere nowadays. Very high load of search topics in Google in Bangladesh tends to move to blockchain and whether bitcoin is legal in Bangladesh. So, a thought arises, what is the hype surrounding blockchain? Blockchain technology itself is nothing entirely new, it combines existing technologies [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":16468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[613],"tags":[1262],"class_list":["post-16478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-premium-content","tag-premium"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v25.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BLOCKCHAIN INSIGHTS | BBF Digital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bbf.digital\/new\/blockchain-insights\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BLOCKCHAIN INSIGHTS\" \/>\n<meta property=\"og:description\" content=\"Many of us hear about blockchain and cryptocurrencies like bitcoin everywhere nowadays. Very high load of search topics in Google in Bangladesh tends to move to blockchain and whether bitcoin is legal in Bangladesh. So, a thought arises, what is the hype surrounding blockchain? 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