Best Blockchain App Development Services

What is Blockchain?

Distributed Ledger Technology (DLT), or “blockchain” as it’s more commonly known, is a technology to reliably share data and logic between entities. It originated in 2008 at the height of the Global Financial Crises, emerging from a backwater Internet forum for cryptography enthusiasts as a way of solving the problem of sharing data “trustlessly” — that is, being able to perform a financial or business transaction without any need to trust your counterparty or any third party intermediating that transaction. Since that time, the technology has matured into a set of standards, tools and design patterns that can be applied to many business problems relating to managing inter-business relationships.

What is the Cost of Trust?

Significant. The cost of trust can be seen in reconciliation processes, operational errors, manual processing, and compliance overhead. Sometimes, custodians are paid for their service to intermediate between two or more parties, particularly when it comes to the exchange of assets. Distributed ledgers are best applied in financial services where the nature of the assets involved are natively digital in nature. The technology can provide a single-source-of-truth for who-owns-what-when. This means that all parties involved can operate their business with full assurance that the shared data is always current and correct.

Three Reasons You Should Be Considering
Blockchain

Process Inefficiency

Slow and expensive reconciliation processes. Manual operation of interbusiness relationships. Redundant processes across suppliers, customers, peers.

Lack of Look-Through

Limited transparency both up and down my supply chain preventing data driven insights. Difficulty in tracking procurement, deliveries and inventory.

Competitive Relevance

Need to remain relevant and need to understand technological disruption risk. Need to leverage my assets to create or enter new markets.

Blockchain Explained

A Quick And Easy Guide To Understanding Blockchain

The modern economy doesn’t operate in siloes - all businesses are connected. And yet, software technology to date has only been able to provide a business an isolated view of the outside world.

Business interoperability is achieved either via manual processing, or via message-based data sharing. Ensuring the performance of counterparties is an expensive exercise.

Blockchain-enabled businesses synchronise relevant data and logic with their operating counterparties for processes that involve managing assets, managing inter-business processes, or managing contract performance (e.g. procurement).

Three Key Blockchain Benefits

Reduce Time: Improve Legacy Processes

Eliminate data silos and reconciliation processes
Create transparency amongst trusted groups, or untrusted groups using
advanced cryptography
Automate business processes such as billing and payments

Reduce Cost: Make More Money

Improve data accuracy, insight, transparency
Automate audit functions
Implement smart contracts to manage multi-party workflows

Reduce Risk: Make Better Decisions

Explore digital assets with suppliers, customers and competitors
Leverage shared industry data systems, such as registers of public information
and digital identity

The Complete Guide to Getting Started with Blockchain

Block8 are experts in building software that incorporates DLT. We can quickly identify where this technology will add value and where it will not.

Any software initiative must have clear and practical benefits that are able to be easily measured.

Our guide will get you started in developing your blockchain-enabled innovation strategy to either strip out operational and compliance costs, or bring new product features to market.

Blockchain Application

Mortgage Securitisation

DLT has been used to streamline the process of establishing, selling and trading residential mortgage-backed securities.

Securities Trading

Listed equities markets around the world are leveraging distributed ledgers to speed up trading and settlement, as well as reduce central counterparty risk.

Energy Retailing

Distributed ledgers are being applied to lower the barriers to entry by providing new tools for new, specialist retailers, insurers, and generators, while improving energy market operations.

Property Settlement

The market for the electronic lodgement of property transactions - traditionally a convoluted process involving multiple counterparties - is benefitting from distributed ledgers to bring enhanced consumer outcomes.

Asset Liquidity

Blockchain is being used to provide liquidity in typically illiquid assets, asset fractionalisation, and the creation of brand new asset markets.

Consumer Data Rights

Globally, there is a macrotrend for enhancing consumer rights to their data. Distibuted ledgers are an ideal solution for providing transparency and managing end-user consent.

FIND OUT HOW BLOCKCHAIN COULD APPLY TO YOUR BUSINESS

How New Technology is
Disrupting the Australian
Mortgage Market

A Case Study On Australian Mortgage

Australian Mortgage, in partnership with Block8, has developed Intelligent Credit. Intelligent Credit taps into vast reservoirs of personal and financial information across 128 data points from 10 suppliers to genuinely tailor mortgages for any individual, and deliver approvals in minutes, rather than days and weeks. The introduction of Intelligent Credit reduces the cost to originate mortgages, giving AM a significant advantage over its competitors.

How new technology is disrupting the australian mortgage market

Companies we’ve Helped
Transform through Blockchain

Facing the Facts about Blockchain

Transparency is Needed

Governments and end-consumers need better trust outcomes from business.

1/3

of Australians have lost trust in Financial Services in the past 12 months.

Source: Global 2019 Financial Services Consumer Study - Accenture

Compliance is Expensive

The cost of compliance is rising. It’s time to reduce it with good technology.

$250B

in regulatory compliance costs
in Australia every single year.

Source: Deloitte Access Economics

Innovation is Key

Change is hard.
Failure to innovate will be harder.

76%

more innovation during economic crisis
by "Greater Innovator" companies.

Source: Economic crisis and innovation: is destruction prevailing over accumulation? Archibugi, Filippetti, Frenz et al, Centre for Innovation Management Research - University of London

Block8 Webinar Series

For all things Blockchain and
Distributed Ledger Technology

Block8 is holding regular webinars to give you facts. The sessions will cover how the technology works, how it can be applied, where it’s being applied, and how senior managers can initiate business cases within their organizations to test and prove these solutions.

We will be hosting various webinars including panel discussions with our partners and small, invite-only focus groups with our Chief Technology Officer to give you the best insights to either get under the hood or find ways in which your specific business can benefit.