How Blockchain Will Upend Customer Experience
Electronics For You|August 2019
How Blockchain Will Upend Customer Experience

Blockchain is gradually becoming a vital part of our infrastructure, like the Internet. It will help empower all organisations and developers to build global solutions embracing blockchain technology towards a better future and a more connected world

Deepshikha Shukla
Blockchain technology will create interoperable systems that deliver the highest degrees of trust, transparency and security to the industry. It offers unprecedented opportunities to transform banking, finance, retail and insurance. Advantages of blockchain technology are increasing exponentially with increased collaboration to realise real business benefits.

Blockchain technology will enable transactional transparency and enhanced security across a variety of business functions. Other major advantages are improved traceability, increased efficiency and speed, and reduced cost. It will also be present at the core of business innovation in many industries such as medical, energy, automobiles and agriculture. Blockchain adoption will depend on regulatory concerns, which are being addressed. The government and regulators will play an active role in making this happen.

High transaction speeds, low latency, inbuilt privacy and smart contracts on a public blockchain provide flexibility issuance, redemption and tradability of enterprise currencies. Target applications are in industries ranging from financial services like insurance, bank rewards to commercial businesses such as gift cards, loyalty points, etc. Blockchain technology will be efficiently used for making payments and trading digital assets for enterprises on a public ledger, maintaining privacy.

As per MindTree’s latest report titled “Tech Beacon 2019,” seven technology categories will drive enterprises’ technology strategy in the next twelve months, including application development, cloud computing, the Internet of Things (IoT), artificial intelligence (AI), conversational apps, blockchain and extended reality (XR).

Improvements in customer experiences

Digital currency-based payments for the airline industry will enable airlines to refund and compensate passengers in a timely manner when a disruption occurs. Passengers can be notified of a delay or cancellation and refunded in digital currency, which can be used to repurchase airline tickets, book hotels, and avail other airport and travel related services.

In addition to this, passengers can use the currency at retail stores in and around the airport to avail attractive discounts offered by retail partners. This will help airline operators to optimise costs through reduction of administrative overheads with quicker payments and settlements.

Nitesh Jain, vice president and global head - travel, hospitality and public sector vertical, Consumer Business Unit, Wipro Ltd, says, “Solutions in the areas of AI, blockchain, cloud, cybersecurity and the IoT have helped leading travel and hospitality companies become truly digital, with improved end customer experience and enhanced operational efficiencies.”

A blockchain solution for dentistry has been established by a partnership with the premier Indian dental portal and renowned awards called BITEIN. Dr Ajay Kakar, BITEIN’s founder, is helping Jeremias Grenzebach, co-founder and core developer at Dentacoin, to cater to dental professionals worldwide by aggregating a comprehensive offering, consisting of a news portal, dental research e-journal, online shop and auctions, dental business directory and last, but certainly not the least, a full-stack dental software solution.

articleRead

You can read up to 3 premium stories before you subscribe to Magzter GOLD

Log in, if you are already a subscriber

GoldLogo

Get unlimited access to thousands of curated premium stories, newspapers and 5,000+ magazines

READ THE ENTIRE ISSUE

August 2019