Vottun > Business > Blockchain Financial Services

 Blockchain Financial Services

There are multiple processes in the Financial Services that rely on certification processes. From the professional certificates that finance professionals need to hold to perform some regulated tasks to the certificates that are needed to approve a loan or mortgage.

Along all their value-chain, financial services have complex processes with multiple stakeholders, inherent inefficiencies and frequent manual errors and delays. These processes could be significantly simplified by incorporating certifications and smart contracts in the blockchain. For instance, smart contracts could automatically verify land ownership and interface with various stakeholders such as legal and tax departments. By eliminating silos, a blockchain solution would remove inefficiencies, reduce time and cost, and support better customer experiences.

Vottun protocol can help financial services companies to streamline their current certification processes and take advantage of the blockchain technology. Vottun works with public and permissioned blockchain allowing interoperability between actors in the ecosystem that rely in different blockchains.

Intellectual Property (IP)

Blockchain and IP rights

One of the most obvious applications of blockchain technology is as a registry of IP rights, to catalogue and store original works. In today´s world, IP ownership can be hard to prove. It can also be difficult for authors to see who is using their work, and equally difficult for third parties using a work to know who to seek a licence from. The result of this is that authors are often unable to stop infringements or to make the most of monetising their works.

Now, you can use Vottun Protocol to certify your IP in the blockchain. With this certified registering of your works to a blockchain, authors or IP professionals could end up with tamper-proof evidence of ownership. This is because a blockchain transaction is immutable, so once a work has been registered to a blockchain, that information cannot ever be lost or changed. It is possible also that third parties use the blockchain to see the complete chain of ownership of a work, including any licences, sub-licences and assignments.

Vottun protocol can help law firms to certify and register IP works and take advantage of the blockchain technology. Vottun works with public and permissioned blockchain allowing interoperability between actors in the ecosystem that rely in different blockchains.

Energy

Electricity Data Management

Apart from giving consumers more efficiency and control over their energy sources, blockchain technology has been also implemented in the energy industry purely for its ability to be an immutable record. As an example, in April of 2018, the Chilean National Energy Commission (CNE) announced it had launched a blockchain project — the first of its kind from the nation’s government — focused on energy. Specifically, the department will use the Ethereum blockchain to record, store, and track energy data, including market prices, marginal costs, energy law compliance, and fuel prices. The financial costs of intentional corruption and unintentional clerical errors from mis- or unreported data provided the impetus for the migration. In the spirit of transparency, the CNE will allow the public to access the records of transactions, prices, and the money of movement, further reducing the chances for exploitation.

Supply and Data Tracking in the Oil & Gas (O&G) industry

The O&G industry can roughly be split into three categories — upstream, midstream, and downstream. Upstream refers to the parts of the industry having to do with resource exploration and extraction. Midstream refers to parts of the industry involved with storing and transporting resources once they are extracted. Downstream refers to parts of the industry that refine resources into the multiple final products and provides those products to end users such as gas stations. The journey of one drop of a resource through those three stages can include dozens, if not hundreds, of separate entities, companies, processes, and legal agreements. The coordination among all parties is impressive, but can certainly be improved. The ability of a blockchain technology platform to record and track supply chains could stop an immense amount of waste. A platform that places smart legal contracts on the blockchain can replace time, energy, and money currently required by all involved energy companies. Lastly, an immutable ledger can help manage and track any and all data that is necessary for all stages of O&G production, again saving time and money by ensuring nothing is misplaced, lost, or hard to find.

The “energy industry” is huge, multi-faceted, global, complex, and interconnected. There will not be one single blockchain solution to the entire industry. Rather, a constellation of blockchains, blockchain platforms, and blockchain companies will emerge to support and streamline the energy industry.

Vottun agnostic protocol is the perfect solutions to track, distribute and verify records for the energy industry in the blockchain. Whether improving upon renewable resources or reducing cost and waste of more long-standing industries, blockchain technology is ripe to enter the energy ecosystem.

WHAT’S NEXT

If you are in the Financial Services, Intellectual Property, Energy industries or you have customers in these industries or othery, and would like to explore if blockchain is the right technology for your particular use-case, we recommend you to contact us so we can help you arrive at a meaningful business concept.