A secure, decentralized and unhackable technology emerged during the economic crisis in 2008, namely Blockchain. It is also making headlines as the underlying technology of Bitcoin. Additionally, it serves as the key technology for the Internet of Values. However, what added value does it offer? What are the right use cases for your company? Together with our clients, our blockchain experts are identifying possible use cases for your company.
Bitcoin will be for Blockchain what Tesla was for E-Mobility.
Due to its rapid increase in value and high volatility, Bitcoin has generated a worldwide buzz as a digital currency and as an investment opportunity. The broad acceptance of the cryptocurrency led to a boost in the awareness of the underlying blockchain technology. The outcome: a rising user base. Rooted in the IT environment, blockchain has slowly but steadily expanded to other industries in the same way that Tesla has managed to establish a broad acceptance of electromobility beyond R&D departments. Bitcoin is paving the way for blockchain. The full potential of blockchain has only been touched upon. Bitcoin and other complex and comprehensive cryptocurrency use cases only show one of many possibilities.
Which field of application suits your requirements? You decide.
Our strength lies in bringing business and IT together. We know your business and are familiar with a variety of blockchain technologies: Bitcoin, Ethereum, Ripple, IOTA - all blockchain technologies have their strengths and weaknessess. We help you to identify worthwhile use cases and the right technology for you. Our approach is comprehensive - from analyzing use cases and technology evaluation to implementation. We guide you along every step of the way.
„Blockchain allows a massive reduction in B2B process costs through consistent digitalization." Balint Tolnay - Partner at Ventum Consulting“
Automated reconciliation processes. Digitalized supply chains. Redundant intermediaries.
Blockchain technology causes disruption. In the financial sector, processes such as security clearing and international money transfers are automated - making banks obsolete. In the logistics industry, goods are being tracked in transit. Blockchain ensures that the measured temperature or humidity is saved within the database cannot be tampered with. The technology holds enormous potential for further data-based business models ranging from logistics to Industry 4.0. It also plays a significant role as a trust ledger, both for sensor data as well as for machine to machine communication, as it protects all communication between participants. An entirely different field of application is cross-company clearing. Blockchain is able to drastically reduce execution time and overhead costs. Aside from the above mentioned examples, there are many further potential use cases in other business units and industries.
We develop these use cases - with a special focus on e-mobility - in a partnership with the Frankfurt School Blockchain Center and thus make them more tangible. Joint events and studies enable an in-depth insight into this complex subject as well as provide a platform for knowledge exchange among experts.
If you have ever charged an electric vehicle (EV) before, you are familiar with this situation: a separate account is needed for almost every charging station. In addition, it is a necesssary to enter into contracts with various providers. In order to make charging an EV as appealing as possible, it needs to be at least as easy to handle as refueling a car. Have you ever heard of a petrol station where you need to register in advance?
This is precisely where blockchain technology comes in handy: low transaction costs combined with tamper-proof and transparent data storage. The technology provides a high level of confidence in the safety within the charging process - without any registration in advance and independent of the provider.
The contract for every single charging process is concluded through smart contracts by using temporary identities. The user only needs to choose how much and how fast the vehicle should be charged, the rest is done automatically. This application lays the groundwork for more flexible pricing and contract models and offers opportunities beyond this simple and digitalised charging process.
Building on this use case, much more is possible: batteries of electric vehicles could be used as a dynamic energy storage. Predictive Analytics can be used to control the charging and discharging to reduce peak network loads and benefit from price advantages in times of low demand.Download more information
Tampering with the mileage of used cars has been an issue for a long time - studies show that today every third car is manipulated. Every year, insurance providers, buyers, guarantors and car manufacturers suffer losses that amount to billions of Euros - and that is only in Germany. In addition, extended maintenance intervals increase the risk for operational safety. A criminal offence is difficult to prove as the manipulation hardly leaves any trace.
We offer an innovative solution based on the blockchain technology. Storing the mileage in the blockchain ensures a reliable and correct odometer. Capturing further relevant information, such as repairs, offers opportunities for further business models.
For a validated mileage the following steps are required:
- Record the mileage:
To avoid manipulation, it is necessary to record the current mileage frequently. This can be done automatically by the vehicle at garages or at fueling stops.
- Validate via Smart Contract:
The determined mileage is validated by a smart contract with each notification. For an enhanced validation, additional variables could be called upon.
- Store it in the Blockchain:
If the requirements are fulfilled, the mileage will be encrypted and stored in the blockchain with the designated VIN (Vehicle Identification Number).
- Valid mileage:
In case of vehicles sales or insurance claims, the mileage can be validated through the Blockchain.
Blockchain: Our services in a nutshell.
- Together, we identify promising use cases.
- We find the appropriate technologies for you through a systematic selection process.
- We accompany your Proof of Concept from the idea, to conception to the implementation.
- We ensure that your blockchain solution integrates well into your IT landscape.
In our opinion, Blockchain can only unfold its full potential if the technology is aligned with the enterprise architecture. As a result, it will remain manageable and effective in the long-term. With the help of Analytics, you can utilise and interpret the generated data. In order to maintain high quality and transparency throughout various processes, it needs to be fully integrated into the relevant processes to achieve maximum automatization (e.g. finance processes).