cryptocurrency
The Blockchain. A PLATFORM BASED ON TRUTH AND TRUST AT THE BASE OF THE DIGITAL REVOLUTION IN THE FINANCE AND INSURANCE SECTOR
Blockchain is a technology that uses a software algorithm to register transactions, or any other digital interaction, in a safe and reliable manner.
Blockchain is best-known for being the algorithm that forms the basis of cryptocurrencies and is often used synonymously with bitcoin. In reality, given its characteristics, blockchain can be used for a variety of non-currency related applications, but ones that are just as interesting because they impact on the agenda priorities of top management.
Three areas are of special current interest:
- Efficiency—Reduced costs: process updating, simplification, disintermediation.
- Innovation— Digitalization of services: business model reassessment, diversification, differentiation.
- Cybersecurity—Truth, Trust and Integrity: customer protection, reputation, service fruition, confidentiality of sensitive data, qualities seen as resources on which to build corporate value.
Therefore, blockchain’s potential applications are many and certainly should be considered.
The European House - Ambrosetti has dealt with this technology from its inception, creating a functioning blockchain designed to allow our clients to rapidly test their applications. By easing the technical aspect, attention can be focused on business opportunities and the various implications.
Learn more about blockchain’s potential applications
and business opportunities
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Giorgio Tonelli
Partner, The European House - Ambrosetti