New solutions on the block
Blockchain technology has been around since 2008, when it was created by the anonymous founders of bitcoin. Its distributed ledger technology has a number of key benefits. It increases transparency because all parties to a transaction have access to the same data in real-time, online.
It significantly reduces fraud risk because data is tamper-proof, distributed across all participants and cannot be altered or deleted without detection.
From an operational perspective, blockchain reduces the need for manual processes and removes the delays and errors that can arise when information is being passed between intermediaries or multiple parties.
In the financial services industry, use of blockchain is not yet widespread. It’s only now that we are beginning to find practical ways to apply the technology to existing processes and workflows.
eMcREY has completed a number of blockchain projects and has accumulated solid expertise in Oracle blockchain.
We’ve been focusing on developing concrete use cases, to explain how the technology can be applied to transform very specific processes in payments, insurance and e-government. Marwan Zakhia was interviewed on the Oracle Partners Executive Forum, where he highlighted how the company creates innovative solutions for its customers using Oracle Cloud Infrastructure and Oracle Blockchain.