Blockchain is an extremely complex and complicated technology. Global leader in research and development of blockchain services, nChain puts a lot of effort into making it accessible to parties who can benefit from its applications.
At the 13th Edition of Sir Anthony Ritossa’s Global Family Office Investment Summit, nChain’s Director of Commercial & Strategy, Simit Naik spoke about how the company helps enterprises develop blockchain applications to get more out of their data. We offer you an edited transcription below.
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Blockchain that translates into business value
We’re still early in the blockchain adoption cycle, and so we spend a lot of time not only researching different tools and methods and products and services that we can build on top of it, but actually building out a product layer.
We abstract all the complexity away from blockchain and make it very easy for enterprise clients to build on top of not only blockchain, but some of the preparatory work that nChain have done over the last eight years.
Reducing data silos and securing data integrity
The key industries we’ve worked with include healthcare where we’ve helped Synerio (previously EHR data inc.) to create a single source of truth on healthcare data. Their system maintains the integrity of the data and reduces data silos. The next stage for this project is to monetise that data for the patient themselves. Our system makes it easy for patients to own their data and set access permission for sharing their data with health care organisations across the United States and across the world.
We see data being the most valuable commodity of the 21st century. And so Synerio is one of our flagship projects where data is central to everything we do: we empower the patient by giving them a way to benefit from the value of their data collected across healthcare providers on a day-to-day basis.
A national digital ledger on blockchain
We’re also working with a country in the South Pacific, Tuvalu to digitise their national currency. We don’t just stop there, though. Tuvalu has a particular set of challenges, amongst which is that it’s one of the lowest lying islands in the world. Their biggest threat is not technological or cultural, but climate change. In order to prepare for the challenges that are coming, they’re undertaking a huge digital transformation project to become a paperless society. Not only are we converting their coins and notes into digital representations, but we’re also digitising their whole registry service; everything from citizenship to driving licences, police records and land registry.
You can see that this isn’t about implementing technology for technology’s sake, but to address the significant challenges that they’re going to face within the next five to 10 years. And so, we’ve been working with them through a discovery process before proposing solutions that will make it easy for Tuvaluan society to relocate once the island is submerged.
It’s a significant project because it shows that we’ve got the technology to provide significant benefits to society, and we just need to match it with the right use cases. For Tuvalu, blockchain is the only technology that’s going to help them to achieve their digital transformation goals.
Why the BSV blockchain
Tuvalu and Synerio’s solutions are both being being built on the BSV blockchain. The reason we’re using BSV is because we’re doing payments plus data. Not many blockchains can do both really well. Some chains focus on data and others on payments, but it’s very difficult to find a chain that allows us to not only capture the data but overlay a payments rail on top of it.
In the case of Tuvalu, we’re digitising the national currency, so it will be a purely digital economy. But we also then want to monetise their data across government departments to build transparency, but also to help them with bringing in foreign investment because of the transparency of the data itself.
Finding a blockchain solution for your business needs
Even though we are seeing acceleration in blockchain innovation, we still have a tendency to put blockchain in a box, whereas blockchain allows you to redefine the boundaries of the box. Rather than thinking about blockchain being a swap for something that exists, blockchain gives you the ability to rethink how you do business or solve challenges.
And that’s where nChain comes in. We are at the forefront of that thinking. We’ve got the largest portfolio of IP related blockchain in the world, the largest blockchain development team in the world, and we’re working with some of the biggest enterprises across industries, from central banks, financial services and healthcare. We are redefining the box.
About BSV Blockchain Association and partners
The Association for the BSV blockchain is the global industry organisation that supports the BSV blockchain. We’re also here to connect you with businesses that can help you identify and implement a blockchain solution for your project. nChain, as point in case, has a few main divisions; research, engineering and business services. Simit looks after client engagements with large enterprise clients, including those in financial services, healthcare and government.