Red Sky Software provides businesses with a complete view of blockchain landscape and its potential implications. We support you at every step of blockchain adoption, from design thinking-driven evaluation to assessing blockchain solution from various dimensions, creating proof-of- concepts and pilot development to complete implementation of solution. Our expertise, technology-agnostic approach, purpose-built architectures and end-to-end delivery accelerate your enterprise blockchain deployments.
A Forward-Thinking Technology for Digital Business
Building trust and boosting the bottom line
Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission. Network members control what information each organization or member may see, and what actions each can take. Blockchain is sometimes called a “trustless” network — not because business partners don’t trust each other, but because they don’t have to.
Your data is sensitive and crucial, and blockchain can significantly change how your critical information is viewed. By creating a record that can’t be altered and is encrypted end-to-end, blockchain helps prevent fraud and unauthorized activity. Privacy issues can also be addressed on blockchain by anonymizing personal data and using permissions to prevent access. Information is stored across a network of computers rather than a single server, making it difficult for hackers to view data.
Without blockchain, each organization has to keep a separate database. Because blockchain uses a distributed ledger, transactions and data are recorded identically in multiple locations. All network participants with permissioned access see the same information at the same time, providing full transparency. All transactions are immutability recorded, and are time- and date-stamped. This enables members to view the entire history of a transaction and virtually eliminates any opportunity for fraud.
Blockchain creates an audit trail that documents the provenance of an asset at every step on its journey. In industries where consumers are concerned about environmental or human rights issues surrounding a product — or an industry troubled by counterfeiting and fraud — this helps provide the proof. With blockchain, it is possible to share data about provenance directly with customers. Traceability data can also expose weaknesses in any supply chain — where goods might sit on a loading dock awaiting transit.
Increased efficiency and speed
Traditional paper-heavy processes are time-consuming, prone to human error, and often requires third-party mediation. By streamlining these processes with blockchain, transactions can be completed faster and more efficiently. Documentation can be stored on the blockchain along with transaction details, eliminating the need to exchange paper. There’s no need to reconcile multiple ledgers, so clearing and settlement can be much faster.
Transactions can even be automated with “smart contracts,” which increase your efficiency and speed the process even further. Once pre-specified conditions are met, the next step in transaction or process is automatically triggered. Smart contracts reduce human intervention as well as reliance on third parties to verify that terms of a contract have been met. In insurance, for example, once a customer has provided all necessary documentation to file a claim, the claim can automatically be settled and paid.