| | May 20188CIOReviewoday contracts, transactions, and the re-cords of them are among the most defin-ing structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They es-tablish and verify identities and chronicle events. They govern interactions among nations, organizations, com-munities, and individuals. Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automati-cally. With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision. In this world, every agreement, every process, every task, and every payment would have a digital record and signature that could be identified, validated, stored, and shared. Intermediaries (e.g. accountants, brokers, and bankers) might no longer be necessary. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little fric-tion. This is the immense potential of blockchain.It is interesting to see how industries are embracing this new technology across the globe - based on my in-teractions working closely with industry think tank there are three typical use cases which come to my mind ­ and I would like to take you through.First one is from Aviation and about MRO industry where blockchain based MRO blocks would contain data on aircraft parts, where they came from, which airline IN MY OPINIONBy Diwakar Singhal, SVP & Global Head of IoT business, GenpactCREATE A NEW BUSINESS MODEL WITH TRUST ENCRYPTED DIGITALLY!He has over 20 years of Industry experience driving global sales-business development and for Digital, Internet of Things, Reengineering, Supply Chain operations & Services globally. T
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