A few bitcoins here, a few crypto custody transactions there, and now the electronic security. Apparently the sector is lacking the passion and psychological stress necessary to consistently convert the potential of the technology into process optimization and new business models. More or less like 25 years ago. The internet was new. The number of use cases was minimal – really just email. In those days there were also just a handful of courageous people and, first and foremost, everything revolved around what could be done with the technology. The whole bitcoin discussion brings back memories of the great “revolution” which materialized in spam mail.
What potential does blockchain offer for banks and insurance companies? When will the Bitcoin foe become a friend that will allow new business to be generated (crypto custody transactions)? Is the technology only of interest for its cost case or is there potential to generate more revenue? Does it change the nature of collaboration with business partners? To what extent can value chains be expanded horizontally and vertically or, if not, how can they be better monitored? Not every question has a clear answer, but one thing is clear: The regulatory framework needs to change before the distributed ledger technology can successfully achieve widespread application.
Integration, cost reduction, process acceleration in an example spanning sectors: a European pharmaceutical manufacturer has a temperature-sensitive drug (e.g. a vaccine) manufactured in India for sale/prescription in Germany. As a minimum, the following parties are involved:
We all know the classic process of a drug's journey. Here are just a few points to show the massive cost-savings potential and the integrability in conjunction with time savings: transfers of risk, throughput times, stopping points, temperature thresholds, compulsory coverage, hedging, forms of contract.