IT@8 Zurich – Secure Blockchain for Business
On June 19, 2018, AdNovum's annual breakfast event «IT@8» took place in Zurich. This year was all about «Secure Blockchain for Business». More than 40 guests from various industries such as banking, insurance, transport, real estate and government participated in the event, which traditionally took place in the CLOUDS restaurant on the 35th floor of Zurich's Prime Tower, offering a fantastic view.
Peter Gassmann, CCO of AdNovum, explained in his welcoming speech to what extent the potential of Blockchain goes far beyond crypto currencies. Blockchain technology is ideal for handling cross-company business processes. It enables a common view of data and transparent and seamless transactions within an ecosystem – making it a catalyst for digitization.
As a concrete example, Lorenz Hänggi, Innovation Engineer and VP at AXA, presented the project «Car Dossier», in which the University of Zurich, the University of Lucerne, AdNovum and the industrial partners AMAG, AXA, Mobility and the Road Traffic Office Aargau are involved. The aim of this innovation project is to build a digital dossier on a blockchain basis in which all relevant information about the entire life cycle of a vehicle – from the «birth» of a car to the wrecking yard – can be stored in a traceable and secure manner.
Focus on practical benefits
In his presentation, Lorenz Hänggi also described the possible use cases of «Car Dossier», such as the transparent vehicle history when buying a used car and the resulting improvement in confidence with 800'000 cars changing owners every year. Another use case is the digitalization of the vehicle registration document. If the insurance companies and the road traffic authorities are directly involved, the time and effort required to produce the document are considerably reduced. For AXA, the «Car Dossier» opens up new opportunities in product innovation. However, such use cases can only be implemented if the current legal requirements such as the protection of personal and vehicle data are respected.
Stéphane Mingot, Innovation Engineer and Product Owner at AdNovum, confirmed these findings in his presentation entitled «Blockchain-based business ecosystems». Ecosystems are currently being built around topics such as housing, cars or health. A group of companies provide services for customers that a single provider would not be able to provide. To unlock the full potential of an ecosystem, stakeholders must be able to trust each other and securely access shared information in their business processes. In real life, these conditions are rarely met. This is where blockchain technology comes into play. Through distributed data storage, unchangeability and traceability, a «single point of truth» can be created that increases trust and efficiency between the partners.
What are the benefits of Blockchain for a company?
In the subsequent Q&A session, questions focused in particular on the added value an ecosystem provides for business. It can be seen first and foremost in the fact that the points of friction between the partners are reduced and at the same time efficiency is increased. In a later phase, companies can develop new products and introduce new business models. The end customer benefits from an ecosystem by getting faster, customized services and a better control over his data.