Insights

Deloitte Israel Is Exploring and Exploiting Blockchain Technology

Blockchain, which was previously most known as the backbone technology behind Bitcoin, is now one of today's hottest and most intriguing technologies in the market. Since 2013, Google searches for “Blockchain” have risen 1900%. Similar to the rising of the internet, Blockchain has enormous potential and has already started to disrupt multiple industries —  making processes more democratic, secure, transparent, and efficient. Entrepreneurs, startup companies, investors, global organizations and governments have all identified Blockchain as a revolutionary technology and are now working to create the best solution per each use case.

Blockchain disruption has started in the FSI (Financial Services Industry) domain in several use-cases including the establishment of the R-3 consortium and the development of the UBS settlement coin. We are forecasting that the FSI disruption is just the tip of the iceberg, and that Blockchain will disrupt additional industries as well, such as the Supply chain and the Healthcare and Insurance industries.

Deloitte and the World economic forum, divided Blockchain disruption into three tiers and eight categories of deployment as follows:

 

Industry

Consumer & Industrial Products

 

Energy & Resource

 

Federal

 

Financial Services

 

Life Science & Health Care

Technology, Media & Telecommunication

 

Public Sector

 

Tier 1

 

     

Banking and
Securities

Investment Management

 

Technology

 

Tier 2

 

Retail & Distribution, 

Leisure & Services

Travel, 

Hospitality, 

 

Health

Insurance

 

Health Care Providers 

Health Plans

 

 

 

 

State Governments

 

Tier 3

 

Aerospace & Defense

Automotive

Consumer Products

Process & Industrial Products

Oil & Gas

Power & Utilities

 

Civilian Defense

National Security

 

Real Estate

 

 

Telecom

Media & Entertainment

 

 

Health

Insurance

Health

In order to take Blockchain technology live and implement Blockchain into the core systems of an organization, there are several key fundamental components that an organization needs to consider. In a report that we published in 2017, we divided Blockchain readiness network into six categories: Consortium, Technology, Operations, Talent, Compliance and Business Impact. Moreover, similar to in other technologies, an organization should consider different Cyber Security implications before the implementation of a platform.

Blockchain

Deloitte Israel has become a global bridge to Israeli innovation for multi-national organizations. Understanding the disruptive nature of Blockchain technology, Deloitte has positioned itself as an industry leader.  We have a unique ability to connect global organizations and investors to the emerging Israeli Blockchain startup ecosystem as well as provide different business services, such as ICO strategy, Technological and Business Due-Diligence, POC development and many more. With profound industry knowledge and business expertise, we offer our services as the guide to exploring and exploiting the tremendous opportunities involving Blockchain technology.

If you are interested to become a partner in this amazing journey, please don't hesitate to reach us.  

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