UTS
CRYPTOCURRENCY
SOCIETY
Class 10: Cryptocurrencies and Real-
World Use cases: An in-depth look
INTRODUCTION
By the end of this class you should all be able to:
Most cases of already implemented blockchain technologies in operational usage
are not accessible to the public hence why we do not hear about them as much.
Most of these cases are funded by institutional money from a large organization
that may be private or government or a combination of both because they want a
system that will reliably work. Failure for them is much more serious hence they
are able to acquire serious funding (end of 100 year old institutional firm vs end
of a 5 year start up).
Credit Mutuel Arkea (KYC)
Proof of Identity
Allows a complete view of Customer Documentation on decentralized network.
Significantly reduced overhead times as Arkea created a single but cross-business KYC
platform that would inform all of the banks day to day operations.
Arkea could allow it’s customers to deliver a proof of identity to 3rd parties such as
associated retailers, local utilities, and service providers e.g instead of having to
individually sign up and register and send documentation to gas, water, electric, internet
etc send your unique KYC from Arkea to them to verify saving time and processing costs.
ABM AMRO (Auditing and Compliance)
Financial Auditing is currently a difficult issue for large organizations requiring integrating large volumes of
often outdated and inconsistent data from a variety of sources.
ABM AMRO is addressing the issue by creating a shared replicated ledger that
serves as the single baseline point of truth.
The immutability of the blockchain guarantees to auditors that no one has tampered with the information.
Understanding which loans and assets are backed by what with records being
decentralized as well as risk assessment factors. E.g. by accessing the records kept on a blockchain, before
approving a high level capital loan for an institution and being able to access their compliance records and
assets records with no inconsistencies.
Clear audit trail and allows lower cost for Asset Quality Reviews.
What is a conflict/blood diamond?
Blood/ Conflict Diamonds are diamonds mined in a conflict zone to fund military
activity by exploited labour. They have commonly been associated with regimes
engaging in war crimes and humanitarian crimes. 1 in 4 Diamonds today are blood
diamonds with 3.8B of the entire 15.2B diamond market.
Ever Ledger (Supply chain management)
The high amount of regulation and regulatory practices in the diamond industry is suited to the high data
capacity and immutable (unable to change without consensus) nature of the blockchain.
The tracking of conflict diamonds to legitimize them from producer to end user by creating and maintain a
shared ledger for storing digital certification with the supporting verification.
Addressing fraud, theft, trafficking and black market activity.
Greatly assists in the identification of synthetic stones and understanding trendsregarding the trade of
synthetic diamonds.
Reduces the overhead time and cost for insurance companies, regulatory bodies and banks regarding
processing and compliance.
Currently expanding to gourmet wines.
Walmart Food (Traceability)
Farm -> Processor -> Distributor -> Retailer -> Consumer
Compromise Contamination Spoilage
Tampering, Toxins, insects, bacteria, Temperature, humidity,
misrepresentation, viruses expiry
substitution
Economic Loss Legal Culpability Social Impact
Trust is increased as the number of participants in the chain increases.
Pinpoint and isolate compromised food and reduce unnecessary recalls
Improved communication/coordination between entities in the chain reducing costs further.
CONCLUSION
You should now be able to:
By now you should be able to understand some key case study applications of the
blockchain in actual implementation.
You might also be able to conceptualize how the blockchain might apply to your
own individual industry or field.
You should understand key attributes of why these projects made it to the
implementation stage e.g strong backing, tangible objectives.
