Digital ID as a digital transformation catalyst
Implying Digital ID is an effective way to become a dynamic player in the digital transformation revolution.
Digital Transformation is now becoming the first priority to a modern enterprise along with the trend of many new-rising technologies. Choosing a wise and appropriate approach is challenging and requires thorough research. As DX is evolving, transforming the way you identify a customer and interact with him/her can radically contribute to your DX roadmap. With blockchain on the rise and its implication to digital ID, this can be a solution that helps enterprises across industries to meticulously improve the relationship and engagement with their customers.
Digital Transformation is inevitable
The 4th Industrial Revolution is changing every aspect of our daily life. Unlike the previous revolution, which relied heavily on the application of machines to streamline mass production, this advance in science and technology promises to be an automation revolution through the ability to access digital information, instead of using a large number of human resources to maintain industrial production processes.
With the appearance of IoT, Big Data, blockchain, platform-business model, and other emerging technologies, this revolution requires every enterprise to deeply change how their business-operation systems work, especially Digital Transformation, to create more value.
According to Gartner, “Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models.” So, Digital Transformation not only includes the innovation in disruption technology but also relates to the application of these technologies, the acceptance of customers, and what enterprises achieve from this process. In other words, Digital Transformation is the process of seeking the right technology solution to meet the customers’ needs.
Digital ID based on blockchain as a Digital Transformation catalyst
With emerging technologies, people’s connection is getting stronger and larger than ever before. To make this going-digital world occur evenly in the rising population, there’s the need for a tool to identify everyone smartly, for both the privileged and non-privilege one. A blockchain-based digital ID is everything (information) about a person that remains in a decentralized database. It is what connects and differs an individual to the community.
With decentralization, immutability, and security features, blockchain opens up the chance for enterprises to provide high-reliability solutions in their new digital business models. The main outcome is to help reduce intermediaries, reducing costs, and security risks.
akaChain and our digital ID solution
Blockchain is not a brand new technology, but its business value is not yet harnessed fully because of the misconceptions, especially “Blockchain is Bitcoin/Cryptocurrency”. But it’s way more than that.
Realizing this potential, akaChain is reinventing how the Digital ID is created, rewarded, scored, and managed with our permissioned blockchain platform and other emerging technologies. Here are some of decentralized digital ID solutions we offer to our enterprise customers:
- Marketing (Loyalty program):
Our Loyalty and Reward Network helps to solve the problem of how to use “rewarded point” effectively by connecting different parties and transforming distinct points into an inclusive point that can be used to redeem for more types of products and services appropriate to customer’s needs.
- Finance and banking:
Our blockchain solutions, such as eKYC and Credit scoring, are used to improve the efficiency of market connectivity, ensuring security and safety for the financial and banking sector. As a decentralized ledger, these solutions all operate on the principle of recording and then be used to analyze vast amounts of data, having the ability to solve problems of specific industries.
- Supply chain management:
The lack of market information, uneven quality due to non-optimal tracking technology leads to low-quality management. Using blockchain’s traceability solution, we help our enterprise customers to reduce intermediaries, enhance transparency among vendors, suppliers and manufacturers, and logistics companies in the network.
This decentralized ledger provides insurance companies a convenient way to maintain and synchronize their customer information. With blockchain’s immutability, insurers never have to save data twice, which helps to reduce fraud and abuse. Besides, blockchain also helps to reduce a lot of paperwork and speed up claim processing.
Embracing the impact of the digital transformation on business is unquestionably related to collecting quality data. Using this solution, we can better understand our business actions, including how and where value is being generated. Blockchain is not a “Skeleton key” to every rising problem in all business, but if we can unlock its potential business value, it’s certainly a pleasant prize for a smart investment.
Built on Hyperledger to run on any cloud, akaChain offers scalable, secure, and customizable blockchain solutions that ready-to-use for enterprises to tackle transparency and traceability without affecting customer data security and privacy and highly support the company’s digital transformation.
Contact us for more information:
Phone: +84 962 516 915
Addresses: FLC Twin Towers, 265 Cau Giay street, Dich Vong Hau ward, Cau Giay district, Hanoi, Vietnam.