Blockchain, or more generally, Distributed Ledger Technology (DLT), is a rapidly growing and maturing area of innovation. Early, high profile experiments in areas such as supply chain logistics and international trade finance have paved the way for a growing number of blockchain implementations.
The most successful blockchain initiatives often take the form of industry wide consortia, exploiting the “internet-of-trust” potential of blockchain to eliminate the expensive bottlenecks caused by the pre-blockchain need for independent arbiters and registrars to keep track, verify and authenticate information.
For most companies, blockchain is still an unproven and potentially over-hyped technology, and therefore very much on the cutting edge of innovation. In many ways, it is just another database technology, but in others it offers the potential to unlock whole new business models, either for you or for your competitors. Which is why it’s worth considering.
Proven blockchain innovation capabilities of Clustre Member Firms include:
It is in the nature of this areas that client confidentiality is vital therefore we cannot disclose details of client case studies but their sector experience encompasses the following areas amongst others:
Specialist anti-counterfeiting product has introduced accountability and security into complex pharmaceutical supply chains. The combination of blockchain and Near Field Communication (NFC) technology enables clients to ensure the integrity of medicine – from manufacturer to customer.
When NFC technology is utilised, an individual has custody of the item at every stage of the supply chain. If a breach occurs, the NFC tag will be broken and will no longer be able to verify its identity. It will be evident where, in the supply chain, a breach has occurred and who is accountable.
Our member firm have advised and worked with a number of UK public sector bodies on their blockchain strategy and internal solutions. This work includes: contributing to papers distributed by Select Committees… sitting on boards to decide how to adopt blockchain within government services (such as tax, policy)… and engaging in R&D projects.
In addition, the team have worked with non-UK governments in development-heavy projects. For example, their experts regularly speak at the EU Parliament and advise international governments on methods of employing blockchain within their internal services
Our member firm have developed an electric vehicle charging solution enabled by blockchain technology. By assigning unique identities to cars and charging points, the system was able to determine the relationship between the individual and the charging point – establishing exactly where the cost should be assigned.
They have worked with a collection of major UK banks to address the challenges facing the banking industry. The projects have included advising on Open Banking, the future of banking, re-architecting back-end infrastructures with blockchain technology and co-authoring a number of critical industry papers.
Experts in blockchain consulting have delivered sessions with partners of London’s ‘magic circle’ law firms as well as London-based and international law firms acting in the space.
Consulting sessions have covered a whole range of issues – such as where blockchain will be applied…how it will affect the legal industry… which clients it will affect… and why.
For example, sessions explore popular themes such as cryptocurrencies, ICOs, smart contracts and many other topics that law firms see as issues to their practice
They have even developed a product in conjunction with a luxury watch consortium and a Hong Kong-based company to ensure the legitimacy of luxury watches in secondary markets.
The solution involves tracking physical luxury goods using ultra-thin NFC (Near Field Communication) tags and storing information on a blockchain database.
This solution is a totally trustworthy preventive measure within a luxury goods industry plagued by counterfeit goods. It addresses the complex supply chains involved in selling goods in a secondary market where high-value items repeatedly change hands.
Below are our recent articles on blockchain. We’re happy to arrange direct connections to these specialist firms for prospective clients, simply contact us here.
You can find all our articles here.