Singapore: why should we be excited about blockchain in business?

Accenture’s Group CEO for Growth Markets believes that Blockchain can help solve social issues. 1.1 billion individuals, nearly one sixth of the world’s population, currently live without proof of identity.

And so, Accenture is a founding partner of the ID2020 Alliance which uses biometrics including fingerprints, face, voice and/or iris scans which are captured at an enrollment station. An extremely secure unique identifier is created and is recorded on the blockchain. Moreover, the identifier acts as an index which links all applicable data and no personal data is kept on the blockchain with the ID2020 solution.

Accenture also believes that Singapore is a birthplace of new innovative ideas that could help solve global problems such as blockchain’s development. Furthermore, the government said in 2017 that it planned to spend more than USD $100 million purely on artificial intelligence over the next 5 years.

Moreover, within the financial services industry, blockchain could give greater transparency into any underlying risks of investments, irrespective of its complexity to banks, investors, regulators and any other key stakeholders.