Technology has transformed our lives
The way we work, play, and do business has changed. It has offered new solutions to old problems, disrupted traditional business models, and helped us grow through becoming more efficient. One of the most disruptive is distributed ledger technology and its most common application is blockchain.
Blockchain, or distributed ledger technology uses cryptographic tools and a distributed consensus process to create a significant innovation in traditional record keeping. Its three main features are:
Having recognised early on the disruption this technology will cause to the way traditional industries go about their business, Grant Thornton Cyprus set up a specialized business unit offering a series of services to companies that are interested in exploring a whole new world of opportunities opening up for them through the implementation of blockchain technology. We service a multiple of industries such as Supply Chain Management, Renewable Energy, E-commerce, Entertainment, Health, Finance, among others.
We can add value by providing a holistic advisory role to strategically support your organization in each step of its digital transformation with detailed guidance on the usage of blockchain and DLT. Understanding blockchain’s potential for executive strategic decision making.
When addressing business challenges with blockchain technology, organizations need to take into consideration complex regulatory frameworks, risk, audit, tax, and compliance implications on a case-by-case basis.
Qualified assurance reporting for compliance and effectiveness of AML/CFT policy and procedures. Digital Forensics, asset tracing and recovery, chain analysis and due diligence legal risk assessments for wallet custodians according to applicable laws and regulations. Seed protection and wallet custodian services and infrastructure providence.
Exploratory studies to identify early-stage possible implementation concepts, including feasibility studies, infrastructure development, such as technical and/or financial viability assessments of blockchain protocols to achieve specific business goals, proof of concepts (PoCs), blockchain architecture, and product development, followed by sandbox testing and quality assurance.
The development of Smart Contracts which comprise the business process logic for a specific use case, referred to as Decentralized Applications (dAppss), is paramount. In the same way that complex regulatory and compliance issues may inhibit a company’s success, workflows, such as transaction privacy between different organizations, business processes immutability, and intellectual property, are all areas of concern that need to be evaluated.
Providing subject matter expertise to audit smart contracts is critical with the aim of minimizing risk for security vulnerabilities, regulatory compliance, business logic, code and network complexities, library versioning, and error routing.
Topics covering Blockchain 101 and beyond, regulation, strategy, the current state of the technology, and real-world use case applications.
Industries we have developed solutions for include:
- Supply chain management – high value retail items and enterprise logistics
- Food safety – agriculture
- Health records
- Digital content distribution
- Document management
- Digital shares and corporate housekeeping
- Health and safety (coming soon)
Discover new business opportunities utilizing blockchain technology and learn how are working towards the next digital age. How are you adapting? Contact us and we will get back to you to discuss existing and new business opportunities. We look forward to helping you explore the potential of blockchain technology and expand your business going into the 4th industrial revolution.
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