How a Financial Company Improved Its Existing Blockchain System Impediments and Enhanced Their Operational Efficiency?

A leading financial company embarked on implementing a blockchain system to improve operational efficiency and enhance security. However, the company encountered unforeseen challenges during the implementation process, leading to losses and disruptions in its operations. The management hired Research Nester analysts to develop strategies for incorporating the blockchain system into the business.

An overview:

The company was in business for providing financial transactions and other financial activities like loans, insurance, credit cards, investment opportunities, and money management for more than a decade.

As the concept of blockchain became prevalent, the company sought to integrate it into their system, to enhance their operational efficiency and improve network security.

The existing infrastructure struggled to adapt to the new blockchain technology, causing disruptions in data flow and transaction processing. To align the blockchain system with existing financial regulations and compliance requirements, the company encountered difficulties.

The blockchain management had scalability issues, the employees did not know the blockchain technology and were having difficulty adjusting to a new system, leading to productivity losses.

Recognizing the severity of the challenges, the organization sought external expertise to address the issues they faced. Research Nester, renowned for its market research and consulting solutions was hired to analyze the problems and provide proactive measures to mitigate and ensure a successful blockchain implementation.

The Story

The company made its debut in the 1970s and is in the mainframe of financial service providers for more than 40 years. With the oncoming of the digital phase and the introduction of block chaining, the company sought to integrate it into its existing system but failed. It became hard for the company to convince internal stakeholders and customers about the benefits and value of blockchain technology, with repeated mismanagements. Multiple trials and errors by the company were indebted to much more financial troubles. The revenue of the company started falling back eventually due to the lack of a stringent operational framework. In 2019 the company had a gross annual profit of ~USD 30 billion, whereas the annual gross profit for 2020 was ~USD 25 billion, which marked quite a decline from 2019. To handle the situation the company called in Research Nester analysts.

Our Solution:

Research Nester analysts conducted a comprehensive assessment of the company’s blockchain implementation challenges and proposed the following measures:

Upgrading and optimizing the existing infrastructure to seamlessly integrate with the blockchain system, ensuring smooth data flow and improved performance.
Implementing a scalable architecture capable of handling the increasing transaction volume to prevent delays and bottlenecks.
Developing a comprehensive compliance framework, ensuring the blockchain system adhered to all financial regulations and data protection laws.
Emphasized the importance of employee training and education programs to familiarize staff with blockchain market & technology, enabling them to effectively utilize the new system.

Results

The company implemented the proactive measures suggested by Research Nester, which involved:

The company engages with experienced IT professionals to optimize the infrastructure to ensure seamless integration with the blockchain system.
They partnered with blockchain solution providers to implement a scalable architecture capable of handling the transaction volume effectively.
The firm conducted comprehensive training programs and workshops to educate employees about blockchain technology and facilitate a smooth transition
As a result of these measures taken the company recovered its losses and gained stability. The profit growth was visible clearly, in 2021 the annual gross profit was ~USD 32 billion, marking a significant increase from the previous year.

With a better understanding of the blockchain market mechanisms and extensive analysis of the future trends, the company was able to build a better market position and subsequently, profitable growth. All of it contributed to the maximization of its revenue.

How a Financial Company Improved Its Existing Blockchain System Impediments and Enhanced Their Operational Efficiency?

An overview:

The Story

Our Solution:

Results

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Vishnu Nair

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