Bangkok – 25th April 2022, NTT DATA (Thailand) Co., Ltd., a subsidiary of NTT DATA Corporation, a global digital business and IT service leader, said blockchain technology is a powerful trend and a key to global connectedness. Not only in the financial industry, but blockchain is already making it mark as a backbone in all industries, including insurance, automobile, logistics, medicine and foreign currency exchange. All eyes are on creating blockchain ecosystems for inter-industry integration, to enable further development and enhanced efficiency. A case study was unveiled: a German automobile maker and a global logistics leader co-developing blockchain technology to enable fast and transparent collaboration across companies. Plus, a new platform TradeWaltz will integrate blockchains for seamless trade facilitation.
Hironari Tomioka, President and CEO of NTT DATA (Thailand) Co., Ltd., stated that blockchain technology has become an important infrastructure, the world’s new backbone, which comes with decentralized data integration and transparency, as data are collected via connection of all working systems and security is guaranteed by limiting access to a group of users, allowing users access on an as-needed basis. This in turn leads to reliable and highly secure data, minimizes the need to prepare reports manually and reduces work time. One of the most prominent manifestations is decentralized finance (DeFi) which gets rid of the “middlemen” as financial transactions - such as money deposits, withdrawals and transfers, purchase of insurance, investment in a fund, money exchange, whether domestically or internationally - are predominantly carried out through blockchain and “Smart Contracts,” enabling fast and secure transactions at a reduced fee and providing more convenience for consumers. Meanwhile operators in the financial industry are able to create more positive service-related experience for their clients.
Outside the financial world, blockchain is now playing a key role in every industry. According to the NelsonHall report, the global market for blockchain services stood at $496 million in 2020 and is expected to post a CAAGR of 53.3% through 2025. Asia Pacific is projected to see the strongest growth over the next five years, particularly in banking and financial services, telecommunications and media and the public sector. Blockchain use in banking and financial services will grow the most, due to introduction of new services related to digital currencies to meet market demand, authentication, real-time issue of digital documents, all of which will be a major driving force for the blockchain technology.
NTT DATA sees the blockchain technology as enhancing the potential for businesses to improve in all aspects. It will play a big role in medicine, education, public agencies, social enterprises, insurance and manufacturing industries, especially in optimizing workflow, minimizing errors in manual processes, increasing transparency in every process and improving performance throughout the supply chain to support cooperation. Although blockchain use is heavily concentrated in the financial sector, NTT DATA has co-developed a blockchain ecosystem to connect the working system of Germany’s leading automobile manufacturer to that of one of the world’s leading logistics companies, developing a supply chain system from pre-manufacturer to distribution of auto parts to authorized dealers as needed. This blockchain system creates automatic connection points covering supply chain operations in 17 countries globally, limits access to data and can be monitored real-time through a dashboard from the time a purchase order is made to final delivery. This helps to reduce lead time and marks another significant stage in blockchain development, said Mr. Hironari.
In his concluding remarks, Mr. Hironari said that NTT DATA believes in blockchain’s potential for further development in the future, by integrating multiple blockchains that may even be on different ecosystems to enable easier and more efficient inter-business collaboration. It has developed a trade information collaboration platform, TradeWaltz, created with data from a consortium of corporations in various industries, with an aim to digitize international trade. In this platform, blockchain technology is used to generate digitized trade documents, ensure that electronic data are accurate and guarantee the authenticity of digital documents and transfer of rights. The platform also allows real-time data sharing and status updates with a business process management system and reduces the risk of document loss, theft and pampering. One of its outstanding features is equal treatment of data owners, which promotes comprehensive use of data across industries and borders and enables international trade to be conducted smoothly in the digital age. And as a global leading digital business, NTT DATA provides end-to-end blockchain ecosystems - from consultation, system design and system development by connecting systems of multiple companies implementing blockchain through API integration, to system maintenance - to create value for the company.
About NTT Data (Thailand) Co., Ltd.
NTT Data (Thailand) Co., Ltd. or NTT DATA (Thailand) is a subsidiary of NTT DATA Corporation Co., Ltd., a global digital business and IT service leader, originally from Japan. NTT DATA has expertise in managing data networks and telecommunications at the forefront with over 139,500 employees worldwide, operating in more than 50 countries with experience serving leading companies, especially Japanese companies that have established in various countries around the world. In 2020, NTT DATA was ranked 6th in the global IT service provider market from Gartner. NTT DATA (Thailand) started as a technology system provider in payment solutions for debit and credit cards, including web-based and mobile applications, and has been trusted to serve financial sectors in the payment system for a long time. From such expertise, the company has been developed to serve customers in various industries, such as manufacturing, telecommunication, energy, and retail. As a result, NTT DATA (Thailand) has become an IT consulting company, including the design and development of technology solutions that are recognized with world-class standards, flexible to work as well as paying attention to quality and services for the best benefit of customers. For more information, visit the website https://www.nttdata.com/th/en and Facebook page https://www.facebook.com/nttdatathai
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