| | December 20188CIOReviewWhile the global transaction platform was created a decade ago as the foundational technology for bitcoin, it's usefulness extends well beyond its ties to the cryptocurrency phenomenon. In fact, blockchain's ability to create highly-detailed, decentralized and immutable distributed ledgers can heighten efficiency and accelerate problem solving across any enterprise, from advertising to manufacturing.While its bitcoin ties have afforded blockchain hype levels approaching celebrity status, blockchain is not a digital panacea. Other advanced technologies are more appropriate for many problems facing businesses today. Blockchain works best when augmenting and improving systems, as a time-, money- or experience-enhancing technology.Despite the hype around what blockchain is and is not, it's an exciting time for businesses looking to leverage this technology. Blockchain is no longer a coming attraction or even a proof of concept. It's here, securely supporting the sharing of transactional data to improve efficiencies, reduce costs, andenhance regulatory compliance. Companies are completing successful pilot projects and in some cases, these are leading to scalable projects across multiple business functions moving from proofs of concepts to proving value.Solving Real Problems TodayBlockchain is supporting organizations across every industry, including the technology, pharmaceutical, manufacturing, and financial services sectors. One specific example of how blockchain is currently in use is Singapore Airlines' (SIA) development of the first airline loyalty program based on blockchain technology. TheKrisPay digital wallet enables loyalty members to instantly convert accrued miles into tokens that can be spent with numerous participating merchants.By Arun Ghosh, U.S. Blockchain Leader, KPMG USTHE TRUTH ABOUT BLOCKCHAIN: SEPARATING THE HYPE FROM ITS VALUE-CREATING REALITYArun GhoshIN MY OPINION
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