The core domains for Accenture’s Multi-party Systems practice are financial services, supply chain and digital identity.
Blockchain is a new type of database system that maintains, records and authenticates data and transactions. In the supply chain, products are given unique identifiers that allow their entire history to be collected as the product moves from origin to consumer. Stakeholders validate information in real time and if anyone tries to tamper with, alter or delete a record, everyone will know.
In digital identity, through blockchain technology, which is a decentralized and stored database that does not depend on the validation of any authority, such as a social network, the Digital Identity presents itself as a digital transformation that directs its focus, for the first time, the user and their decisions of what to share or not to share with a service provider.
In financial services, blockchain has decentralization as its main feature. They receive this denomination because they present solutions in a format free from regulation by a specialized body, such as the Central Bank. It is enough for anyone to enter the blockchain network and move funds. Another relevant point is that the security criteria of decentralized finance are based on the blockchain network. Such a defense mechanism relies on blocks of information sets through sequential data.
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