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Celfocus has defined enterprise applications and private ledgers as the cornerstone of its blockchain offer to meet the demands of our enterprise clients.
Although blockchain as a technology can tackle diverse challenges across multiple contexts, Celfocus’s vision is primarily focused on enterprise B2B2X instead of community approaches with the ultimate goal of helping our clients move from web2 to web3 and unlock the full potential of blockchain. Unlike community-led blockchain projects, which are typically permissionless, business secrets are still key to achieving the desired level of confidentiality required by most enterprise clients when doing business in a sound ecosystem.
The trust protocol
If we think about it as the primordial stage of the internet, web1 was a great way to start consuming information and communicating from a global perspective. Web2 shortly followed, where we could read information, write, contribute, and generate data in a distributed manner – mostly leveraged by the exponential growth of social networks.
Web3 is a huge leap from that, built on top of the protocols inherited from web2 and enabling both the decentralization and ownership of information, as well as accountability and trust as a fundamental technological feature across all network layers – that is the power of blockchain.
It is on the web3 that blockchain technology is best equipped to enable new use cases and businesses we have never imagined before. In fact, blockchain promises a huge revolution, not only business-wise but also in how businesses are run and governed. All this revolving a fundamental value for performing any type of interaction across a distributed ecosystem: the concept of trust.
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Unlocking new opportunities
Celfocus is focused on creating offers to address the needs of our customers around blockchain technology and web3, centred on both the telecom and financial services sectors in Europe and the Middle East.
Since 2018 – when Celfocus started working in the web3 space –, our focus has always been to create disruptive, decentralized, and modern solutions to help our clients either reinvent themselves by optimizing business processes or create new disruptive business cases to “shake” their respective markets.
- Financial services: blockchain solutions for financial services have been popularized by all the DeFi trends which have been thoroughly adopted by the community. In this context, it is easy to imagine all the products and services banks could offer their clients in a near future, even considering all the technological challenges around these assets, like access, ownership, and custody.
Another interesting trend is clearly the advent of Central Bank Digital Currencies (CBDCs) and the ongoing adoption of these digital currencies by central banks and banks alike, in the form of wholesale and retail CBDCs (e.g.: a Digital euro is now being publicly assessed by the European Central Bank and national central banks of the euro zone as a central bank digital currency and an electronic equivalent to cash).
- Telecom: in the telco space, the canonical use case across the web is cross-border roaming, but it is massive and will require alignment between many telecom operators to reach its promised value. There are also interesting use cases around 5G, network, computing and communications management, fraud and security, applications and services, loyalty, assets management, and digital twins.
- Insurance: when we talk about insurance, a change of mindset is probably needed to move from web2 to web3. Final customers are today more aware of their data potential, and how it could be used. They are also more willing to share it if they consider it a fair trade. Insurance tokenization and parametric insurance are now possible, and we have the right tools on the market to accomplish them.
Additionally, Celfocus has been closely following cross-industry trends that play foundational roles in the overall landscape of blockchain solutions and create synergies across different use cases: decentralized digital identities, loyalty programs, NFTs and data marketplaces for asset monetization on top of ledgers. Bearing a practical approach in mind, Celfocus’s blockchain team has been developing several proofs of concept to address each of these topics, with a special focus on Loyalty, IoT and Real Estate sectors.
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Did you know that Celfocus was present at CordaCon 2022?
This year, Celfocus was a Corda All-Star official sponsor of CordaCon 2022, which took place in London on the 27th and 28th of September. Annually held by R3, the event is a well-known reference for Corda enthusiasts and technology experts, bringing together more than 1000 worldwide financial services leaders.
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During the two-day event, top-tier public and private institutions discussed the latest innovations related to the digital asset economy, paving the way for networking opportunities and a closer look into emerging trends. In this edition, CordaCon was divided into two major themes: day 1 – the “BizDay” – which took an in-depth look at business use cases and emerging trends in the modernization of financial services; day 2 – the “DevDay” – which focused on all things Corda and Conclave, with sessions on the latest accelerators and SDKs, along with hands-on developer experiences.
In line with our strategy regarding blockchain technology, Celfocus’s experts were present at the event to network, share experiences and expertise, and show how our know-how has already supported a tier-one telco through a major digital shift, all through a platform capable of connecting, authenticating, automating, and providing an interface for all devices and ecosystems. CordaCon 2022 was also a great opportunity to exchange thoughts and learnings, and further the topics of Blockchain, IoT, DDI, Automated Payments, and much more.
