Blockchain part 4 of 6 – Blockchain in the Real World

The best ways to determine if Blockchain can help your business it to look at some real-world benefits. For example, it can provide to a range of businesses across the following separate and varied industries:

Insurance

  • Insurance providers need an efficient way to process claims. Blockchain can facilitate this by incorporating insurance claims and policy conditions into smart contracts stored on Blockchain. Once an insurance claim is made by a credible source, the insurance policy is automatically triggered.

Supply Chain Management

  • When something goes wrong in a complex system, for example an aircraft. It can be useful to implement supply chain management to establish the details of each component down to the date, batch and even the manufacturing machine. Blockchain can hold all these details.

Healthcare

  • Most hospital records are held in cloud like environment, making the data susceptible to data breaches leading to fines and damaging reputations. By incorporating greater granularities Blockchain can facilitate patients, doctor’s hospitals and insurers to maintain comprehensive medical history for every patient.

Financial Services

  • Commercial financing: Businesses need to purchase goods and services on credit – by implementing Blockchain and the process of sharing a ledged, there is complete visibility on all transactions and the potential for disputes is limited.
  • Trade finance: businesses need a way to expedite the process of moving goods across borders. Legal entities can sign all approvals on Blockchain, keeping all parties informed on the approval status.

What questions do you have?

We are happy to help. Please post your comment below or call Colin O’Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: cobrien@cooneycarey.ie

To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses. 

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    Posted on May 30, 2018 by Colin O'Brien

    VAT Adjustment – Unpaid Consideration

    Errors in the preparation and submission of VAT returns can be very expensive for businesses.   It is important that businesses review their VAT returns regularly and have sound internal procedures in place to ensure that VAT returns are completed correctly.

    One common item that businesses overlook is the requirement to repay VAT reclaimed in respect of creditors outstanding for more than six months.

    If within six months of the end of the VAT return in which the VAT was repaid, the invoice has not been repaid there is a requirement for the VAT to be repaid to Revenue.

    As part of a Revenue aspect query / audit, Revenue will routinely review the creditors ledger to ensure that the appropriate adjustment has been made.  If the adjustment has not been made the VAT will be need to be repaid.  Interest on the late payment of VAT and a penalty may also be levied by Revenue.

    What questions do you have?

    We are happy to help. Please post your comment below or call Eamonn Madden, Tax Manager at Cooney Carey, on 01 677 9000. Alternatively, send him an email: emadden@cooneycarey.ie

    To keep in touch, connect with us on LinkedIn.

    If this article helped you, please share it with other businesses.

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      Posted on May 22, 2018 by Eamonn Madden

      Blockchain part 3 of 6 – What are the Benefits of Blockchain?

      Blockchain is a virtual public ledger that records transactions and tracks assets in a secure and transparent manner. Blockchain can provide many benefits for a business including:

      1. Cost savings – implementing Blockchain can achieve a variety of cost savings:
      • Intermediaries are reduced as participants exchange items directly.
      • As the network is self-policed by the network participants there is significantly less need for oversight.
      1. Tighter Security – a permissioned network reduces the risk of fraud, tampering and cybercrime. It should be noted that not all Blockchains are built for business, so some Blockchains are permissioned while some are not. A permissioned Blockchain is vital for a business as it offers greater auditability and improves efficiency.
      2. Time savings – Without the need for verification from a central authority, transaction settlement is faster and transaction times are significantly reduced.

      Blockchain can also enhance the trust across a business network, as every transaction in the network builds on the previous one, any corruption or fraudulent behaviour is readily apparent. This trust eliminates the need for third party supervision, and enables greater access for auditors and regulators to review relevant transactions and verify compliance.

      What questions do you have?

      We are happy to help. Please post your comment below or call Jack Gahan from Corporate Finance Team on 01 677 9000. Alternatively, send him an email: jgahan@cooneycarey.ie

      To keep in touch, connect with our friendly team on LinkedIn.

      If you found this article interesting, please share it with other businesses. 

      Share This Post:
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        Posted on May 3, 2018 by Jack Gahan

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