The Use Case
The tracking of assets is a major issue for some financial services companies as there is currently no digital system to track goods such as fine artworks or aeroplane parts.
Given a blockchain's ability to provide an immutable history of all transactions relating to an asset, the potential to track assets on a blockchain is apparent. A simple ledger could be utilised by key stakeholders such as insurance companies, asset managers and buyers.
How It Could Work
Laura's art dealership are keen to close the sale of a painting. The dealerships insurer is hesitant to insure the painting, as key are unsure about its origins. This delay in sale is costing Laura.
A blockchain solution would expediate the process for both Laura and her insurers. As the blockchain is immediate, immutable and provides a full record of client events, this would be a significant improvement over the current, paper-based system.