The financial services sector is riddled with efficiency challenges and high costs resulting from the use of legacy financial systems. A solution for these challenges exists in the form of blockchain technology. However, adoption of blockchain in the financial services sector remains a challenge for several reasons. Key to this is the fact that the technology is still new, and there is a lack of clear information on how management of financial institutions can configure their organisations to prepare them for the adoption of the new technology. By investigating the technological aspects of blockchain technology; the organisational preparedness for adoption; and the environmental dynamics of financial services; this paper presents a framework for organisational adoption of blockchain technology. This framework will assist organisations to first reconfigure themselves to prepare for technological adoption; and second, align themselves to the requirements of adoption of blockchain technology. Through in-depth, semi-structured interviews with experts in the global financial services sector, it was found that there is a methodological approach to the adoption of blockchain technology. Blockchain advocates within organisations will be able to conduct an internal introspection into efficiency challenges they face, learn about blockchain technology, build a business case for adoption, reconfigure the organisation, align the organisation, and adopt blockchain to accord the organisation the necessary efficiencies. / Mini Dissertation (MBA)--University of Pretoria, 2021. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

In the wake of the financial crisis of 2008, Bitcoin emerged as a radical new alternative to the fiat currencies of the traditional banking sector. Through the use of a novel kind of probabilistic consensus algorithm, Bitcoin proved it possible to guarantee the integrity of a digital currency by relying on network majority votes instead of trusted institutions. By showing that it was technically feasible to, at least to some extent, replace the entire banking sector with computers, many significant actors started asking what else this new technology could help automate. A subsequent, seemingly inevitable, wave of efforts produced a multitude of new distributed ledger systems, architectures and applications, all somehow attempting to leverage distributed consensus algorithms to replace trusted intermediaries, facilitating value ownership, transfer and regulation. In this thesis, we scrutinize distributed ledger technologies in terms of how they could help facilitate the digitization of contractual cooperation, especially in the context of the supply chain and manufacturing industries. Concretely, we consider them from three distinct technical perspectives, (1) performance, (2) interoperability and (3) integration. Voting systems, with or without probabilistic mechanisms, require significant time and resources to operate, for which reason it becomes relevant to investigate how the costs of running those systems can be mitigated. In particular, we consider how a blockchain, a form of distributed ledger, can be pruned to in order to reduce disk space requirements. Furthermore, no technical system part of a larger business is an island, but will have to be able to interoperate with other systems to maximize the opportunity for automation. For this reason, we also consider how transparent message translation between systems could be facilitated, as well as presenting a formalism for expressing the syntactic structure of message payloads. Finally, we propose a concrete architecture, the Exchange Network, that models contractual interactions as negotiations about token exchanges rather than as function invocations and state machine transitions, which we argue lowers the barrier to compatibility with conventional legal and business practices. Even if no more trusted institutions could be replaced by any forthcoming distributed ledger technologies, we believe contractual interactions becoming more digital would lead to an increased opportunity for using computers to monitor, assist or even directly participate in the negotiation, management and tracking of business agreements, which we see as more than enough to warrant the cost of further developing of the technology. Such computer involvement may not just save time and reduce costs, but could also enable new kinds of computer-driven economies. In the long run, this may enable new levels of resource optimization, and not just within large organizations, but also smaller companies, or even the homes of families and individuals.

Globalization has transformed the pharmaceutical industry into a vast, interconnected network. However, this complexity has led to inefficiencies in the supply chain, with existing ERP systems struggling to keep up due to their centralized nature, resulting in a lack of transparency and increased errors. This research proposes efficient distributed ledger-based architectures to address these challenges. In Chapter 3, a new transparent supply chain architecture is introduced to eliminate blind spots and enable stakeholders to verify the authenticity of pharmaceutical products. This system creates a secure, single source of truth for the entire lifecycle of medicines, thereby eliminating counterfeits. Chapter 4 focuses on securing the cold pharmaceutical supply chain using IoT and distributed ledgers. The proposed architecture monitors and controls environmental parameters, ensuring safe drug transport. Scalability is addressed with a novel proof of authentication (PoAh) blockchain called EasyChain. In Chapter 5, the serialization of pharmaceutical products is enhanced through digital twinning, providing an efficient and cost-effective solution while complying with regulations. This research aims to create scalable and efficient pharmaceutical supply chains, reducing counterfeits and improving overall security.