The potential for Blockchain increases to go beyond its roots in the digital currency. The study by the Hackett group says
For the emerging emerging "all-as-a-service" model, the blockchain application code will be a key to enabling pay-by-the-use agreements between service providers and consumers.
Currently the trend of XaaS is fading as most companies can now pay for the technology they need. Quite often the Blockchain technology, liquidated as an "electronic ledger". But it also offers a level of data security and flexibility. Thus, this helps customers to record transactions and the supply chain. The cost of the configuration is also reduced, says the study.
The authors of the Hackett group study classify business operations in:
- Streamlining transactions
- Track and verify money or assets efficiently
- Data monitoring and records management.
Furthermore, the study elaborates it further the pay-per-use provisions seen in XaaS can create a path for new business models, such as the activation of branches of the increase in subscription-based businesses.
The importance of Blockchain technology
The study states
"For the IT, procurement and finance functions that work with software and platform providers as a service, blockchain will make it more practical and efficient to pay for services based on usage."
Furthermore, the study recommends, the authors suggest that companies evaluate the most complex aspects of their business models. This helps to recognize areas where this technology can simplify operations.
According to the 2017 document entitled "The truth about Blockchain", He suggests that, despite the perception that blockchain technology is used primarily for financial transactions, it is also a" fundamental "technology that has the ability to do much more, like keeping track of items through complex supply chains.
"We spend a lot of time in the field of medical devices and life sciences, making a lot of traceability". The study cites Edwina Payne, information manager for the medical device company Halyard Health.
The study cites further "We could start exploiting the blockchain to obtain traceability information from our raw materials through our contract manufacturers and be able to register them as part of our production processes".
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