What are the benefits of using blockchain in software development?
The regulators are developing the legislative framework in the field of blockchain. And the largest domestic integrators are mastering this technology. They include its tools in the list of their proposals. Successful projects are already underway in both the government and commercial sectors by blockchain development company.
Customers come with different tasks. These are from procurement tasks to automation of maintenance and repair. With each of the customers, we are trying to understand how the new business process will look like. And what restrictions this imposes on the choice of a solution and platform. Such a tool helps to reduce the costs and risks of companies that would like to test hypotheses. But they are not ready to invest resources in the development of a blockchain system from scratch.
The corporate environment is characterized by a strong centralized model. The core of which is the corporation itself. Therefore, blockchain within an organization seems to be largely a redundant technology. First of all, the blockchain is aimed at use in a multicorporate environment. Or in the interaction of the state with business. Thus, the greatest demand in the short term will be for areas associated with the interaction of a large number of companies with each other. This can be procurement management, logistics, insurance.
The main values of the company can be brought by the introduction of blockchain technology in the process of implementing Business Process Improvement (BPI). It’s aimed at efficiency and quality. Thus, the blockchain provides for the development of use cases (use cases) aimed at increasing efficiency by reducing time and costs. For example, in the banking environment and financial institutions. There they are looking for ways to avoid duplication of data and eliminate a lengthy reconciliation process in order to subsequently save time and reduce costs.
Management issues
Among the most interesting tasks that blockchain solves in a corporate environment are management issues. These are roles, regulations and rules of interaction. These are consensus mechanism, formalization of contracts, and others. And these are transactional tasks. They issue of transferring values in a broad sense. These are from data and means of payment to intellectual property.
It is rather difficult to single out certain platforms. It’s important to take into account the specifics of a particular business. The initiatives of large IT companies that create blockchain consortia to work with blockchain technologies. These associations create a wide range of solutions that integrate. There is a variety of existing business and IT systems and facilitate the development and deployment of new blockchain supply chain development company applications.
Another very promising area for using technology is the creation of smart contracts.
Blockchain is of interest to manufacturing companies. Moreover, the control over goods by the state is now strengthening. The “Honest mark” system is being introduced. Which implies the mandatory application of marking on each unit of goods. There are many cases on the global market for storing traceability information in the blockchain.
Track & Trace class systems
They are used to verify the quality of goods. The blockchain allows you to track the entire chain of movement of a product from the preparation of raw materials to their arrival on the store shelf. This is especially convenient in the field of foreign trade. Blocks of information do not require additional verification. For example, the time for passing through customs control is reduced.
To sum up
Let’s talk about the internal corporate environment. The technology has prospects in the field of robotization of business processes. And it’s in the automation of a number of operations through “scripting” and the use of microservices. The relationship between robots can be used to validate operations and store indoor units. Implementation of blockchain in the area of social benefits is discussed. All information about the benefits of a particular person can be recorded in a distributed register. It can be issued automatically when using a single social card.
There are many ready-made platforms on the market, the most common of which are Ethereum, Waves, Ledger. Public platforms are being created that can be used by companies on the sanctions list. The scope depends on the transactional capacity. But the future of technology lies with business solutions created to solve the problems of specific companies. It’s based on the above and new platforms.