The potential for Blockchain increases to move beyond its roots in digital currency. The Hackett Group study says
For the emerging ‘everything-as-a-service’ delivery model, blockchain application code will be a key to enabling pay-by-the-use arrangements between service providers and consumers.
Currently the XaaS trend is fading as most of the businesses can now pay for the technology they need. Quite often Blockchain technology, dismissed as an “electronic ledger”. But, it also offers a level of data security and flexibility. Hence, this help clients to record transactions up and the supply chain. Also the cost of configuring reduces, the study says.
The authors of the Hackett Group study categorize the business operations into :
- By streamlining transactions
- Efficiently tracking and auditing money or goods
- Monitoring data and records management.
Also, the study further elaborates that the pay-per-use arrangements seen in XaaS may create a path for new business models, such as enabling offshoots of the rise in the subscription based enterprises.
The Importance of Blockchain Technology
The study states
“For IT, procurement and finance functions working with vendors of software and platform as a service, blockchain will make it more practical and effective to pay for services on a usage basis”.
Also, the study recommends, the authors suggest that the companies evaluate most complex aspects of their business models. This helps to recognize the areas in which this technology can streamline operations.
According to the 2017 paper titled “The Truth About Blockchain”, suggests that despite the perception that the blockchain technology is primarily used for financial transactions, it is also a “foundational” technology having the ability to do much more, such as tracking items through complex supply chains.
“We spend a great deal of time within the medical-device and life-sciences industry doing a lot of traceability”. The study quotes Edwina Payne, chief information officer for medical-device company Halyard Health.
The study further quotes “We could start to leverage blockchain to get that traceability information from our raw materials through our contract manufacturers and be able to record it as part of our own manufacturing processes.”