Blockchain Technology to Help Sustain Corporate ReputationNovember 24, 2018
There is an internet of things is almost everything we deal. Digital Cities and the Internet of things are not separable from each other.
The potential of IoT has been considered to a great extent in developing strategic plans that involve sensors. Whether it is about air quality monitoring sensors, smart street light sensors, pedestrian counters or anything about regulating civic activity, there is IoT. And, wherever there is IoT, blockchain technology can be applied for successful monitoring and accurate data predictions using immutable real-time data recordings.
IoT in the blockchain technology based dApps needs to be actively tested before using it for real time operations.
Tracking anything gets best done accurately to the dot by making use of the blockchain technology. This has been seen in supply chain management systems. Efficient tracking systems can contribute to improving consumer safety. While the reputation of the particular corporate can come under threat for wrongdoings, this is also the tool that can help sustain the corporate reputation.
When it comes to the performance of contracts, the blockchain technology has a very integrated role in that it would not dispense the payments or trigger the next activity as opposed to anything that has been programmed. A supplier or service provider will not get paid unless they have completed the terms they have agreed to in the contract. The payment process can be greatly simplified using this technology and ultimately to re-negotiate performance expectations based on real-time output and close data monitoring throughout the flow of tasks until the contracted job is completed.
Supervising production quality in manufacturing units. Ensuring quality parameters across production. Dealing with deviations from quality. Creating exceptions can all be done efficiently by making use of the blockchain technology. Similar batches of data will be needed for different types of products, and each of these monitoring systems can be customized using dApps from Xinfin.
Every business has a risk to deal with. The pharmaceutical industry is faced with the risk of maintaining medicines under controlled temperatures, and the same is true with the good industry. So, when it comes to dealing with food and medicines, it becomes necessary to strategize the supply chain and logistics by considering the different variables in the process to ensure sustained quality uniquely required for each of the industry types. This can be customized and streamlined using blockchain technology.
And the costs that should be paid to intermediaries can be reduced to a great extent. While 100% cutting off of intermediaries is impossible. A great deal of such interventions can be avoided, by engaging them only as and when required.