Blockchain Technology Has Three Advantages to Improve the Operation Mode of Business

The rise of data-driven enterprises and the change of consumer habits mean that the business mode of the energy market is changing. Emerging technologies have caused large-scale industrial changes and brought significant benefits to the energy sector. Blockchain, which is famous for its reliability and transparency, is such a technology.

This potential revolutionary innovation can help enterprises manage the growing complexity of the industry and eliminate inefficiency.

Blockchain, also known as shared ledger, is a database that holds digital file tracking of all transactions. The ledger is not placed in one place. Instead, it is stored on the chain of hundreds or even thousands of computers around the world. When a change is made to a record (block) in the ledger, it will be reflected in the whole chain and in the timestamp of the change.

In this way, it is impossible to change a block retroactively without changing all subsequent blocks, which will require the consensus of the whole chain. This is why blockchain is attractive for any transaction that needs to be completed in a secure way. Blockchain is the backbone of bitcoin, the most famous cryptocurrency, because the payment between sender and receiver is secure. But its ability goes far beyond cryptocurrency.

Blockchain has three advantages in improving business operation. The first is conducive to the development of new business models, which may be the greatest value-added benefit. Second, blockchain can disrupt existing processes. Outdated business practices hinder growth, and re imagining and redefining them may have a transformative effect. The third advantage of blockchain is decentralization. This technology can help get rid of existing value chains and provide a way to redefine these value chains. This allows enterprises to directly obtain information that would otherwise require mediators.

Develop new business models

In terms of new business models and innovative digital platforms, we have witnessed the integration of different industries in the market. For example, oil companies are actively interested in having power generation capacity and the ability to provide "last mile" marketing services to B2B and B2C channels. By doing so, they are trying to play a role in the entire end-to-end hydrocarbon supply chain. Providing services to improve their business is beneficial to them and their customers. Blockchain can become one of the key mechanisms of B2C channel. In the ecosystem, B2C channel manages the authentication, management, association and sharing of data sets in a safe and reliable way.

Another example is the point-to-point trading of energy. Consumers are people who both consume and produce. This means that they can be encouraged to generate renewable electricity and trade any surplus they may have. If they have the opportunity to create energy that can provide personal value and benefit themselves, today's consumers will be willing to pay a higher price to join this service. However, they may not have enough insight to do this effectively. An extensible business model can be developed around people who want to offer transactions in the market.

Here, blockchain provides a trusted repository in which consumers can place market data sets, including how much energy they produce, how much information they provide for sales, and to whom. In a blockchain based repository, all this information remains unchanged, which can be safely used by all parties in the network.

Another example of a new business model is around electric vehicles. There is a rapidly developing network of vehicle charging stations. Blockchain may be the core of this service to support authorization, authentication and maintenance of the charging station data set. Blockchain can become a basic digital platform that can coordinate power sharing between different channels and help create and expand new business models. In Europe, Wipro worked with a customer to create a market for electric vehicles and hybrid charging points developed by blockchain based solutions.

Disrupt existing processes

The second major benefit of blockchain is that existing business processes can be re conceived, redefined and restructured. There are many examples that show that blockchain may destroy the current way of working, making it more efficient, safer and cheaper to operate and maintain.

This will benefit everything from procurement and supply chain related workflow to customer-oriented or customer value creation processes. Blockchain can make the data pipeline have the necessary security, elasticity and performance so that different participants in the process can use it safely.

Eliminate intermediate mechanism

The third key advantage of the block chain in the energy market is decentralization. In the energy sector - including electricity, oil, natural gas and renewable energy - each sector has unique opportunities to take advantage of this technology. The electricity market has experienced the transformation from regulation to deregulation.

This means that in history, some market participants have always had a series of business interests, one of which will always devour the other. At every node of the ecosystem, some value will be created, but the efficiency is very low. The same applies to oil and gas. In the whole supply chain, the movement and generation of hydrocarbons and molecules will involve both parties of interest.

Agents, brokers and suppliers support the existing supply chain, but over time, the existing supply chain brings high cost problems. Blockchain has the potential to combine all these roles and make everything more effective by eliminating intermediate characters.

Blockchain can completely destroy the whole process and create a digital mechanism for enterprises to conduct trade settlement, trade processing and even manage trade financing.

At present, a series of industry initiatives are working to achieve this goal. The same applies to small-scale energy enterprises. The challenge is to create a digital market rather than a physical market. In this market, people are using more traditional methods to interact, which are quite inefficient. Blockchain can have a huge positive impact on traditional supply chains that currently rely on aging and inefficient processes.

Trigger blockchain revolution

Many enterprises are trying various new technologies to determine which technologies are most suitable for their business, including blockchain. We can see various scalable production level deployments in the industry, most of which are in the physical supply chain, mainly focusing on the container business and, in some cases, around the remittance business. These early use cases provide the blockchain with great potential. Now more and more organizations begin to focus on how to strategically use new technologies to accelerate their business.

Therefore, interested parties are now working together to establish common definitions, data standards and blockchain backed solutions, and participate in industry consortia through equity investment and investment.

Wipro recently became a subsidiary of the energy network foundation (EWF), a global non-profit organization dedicated to accelerating the adoption of blockchain technology in the energy sector. In cooperation with more than 50 subsidiaries around the world, EWF is building and expanding the energy network chain, which is the first public and open space blockchain platform tailored for the energy sector.

Because we are still in the early stage of the blockchain Revolution: this technology is sometimes misunderstood and regarded as a panacea for all problems, just like aspirin for headaches.

This is why Wipro is investing in deployable business use cases for this promising technology. These are available "software building blocks" that can meet common business needs and accelerate the development of customized software. This will drive the adoption of blockchain and enable organizations to focus on determining the strategic value of blockchain to their business.

Wipro is an active contributor to various technology development and strategy forums. He said: we have made selective investment in industrial consortia to promote the standardization and development of secure and scalable digital market platforms, including direct processing, remittance, etc. As a service, our blockchain lab is based on the industry solution framework and technology assets to enable organizations to quickly test and innovate in their digital transformation and acceleration efforts.

Blockchain provides great possibilities for the energy industry and will play a key role in its digital transformation. We believe that the growth of blockchain in 2018 will obtain numerous feasible platforms, and the whole industry is striving to create common standards, so that more enterprises can tap the potential of this new technology.

Blockchain Technology Has Three Advantages to Improve the Operation Mode of Business 1

business related articles
Various Ways in Which AI Can Be Used to Develop Business
After a Year of Business, It Has Quietly Come to Us
The Best Small Business Loans & Financing Ideas to Help Your Business Grow | Brex
Why Choose Virtual Phone System for Business?
What Are the Best Business Ideas in 2020?
you might like
Products Black Mask Neateeth
high profit business opportunities high quality dental whitening strips
china products business portfolio notebook

Copyright © 2020 Coffee bag - Guangzhou tianci packaging industry Co,. Ltd. | Sitemap