The process of establishing trust over technologies and business process have been seamless due to the rise in the advancements of Blockchain and eight essential technologies. The various advantages are notified, and it is proven that these technologies open new doors for businesses.
FREMONT, CA: The OECD has estimated a whopping $461 billion worth of duplicate and counterfeit goods are sold yearly. This number accounts for 2.5 percent of the global trade and depicts that one out of every 40 products manufactured is fake. The prevention of these activities calls for enormous spending on duplicative testing, manual auditing, legal fees, insurance, and reconciliation.
Luckily, emerging technologies have now paved a pathway to provide enterprises hacks and methods to automate trust in digital, physical, and human assets. The solution is centered on Blockchain integrated with another of the essential eight technologies. Once the trust is automated with technologies, it gives rise to a whole new business.
Automation doesn’t only offer security and real-time insights into the supply chains but also maintains a constant eye on employees and operations. All users are allotted their unique digital signatures depending on the varying levels of clearances allowing for flexible access. The owner of the data has the actual capacity to provide clearance to access data.
With the above systems in place, renewed revenue streams are created with greater efficiencies:
• Customized Pricing: The enterprises utilize Blockchain, combined with AI and the IoT to collect, store, analyze, and share data for executing effective pricing at the point of sale.
• Trusted Data-Driven Business Models: When AI models forecasts markets and customer data to create a new feasible business model by automating trust in the transactional data.
• Co-operative R&D: With a combination of Blockchain and AI, the transactions among the stakeholders and the value for each participant’s stake are calculated accurately.
• Consumer Engagement: When there exist a secure sharing of the data, the data shared can be selective, of better quality, and abiding by standards.
• Secured Identities: The identification of the user can be controlled, and limited information can be shared. The technologies like Blockchain and AI can provide the protection necessary for the user by giving freedom to choose the level of security and the firms or users to share it with. This aids in the development of customer trust.
With trustworthy information via Internet of Things (IoT), an optimally secured method to share utilizing Blockchain and the analytics by AI to extract insights from the data opens endless doors. Especially with the right approach, the foundation for fast growth in the digital economy is laid strong.