New Normal, Digital Transformation, Industry 4.0
Trust | Transparency | Traceability
Blockchain as a Service "BaaS"
3 May 2021 | Blockchain, Emerging Tech, Supply Chain, Traceability
The real-time access of shared, immutable data records across the blockchain network can help any industries through the benefits of transparency, traceability and trust between businesses, partners and customers. These cost-effective solutions of Blockchain are available upon various used cases through a software-as-a-service (SaaS) protocol or model known to be as Blockchain-as-a-Service (BaaS). Blockchain as a Service market set to hit an incredible $30 billion by as soon as 2024. Upon deployment, this model can allow users to access and share critical data through any device, quickly scaled as the business grows.
TRST01, a Blockchain-based service solution platform combined with other emerging technologies, enable trust, transparency and traceability to increase efficiency and provide end-to-end transparency on information along the supply chain. Businesses can quickly gather and present information and stories about products and their supply chains, including verified data to support them.
TRST01 BaaS Integration: TRST01 blockchain platform uses API to communicate directly with any software to verify and authenticate data. It saves both time and cost. (An application programming interface (API) is a messenger that processes requests and ensures seamless functioning of enterprise systems) . It is probably safe to say that in upcoming years, blockchain technologies will most likely become one of those assumed back-end technologies that will support various business services across Industries 4.0.
BaaS Adaptability: The focus areas of adoption are Document Authentication, Smart Contract, Supply Chain Management and Track and Trace (food and seed). Blockchain’s integration with ERP systems is essential for the widespread adoption and growth of various use-case solutions, becoming an instrumental part of many businesses’ software suites. Blockchain’s ability to create easy-to-identify information chains that impossible to manipulated makes it the perfect complementary solution to numerous systems in Industry 4.0, such as standard & safety, quality management, inventories management and supply chain.
Identifying a Blockchain Use Case: A good Blockchain for the TRST01 platform use case should have the following:
1. Business Problem
2. An identifiable business network
3. Need for Trust
Need of Traceability & Transparency: – Tracing the movement of a product from producer to the consumer can offer assurances that the value chain meets strict market standards for food quality and safety, environmental concerns, trade practices. Blockchain has demonstrated its potential for providing greater transparency, honesty, and trust in the information ecosystem.
TRST01 Blockchain Solutions are both business-driven and technology-enabled. It can focus on critical metrics of time efficiencies, cost reduction, long-term goodwill, and revenue generation. It is all about creating a solution that offers shared value creation for all stakeholders.
TRST01 platform differentiators
Impact (A win-win situation): The innovative traceability solution from TRST01 works with a simple QR Blockchain oriented scan and provides consumers with crucial information points, such as point of origin, location, batch number, processing unit, packaging unit, shipping information, as well as a complete timeline of these steps. Thus, the entire journey of a product/service from the origin to the retail shelf is made available to consumers and displayed on their mobile phones.
Conclusion: Blockchain is likely to have a significant impact in creating an integrity-first governance ecosystem. TRST01 focuses on solutions for the more extensive ecosystem and organisations trying to adopt blockchain technology for distributed computing, trust validation, and simplification processes.
Share Blog on: