New Opportunities with Blockchain Supported Security

 2022-03-04 By: Elroy Yao

As the old saying goes, one of the most important capital in business is trust. This can cover a whole list of definitions that are not mutually exclusive such as providing goods & services at or exceeding the expected level of quality, abiding by terms in a contract, etc. At the end of the day businesses that can earn their clients’ trust will certainly earn a good reputation that can improve their standing.

While some might be satisfied with what’s known as a gentlemen’s agreement, it is not legally binding nor enforceable by any of the cosignatories. Legally binding contracts with added clauses for penalties are usually the standard today, but without proper oversight some violations to the clauses might occur; accidentally or deliberately.

For some time now, blockchain has been expected to have a more prominent role in many industries; from security to enforcement. In this edition of the InnoVEX Editorial, we explore 3 applications where blockchain supported security can excel.

Not All Blockchain

At the height of the blockchain hype, people expected blockchain to replace a lot of conventional, if traditional methodologies and technologies. However, blockchain’s versatility will also mean that they will excel in different applications; whether industrial/ professional.

A team from Belgium, SettleMint aim to provide low-code blockchain for industrial applications that users can build, launch, integrate, and monitor out of the box. Users can create supply chain networks where participants have a real-time view of products’ location, condition, owner, history, & projected path. The immutable records made possible with blockchain will also help users manage smart contracts and ensure security for other functions and open up new business models such as data stream or dataset trading.

Users, both personal and organizational now create a massive amount of data from personal mobile devices, IoT devices, etc. that might not be utilized yet due to privacy and security concerns. Now with blockchain enabled security, the created data might be able to open up opportunities for new developments, business models, and revenue streams in a secure and private platform.

Big Data in Industries

Data in manufacturing helps businesses develop better operational systems, best practices, and tweaks that often lead to their competitive advantage. However often times these will require a lengthy and costly trial and error phase where businesses make live, rapid adjustments to create the optimal results. Usually the manufacturing data is detected and recorded through sensors and IoT devices, but for businesses perhaps only a small percentage of the recorded data is useful and relevant; leaving the rest as noise or byproduct of their digital transformation.

QualityLine of Israel combines AI with big data to automatically integrate, interpret, and analyze manufacturing data to optimize quality and efficiency in manufacturing. Their analytics software solution also creates a global end-to-end control for companies. Their solutions will continuously collect manufacturing data, from multiple global locations, in real time and analyses them to create a holistic analytics solution that optimizes quality and efficiency in manufacturing.

Combining this service with blockchain might open up opportunities in consulting or consulting support where data from one user can be used as the baseline for adjustments in another. Of course, this means the original user whose data became the information source must also be properly compensated, but this avenue of cooperation will only be possible through blockchain backed security.

Better Energy Management Helps Everyone

Electricity today is both ubiquitous and integral to human lives. Whether for powering machinery, facilitating work, ensuring safety, comfort, or entertainment, a majority of human life today is closely linked to electricity and electric/ electronic devices. As electricity consumption usage increases and fuel price for the generators rises; energy efficiency will be an economic choice as much as it is environmental.

Taiwan's eKoPro offers smart energy management solutions through real-time electricity monitoring and smart control. The connected app also allows users to check their energy usage and facilities’ status. By collecting historical data, they will also be able to diagnose equipment and set up predictive maintenance notification for users. Their goal is to transforms invisible electricity to readable and analyzable data, enhancing safety, equipment performance and reliability.

On its own, the collected data might be able to provide users with how conventional steps to improve energy efficiency. However, when combined with blockchain it might be able to achieve more such as facilitating data trading with manufacturers or utility providers. With life data provided directly from users, manufacturers would be able to design more efficient devices and gadgets. Utility companies might also be convinced to come up with a more effective billing method that will not be exorbitant to the users while at the same time reducing the requirements for subsidy from central government.

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