Don't you Blockchain yet?

Blockchain is a distributed digital ledger that enables and records the secure transfer of data and documents through a public or private peer-to-peer network. Blockchain allows secure management of a shared ledger & transactions are verified & stored on a network without any governing authority.  Blockchain configuration can be on a public opensource network or a private Blockchain network that required explicit permissions to read/write.

The best applied example I have read is of an automotive industry. A car has a manufacturing defect that results in a part being replaced. The typical communication chain could follow the following pattern:

• The car owner brings the car to the dealer to diagnose a problem

• Car dealer inspects the car and notifies the manufacturer about the faulty part

• Manufacturer works with the part supplier to determine where the fault lies

• Part supplier and manufacturer agree that the part is faulty, then notify the dealer

• Car dealer notifies the customer
• Car owner brings the car back to the car dealer for part replacement 

In this scenario, communication among the customer, car dealer, manufacturer, and part supplier is delayed by incomplete information, so full and accurate responses along the chain are impossible. Second, all communication goes through email, telephone, or postal mail, and the customer has to visit the car dealership multiple times to have the part replaced, possibly being unable to use the vehicle until the car is repaired. This is a very shabby customer experience.

Now let’s look at the customer experience when blockchain & technology platform are combined. In the same scenario, the communication chain will be as follows:

• The IoT sensor automatically notifies the manufacturer, car dealer, and car owner about the defective part

• Car dealer contacts the car owner and sets a service appointment for an inspection

• Car owner brings car to the dealer for inspection, which confirms the faulty part

• By now the information about the faulty part is already put on blockchain, which has by now notified all the parties – manufacturer, insurer, part supplier, car dealer, and owner

• Manufacturer, dealer, and part supplier collaborate to analyze the car’s IoT sensors and dealer inspection report to identify where the fault lies

• Manufacturer gives an instant approval for part replacement on blockchain, which automatically notifies all parties

• Car dealer replaces the part and delivers the car back to the owner

Impressively, all of this happens on the same day, during the 1st service appointment, and the customer is continually kept informed as the vehicle proceeds through the diagnosis and repair process. As we can see, there is a tremendous potential for developing applications that use blockchain in Internet of Things solutions. This combination can not only solve many of the key problems in process efficiency, user experience but also enhance it by automating many customer service processes along the way.