Top 8 Ways of Blockchain Technology Securing the Transactions in On-demand Industry
The on-demand industry is the next revolutionary business platform among the various sectors and it also acts as the base platform for all the service providers, service handlers, customers, suppliers, retailers, etc. By simply on boarding, the participants experience convenience in various aspects:
- Getting quick familiarity,
- High-revenue,
- Wide-range of service coverage,
- Easy to expansion
Being a profitable player in the competitive market and building a potential customer base are the top essential things for on-demand startup owners. Acquiring these via automated platforms is a tricky idea in recent days.
Since the number of players involved in the on-demand service sectors is more, the transactions among all done through such platforms. Security of transactions is the questionable one in real-time.
Running startups with outdated technology bring a lot of financial issues in real-time. One of the specific issues is the financial disruptions where the payment transfer, huge size transactions among the suppliers and retailers are highly affected by the new threads.
Creating a secure environment against those issues is the essential one for a perfect on-demand marketplace. This blog helps you learn more regarding blockchain technology and its influence on an on-demand startup.
Towards on Blockchain As A Service (BAAS)
Being the frontline in the on-demand industrial sectors highly depends on how far you provide a secure environment for the financial premises in the simplest form. Nowadays, the running of on-demand business models through the integration of third-party payment apps for feasible payment and transactions.
Allowing third-party payment modules is not a secure one in all scenarios currently. Customers initially enter the bank credentials prior to initiating the transactions. Securing these details is essential to make the transactions in a feasible and efficient manner.
By implementing the cloud as the service business model, running mobile apps experiencing real-time benefits easily. Irrespective of the sizes and the participations, the access of the blockchain technology doesn’t require any investment for in-house development.
Blockchain As A Service (BaaS) is an emerging business model and it is termed as the cloud-based infrastructure that manages all the business operations in a secure manner. BaaS operates as the web host and it supports the application running in the backend. This also stimulates the adoption of blockchain technology to on-demand services. The workflow of the BaaS comprises as follows;
- On behalf of the service provider or the business owner, third parties available in the market maintain the blockchain network.
- Blockchain technology service provider implements the BaaS model that enables the customers to develop the blockchain application on the basis of smart contracts management.
- Infrastructure creation, the blockchain split up, and providing access to the third-party users are the top activities in the BaaS model.
Business participants, customers show their willingness in the BaaS model workflow and this has huge reflections in the on-demand economy following statistics are the proof of them.
- On average, the BaaS market share from North America was 1.01 bn USD.
- The industry-wise revenue share rate for the global BaaS model was observed in the year 2019 is 40.6%.
- For the past year 2019, the global market value for BaaS was observed as 1.9 bn USD and this value will be increased to be 54.94 bn USD in 2027.
The operational cost to implement the BaaS model is high and this is the barrier for the new startup owners. Hence, they look for the rental opinions for the blockchain implementation in real-time. On the whole, the main observation from this section is the BaaS model is a necessary platform for the startups and such model creation is also important for the startup professionals even if the cost value is high.
Redeem The Structure of On-demand Startups with Blockchain Technology
Traditionally, blockchain technology has a direct influence on the banking and financial sectors where the transactions carried out are more. Nowadays, its impact is highly observed in all ranges of industrial sectors. The top startups and the impact of blockchain technology on the startups illustrated as follows:
Ride-Sharing Industry
The app-platforms like Uber registered its space in the ride-hailing as well as ride-sharing industry. The centralized app platform for the drivers, passengers are used to providing convenient booking options for their trips.
On the basis of the peer-to-peer models, the ride-sharing startups make the social media profiles into the potential customer base for their business growth. The payment collection is also observed through the integration of third-party payment apps and net banking feasibilities. A secure environment for storing the social-media profile details and the bank credentials are necessary things.
Retail Industry
One of the specific business platforms where a huge number of players involved are the retail industry. Here, the suppliers for the various products, retailers to distribute items to respective customers are more in real-time. Maintaining all the transactions among the participants in a secure manner is the necessary one for the service owner.
As per the current industrial scenarios, online shopping platforms like Amazon, eBay are available to deliver the items requested by the customers. Transferring the control to the users rather than the suppliers and retailers via the customer to customer business model is the trendy activity.
Product showcase, shopper details enrollment, transactions carried out and data handling are the major operations observed in this retail industry. Protection of the data against the threads is the necessary thing and this highly demands the blockchain technology model. By simply making a BaaS model, the entire activities running in the business model are the protective ones.
Healthcare Industry
Life-saving services called healthcare disrupted by the number of revolutions in the market. Patients are now looking for the option to book healthcare professionals like doctors, nurses, pharmacy shops for medicines. Medical transportation service providers etc. Storage of health records and maintaining the huge entries are the necessary operations in the on-demand healthcare industry.
Focusing on the smart retrieval of patient information from the huge entries and making them pay the amount after the medication gets over depends upon how far the details are stored. Authenticity-based access to the patient details is necessary. In the same way, protecting the bank details of the patients also further the requirement.
Blockchain technology has serious impacts on the healthcare industry and it offers a secure platform for maintaining the patient-records, payment database, etc. Besides, the sharing of the patient information among the doctors and nurses on the cloud structure assures the guarantee of instant secure retrieval.
Food Supply Chain
One of the unique on-demand industrial sectors is the food supply chain. Looking more deeply, the number of participants like restaurant owners, independent food processors, delivery executives, home-based food chefs are available. Ensure the integrity of the food supply chain is the needed activity in the food delivery industry.
To overcome the issues in the food supply chain, the remodeling of the food supply chain is the major requirement. The common issues observed are food fraud, production, manual-based order management.
Looking for an automated and secure platform is an essential need in the food delivery industry. By making the smart bid among the food processing units and the supporting platform for logistics owners through the above platforms on the basis of the BaaS model, the build of a safe and stable food supply chain is achievable in real-time.
Overall, the impact of blockchain technology is highly observed in all the on-demand industrial sectors in real-time. Proper implementation and secure transactions through the BaaS business model enhance the service quality in all aspects. Prior to implementation, it is necessary to get a clear view of the special tactics on it.
Surprising Tactics of Blockchain Technology Turn Services as Accessible
The basic principles behind blockchain technology are reliable, secure, accessible by large-size players, and decentralization. Integration of blockchain technology in app-based business models must follow those principles. Besides theoretical knowledge, practical implementation is the necessary thing to get efficient participation. The surprising tactics behind blockchain technology are listed as follows.
Assurance of Identity
If you make the app-based business model as accessible, then the people participating in online platforms are more. Protection of personal details online is the most essential one. The information stored in the vital documents by weak passwords may lead to identity theft.
To overcome this issue, identity verification can be in a meaningful form in proper ways. To make it meaningful, information like date of birth, bank credentials, etc is needed. This is a time-consuming process and brings stress too.
To alleviate such issues, the companies look for blockchain technology to transform centralized authenticity verification into decentralization. This assures security against malicious activity.
Limited Downtime
If the information stored in the cloud servers, then the maintenance of the cloud servers brings complexity. Each cloud server is equipped with backup systems also leads to extended downtime.
To limit the downtime, blockchain technology controls cloud storage as the optimal one. The users in the cloud storage model pay the fees for both store and retrieval of information.
High-guaranteed Transparency
Traditionally, the manual-based entries and maintenance introduce the challenges in protection. The information recording or storing may be affected by the stealing. For mobile applications, data transparency is the main thing.
To achieve this, blockchain technology implementation is a helpful one for startup professionals. Through this way, the information is available and accessible by the particular person who maintains the BaaS model only. This avoids the stealing of information and errors.
Further, the transparency of the information in mobile applications is to be achieved. The availability and the adaptability of the public ledger all the time assure the guarantee of transparency.
Low-Cost Solution
Blockchain-based mobile app development can easily transform the traditional online business model into the digital one where the transactions are carried out through low-cost solutions. The protocols carried out in the blockchain implementation make the digital transactions secure.
Blockchain in mobile apps offers new ways of money exchanges based on cryptocurrencies. The payment models are getting revamped through the cards, cardless, digital wallets, etc integrated into the mobile application are less expensive. The transactions carried out in online business models through mobile applications offer great power to retailers.
Digital Protection
The unique and distinctive identity of each stage of blockchain models assures the high-protection on the entries in ledgers. Right from the users accessing the mobile application for their daily service bookings, the protection of the details they shared over the online platforms uplift the performance of the services and assures the revenue growth effectively.
With the above-listed tactics, blockchain technology brings the revolutions in the on-demand startups in real-time. Among the other aspects, security assurance is the main theme in blockchain technology implementation. Most of the startup professionals and customers look for secure data protection. Assurance of data security highly depends on the number of unique ways.
8 Ways of Blockchain technology Assures the Security in On-demand Industry
Towards highly productive, powerful processing is required on blockchain technology implementation. Every startup owner has the dream to earn a high-profit in the competitive market. This highly depends on how the service turns to be a secure one for the customers and the stakeholders involved in this process.
More specifically, the decentralized nature of blockchain technology has a direct influence on data management. Also, automating this activity reduces the time compared to manual work. The top unique 8 ways of blockchain technology assure the guarantee of high-security in on-demand models is listed as follows.
Infrastructure Changes
The use of outdated technology or the infrastructure is the risky one and the information stored in these models can be stolen easily. This affects the reputation of the services and this reduces the participation count.
But, the reliable and decentralized nature of the blockchain tech changes the structure into the new one and assures the security of the personalized data.
Stand Different in the Market
Compared to the others, the technology adoption and the attention to the latest demands through blockchain tech make the services unique and stand different in the market.
Ledger-based data maintenance and the encryption of them assure data confidentiality even for small businesses. This helps the business owners to quickly get fame through high-security layers.
Distributed Storage Platforms
Data accessibility is the main issue in on-demand business models. Since the decentralized nature of blockchain technology, there is a need for the integration of storage platforms with the encryption process.
The encrypted form of data access assures accountability, integrity, and data transparency. These parameters have a direct influence on healthcare and emergency service booking platforms.
Trusted Payment Models
Recently, payments or huge transactions are carried out via third-party payment apps. This way of payment mode has a serious impact in the on-demand industry and this also demands security heavily.
As per the growth of these third-party payment models, issues in security also exist. Blockchain technology provides the high-security interface and makes the large-sized deals are secured.
Offering the security on the deals supports the business owners to expand the services through the partnership.
High-efficient Supply Chain
For the participants or the owner of the marketplace, playing an aggregator role is the crucial one if the data maintenance has secure. But, the blockchain-based supply chain allows the service providers, service handlers in any part to access the platform and perform the various transactions.
Keep a recording of the transactions as easy and the inventory report management as smooth, the need for blockchain technology is high. Through the built-up of high-efficient link, the errors in the midway of the supply chain are easily identified. This helps the business owners to easily identify the errors in the food delivery process and correct them quickly.
The data entering in the BaaS model consumes less cost and also helps to eliminate the middleman update. If the supply chain is built in an efficient manner, the trust among the participants can be easily built up.
Assist for Better Promotion
Recently, social media has become a big familiar giving platform for all businesses. Startup professionals also used this media to expand the service into a wide range of social media participants.
With the secure data storage model through blockchain technology, social-media-based promotion is an effective one and makes the business model reach a wide range of audiences without stealing personal information.
Personalized Profile Creation
One of the unique expectations from the customer side is the service detailings prior to selection. Without blockchain technology, the service list or profile creation is highly affected by the data security threads.
To alleviate such issues, the blockchain model offers a personalized profile or block creation in a high-secured manner. This allows the service providers to make the necessary changes in the service entries as per the customer demands.
Fund Generation as Easy One
The business model is designed in order to get funds from various investors. If the app-based business model is adapted with blockchain technology, the fund generation for the people who stay outside of the region or any physical interaction is an easy one.
Key Takeaways
The on-demand service industry has had a number of revolutions in recent years and offers services to a wide range of customers in real-time. Offering a secure environment to large size transactions is essential for the business owners.
Blockchain technology implementation acts as the best source model for the high-secure environment. Hope the top 8 ways listed in this article are useful for startup professionals. Getting implementation from the best blockchain tech solution provider in order to register your services in the market is the ultimate suggestion for them.
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