Today, as everything is digitized, data has become a valuable asset. With the arrival of this new trend, the problem has been to keep the data safe and secure. Digitization of important data poses a serious threat to data integrity. This is because data manipulation and theft have become a very serious problem to deal with. Failure in maintaining data integrity affects most companies because different areas of a business depend and operate on data. The new futuristic blockchain technology has proven to be a revolutionary development in this area.
Blockchain technology applications and advantages are not just limited to cryptocurrency. It reaches far beyond the scope of this field. In this blog, we will describe one of the many uses of blockchain technology other than cryptocurrency.
Read the full blog to understand the advantages of blockchain technology in Field Service Management Software Solutions.
For those who know what field service management is, also know the importance of customer data in Field Service Management. But first, to understand the application of blockchain in field service industry, let us first go through what exactly Blockchain Technology means
What is blockchain in short? How does it work?
Blockchain is named because of the way it works. Blocks of information are added one after the other forming a chain of information. While new blocks can be added, earlier entries cannot be updated hence forming an immutable database. Records are secured using cryptography which ensures that tampering any previous information will be erased. In short, “blockchain” is a growing collection of records that offers complete transparency in previous transactions.
The Potential of Blockchain technology in Field Service Management
The benefits of Blockchain are easy to understand when you examine the benefits it brings to the field service industry. With blockchain, service providers can record and track all defined phases of service activity, from the customer’s initial request till the service ends.
Using Smart Contracts
Field Service Businesses can use blockchain technology to create a series of necessary steps to mark the successful completion of a service. Usually, payment is released after a service is completed. This is a perfect example of a smart contract. In layman’s term, a smart contract is a digital contract that must be fulfilled in order to create a block in the blockchain. This ensures that all parties are involved in the fulfillment of service. Smart Contracts are a way of creating a trustworthy and reliable system.
Increased Transparency in Supply Chain
Field service technicians are dependent on parts delivered by a vendor. Using this futuristic blockchain technology, a complete supply chain of different parts can be shown. This increases transparency, which results in enhanced Customer Satisfaction.
Safe Storage of Records
Field service companies can use blockchain to store records of jobs completed and details of the same. This is especially important when there are long-term maintenance contracts involved. Every time a visit is made, data can be entered to update records so that all stakeholders, including the customer, the technician, and the business’s management personnel are on the same page.
Potential of IoT in field service
Blockchain is closely linked to the Internet of Things. Data collected by connected objects can be used to authenticate and timestamp transactions. For example, a sensor on a device can report a malfunction and automatically trigger a service request. A blockchain record provides an unfalsifiable account of the health of a piece of equipment, capturing details about when it malfunctioned, when it was repaired and who repaired it.
More Efficient Employee Hiring and Appraisal Mechanism
A field service provider can store employee data securely using blockchain technology. This will help not just in building a strong reliable base of potential technicians, but also in ensuring that every aspect of the employee’s journey with the business is recorded and preserved safely. This can make appraisals a much simpler process.
Is blockchain the next big thing in the service industry?
Yes, blockchain is the next big thing. It has applications to almost every industry, including banking, distribution, entertainment, retail, supply chain, and service. But until service companies can monetize transactions, drive operating efficiencies, and boost productivity and quality improvements, blockchain’s impact may be understated. These are outcomes that make a difference to end-customers, which is what matters most to field service leaders.