Enterprises are using blockchain smart contracts to increase the efficiency of the standardized process.
The definition of standardization is not always fixed, and it changes over time, meaning that the combination of standards and dynamism is required. Blockchain smart contracts, emerging as a buzzword of the technology sector, can solve this problem.
The importance of a standardized process to enterprise revolution
Accelerating processes with quality is the goal of any modern business. To achieve this goal, a standardized process must be considered the must-do thing. There is part of fundamental advantages when establishing a standardized process:
- Maximize the use of resources and technology, and maintain a consistent workflow. Standardization allows enterprises to perform their work with the best active orders and guides at the enterprise-wide level.
Besides, instead of dealing with tasks discreetly, with a standardized process, enterprises work on persistent principles to cut off non-value-added manipulations.
- Enhance interoperability: With a standardized process, employees and managers can quickly check work progress and adjust their effort.
- Diminish in operational costs: When all phases in the process are standardized, companies can leverage identical or similar definitions and information models with trade partners. As a result, organizations can lower the costs of trial activities and errors.
- Instruction of Information Bases: By standardizing the way organization’s information is collected and utilized, company members will be able to realize self-sufficiency in problem-solving and accomplish more noteworthy effectiveness and speed when executing an errand.
How can blockchain smart contracts on Hyperledger help to achieve a standardized process?
A blockchain is a decentralized ledger in which transactions are recorded permanently and immutably by using a cryptographic technology called hash-function. Enterprise blockchain has multiple implications. A smart contract is one of the most notable implications in the business world. So what is a blockchain smart contract?
A blockchain smart contract is an excellent application of blockchain. The mechanism of blockchain smart contracts is to automatically run predefined terms of agreements on blockchain’s decentralized database.
We can see the objective of smart contracts and a standardized process is both aim to use mutually accepted compromises to operate ultimate goals.
Integrating smart contracts into the standardization also addresses fundamental challenges like interoperability, customer experience, scalability, administration, and privacy problems, etc.
Smart contracts are first known as when it was primarily implied in the cryptocurrency market with Ethereum. But then as blockchain goes beyond cryptocurrency, smart contracts are applying in more realistic sectors as enterprise blockchain solutions, written on Hyperledger Fabric.
Based on its purposes, Hyperledger is designed to devote to the B2B model, other than Ethereum for B2C models.
As a private and permissioned network, transactions on Hyperledger ensure not only transparency but security and privacy. By that, standards now are built not only on internal processes but also among many businesses.
Besides, the modular structure of Hyperledger allows businesses to customize into multiple applications as needed, which is flexible while remaining the standards.
With that flexibility, enterprises can seize the initiative of business transformation while existing in a society that changes day by day.
Standardization means eliminating unnecessary work to comply with quality and sustainability of the business process and integrating smart contracts into this process is a possible way that should be considered.
akaChain, a permissioned enterprise blockchain platform built on Hyperledger Fabric, is reinventing the way smart contracts on blockchain being used and helping our clients to strengthen their business model. Through our projects of Loyalty and Reward Network program, the credit scoring and eKYC model, we are also witnessing more and more the effects and spread of smart contracts in business activities. This increasingly reinforces our belief in the further development and improvement of blockchain-based applications and smart contracts.
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