CONTACT US
By Benjamin Sanjay On 12 Feb 2018
The service industries (formally termed as, ‘tertiary sector of industry’ by economists) involves the provision of services to businesses as well as final consumers. Like a conduit between Businesses and Consumers.
Service industry provides services which include but not limited to accounting, trade finance; government enabled services, record keepers, insurance and healthcare industry and many more. There is a specific business entity that makes huge revenue from providing services such as payroll services, DMAT services, fintech like Paytm/ UPI/Bhim or any pay services.
Service industry being the conduit between Business and Consumers, their working protocol is to get into a service contract with both the parties. The service contract is enabled by providing all the critical information which is required for executing a transaction. The service contract gets authenticated by furnishing the legal data (ID proof, bank details, and others as per service need).
The data stored here are multifold and associated with profiles. Till date, very few service industry has enabled for e-KYC. Even though the e-KYC has been enabled, there has been an issue concerning security breach and misuse of data.
Moreover, in an e-KYC space, the othe
r concern is with respect to the speed of the service. Non-Automated/paper-full processes with its drawbacks.
There are many concerns which are visible, but there are many which go unnoticed. Some of the concerns are:
The above concerns show that the service industry needs to improve tremendously in making their service better. If we evaluate the all the concerns, it falls under four buckets:
Thus proving that the Service Industry needs to transform, augment and modify the current business backbone with new technology.
Blockchain as technology can provide the solution. The technology can help in overcoming and enabling many challenges that present-day service industry faces. The Blockchain is primarily a Decentralized Consensus-based Smart Contracts with Security Enablement.
Business Scenario – Loan sanctioning against the collateral
Participant Entity – Loan Sanctioning Authority, User and Digi Lockers (Document Keeper Service Industry)
Today, it is important for Service Industry to start looking from Customer view. There is an opportunity for Service Industry to change the industry perception and thrive in this competitive business. There are many reasons why service industry needs to look at this:
Please note: This blog is part of a series of Blockchain articles. Through these articles we explore about Blockchain – The technology, the hype, the opportunity, the do’s and the don’ts.
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Benjamin Sanjay has 17 years of IT experience. He has been working towards Digital Transformation initiatives across Industry Group. His core area of work lies in Innovative Solutions & Thought Leadership using SMAC++ technologies around Digital Transformation & Enterprise Services.
Benjamin Sanjay Benjamin Sanjay has 17 years of IT experience. He has been working towards Digital Transformation initiatives across Industry Group. His core area of work lies in Innovative Solutions & Thought Leadership using SMAC++ technologies around Digital Transformation & Enterprise Services.
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