The hype around blockchain refuses to die down and there’s a reason for it. Blockchain is no longer the new kid in the tech playground–it’s now the most popular kid in school. It is slowly transforming itself from being a luxury to a necessity.
Imagine that company A wants to outsource its customer service to company B. Now, company B does a fine enough job, however, more often than not, company A finds itself in the dark as to what exactly company B is doing. Communication is lagging, records keep changing and it’s hard to keep track of the progress of the project.
To deal with this challenge, company A turns to a blockchain enabled portal i.e. a Distributed Ledger Technology. With this DLT, company A can now keep track of each step of the project in real-time. The records are immutable and thus tamper-proof. All this with maximum security as well. Company A can now put its full trust in company B and freely assign as many projects to company B as it wants.
This was just one of the use cases of blockchain technology. The scope and potential of this technology is very vast.
Moreover, the answer to the question of whether or not ServiceNow can be blockchain enabled is a resounding YES! Seeing that blockchain contains the massive potential of creating secure interconnected processes on a worldwide scale, ServiceNow was quick to adapt it.
However, you may wonder how useful this integration is for your business. Here’s the answer! Other than the example above, there are many other use cases of blockchain or DLT enabled ServiceNow.
Use Cases of Blockchain-enabled ServiceNow
ServiceNow can deliver the interface for smart contracts developed on the blockchain. Smart contracts can hugely minimize human intervention. For example, if a patient requires a specific surgery, a smart contract can digitally review insurance coverage, resulting in a hassle-free release of payment. These contracts will also be tamper-proof, making it easy to detect fraud.
ServiceNow and DLT integration in this area can allow businesses to trace all goods throughout the entire purchasing cycle and ensure their quality. Businesses will be able to spot the exact reason for a compromise in quality before the final product reaches the customer.
Improved multi-party workflows
Blockchain integration will improve the safety and quality of connections between all participants in multi-party networks. There will be a shared ledger that can only be modified with the consent of all stakeholders. Businesses can trace, confirm, store, and safeguard all transactions and data involved.
Blockchain can ensure quick and secure sharing of threat management information. This will address vulnerabilities and lower risk of cyber threats. Think of this as an improved version of the already available ‘Trusted Security Circle’ in ServiceNow.
Secure IoT integration
IoT devices need a tamper-proof ledger to securely register their data with a guarantee of accuracy. For instance, think of surveillance cameras or the temperature control sensors for perishable goods used during transportation. These are important records that must not be tampered with. Blockchain can ensure that.
Supply Chain Management
Blockchain increases the efficiency of supply chains by allowing companies to complete transactions directly and without third parties.
Integration between ServiceNow and CRM/ERP systems
A shared and trusted ledger can increase the transparency of any data exchange and enable a secure API economy between multiple businesses and vendors.
The biggest advantage of a blockchain-enabled ServiceNow is the creation of an efficient and seamless network across businesses. This integration spells an easier and more efficient way forward.
Blockchain has moved far beyond just crypto! It is now the vehicle that will take us to a more efficient and secure future.