The present overview of technology development increases day by day as corporations are taking the forefront in blockchain technology advancement. Their involvement was in the discovery of the importance blockchain that contributes to their operations, maintenance cost and the increase in their machine and operation efficiency that many of them are looking for. Checking through the growth of blockchain technology, it can be traced to a different unprecedented amount of hype with the system and many promotions presenting blockchain technology as a big technology evolution at this present time. This technology has the tendency to usher in a new era of economic transparency that many organizations have started experiencing, digital security in some strong security industrials and operational efficiency.
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What Is Then Blockchain Technology
The understanding of what blockchain technology in 2015 was still limited because the major point that many of us focus on is the decentralized system that keeps a record. Blockchain technology is known as a validated recording process machine that allows the record of digital ledger transactions and distributes it across several machines attached to the system in a network. These transactions in the form of blocks are coupled together meaning they are linked to one another with a key known as hashes or cryptographic keys. The functionality of blockchain technology is based on the ledger which is the transaction.
Before the introduction of this technology, companies, corporations, or businesses have carried private transaction/ledger for holding financial information which was used as income statements and their normal balance sheet reports. This is what blockchain technology automate with the use of distributed digital ledger and this can be used in any location the ledger recorded is used or where transactions are taking place.
Blockchain Enhance Asset Management
Over the years, I have managed so many facilities with different types of equipment (Electrical, Mechanical, Plumbing, and General Maintenance). It is an interesting to see blockchain technology coming into asset management to bring in security, immutability and traceability information to the entire system. This system can implement self-executing instructions, conditions, and outcomes programmed into the blockchain and this is called Smart Contract.
The major focus of many blockchain enthusiasts was on financial services industries but just a few corporations extend their discoveries to other services. One of the corporations in this extension is IBM and I am aware of SAP making huge alliances in development of blockchains with different corporations in telecommunication, logistics, agriculture, industrial machinery, and many others to mention but few.
A year ago, I ventured into research on Blockchain benefit on Real Estate or Property Management Industry due to the fact that I belong to this industry with 8 years experience. Some of the operations and services we rendered follow, equipment warranties, tenant billing, troubleshooting, repairs and maintenance, indoor occupancy tracking and many more are a good case study. This year, I have stumbled upon some organization making use of this technology and research still continues.
It is cleared that blockchain will eliminate a lot of paper-pushing which has to do administrative work resulted in more administrative cost in the operation. Introducing the on-board sensors that will monitor the performance of a building just for the purpose of warranty will bring in the confidence of building operators when purchasing equipment because they know, there is a system to pick up the performance of the purchased equipment and if it does not perform according to a defined standard, a refund is certain.
Importance Of Blockchain In Facility Management
There are many advantage blockchain technology has brought in, I will share with you some why the research is still ongoing:
- Maintenance Contracts:
One of the major operations in facility management is maintenance and it has to be planned. Due to the fact that there are several types of equipment with difference maintenance service plan date, it is important to have a system to monitors the equipment. One the other hand, the way an electrician will service Electrical control panel is different from how an AC technician will service the HVAC system which means, each equipment required separate requirement when servicing is in. Keeping the track of maintenance carried out on a system or equipment is important and that's where blockchain can be of use. It will keep vendor, technician, or contractor visit and can record traceable information.
The moment tasks have been completed by the contractor, there is an initiation by the smart contracts to automatically release payment, send in the record and update the Blockchain.
- Energy Trading:
In engineering, we have can trade renewable energy and bring in more profit top the organization. There is still ongoing research on this benefit. There are smart meters that can be used to monitor and calculate traded electricity produced and consumed by other consumers and program it to pick up a transaction using blockchain.
Blockchain technology value proposition is clear although it is still theoretical to many just because the technology is still new but organizations have committed to its adoption in recent time because of its benefits and as we continue to spread the knowledge about this technology there will be wide-scale adoption. One thing I know is, the adoption of blockchain technology will be huge as we continue to pass the knowledge to the entire world. Keep spreading the technology.