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What is Blockchain and what is its impact on the Field Service industry?

August 29, 2018
Loc8 Insights What is Blockchain and what is its impact on the Field Service industry?

Today, with everything being digitized, data has become an invaluable commodity. With the emergence of this trend has come the problem of keeping this data secure. Data tampering and theft have become very serious issues for most companies, as data drives various facets of business. Blockchain has proven to be a revolutionary technological development in this space.

Blockchain is named so because of the way it works – Blocks of information are created and added to existing blocks, thereby forming a chain. While new blocks can be added, earlier blocks can’t be edited. This is done by using cryptography, which ensures that any tampering with an earlier block will erase all the data in the blocks after it.

Blockchain technology works on the principle of decentralising storage of data and works on a ‘trustless’ system, i.e. no one entity is to be relied on for verification of the data. Distributing data among a network of computers using blockchain technology significantly reduces the chances of data theft or tampering.

While blockchain is still an evolving technology and is being analysed and understood by experts around the world, it has already made an impact on many industries. Here are 4 ways in which blockchain has impacted the field service industry:

Safe Storage of Records

Field service businesses 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.

Easy Creation and Execution of Contracts

Rather than going back and forth when regarding the payment of a contract or risking tampering of the digital copy of a contract, field service businesses can use blockchain technology to create a series of steps that need to be completed before the contract can be deemed fulfilled and the payment can be released. This ensures that all parties involved agree with the work completed and provides control over the payment process.

Increased Transparency in Supply Chain

Field service technicians are dependent on parts supplied by vendors to complete jobs for customers. Customer satisfaction can be significantly enhanced by using blockchain technology to update the customer with the status of the input at every stage of the value chain by providing them with digitally verified records.

More Efficient Employee Hiring and Appraisal Mechanisms

Field service businesses 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.

In its current state, blockchain might still be considered a complex technology by many. However, when used correctly, the applications are endless, and it can only be a boon for a data-heavy industry like field service maintenance.

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