Confidence: the cornerstone of blockchain
Are banks really going to become obsolete? Will the traditional tasks of the insurer be revolutionised? Will we still have a need for notaries? And will a position like credit manager still exist? Blockchain and smart contracts have the potential to upend our entire economy and employment market. The technology is very promising, but an essential aspect is still lacking, namely, confidence. Blockchain is revolutionary, but its future depends on the public’s confidence in the technology. Marieke Saeij, CTO at Onguard (a FinTech company), wrote about the importance of confidence in blockchain technology in the order to cash process.
Confidence in technology
In this digital age, more and more actions are based on technology and this trend will only continue in the future. We are forced to work with machines like smart energy meters, autonomous cars and robot vacuums, to mention a few. Technologies such as blockchain have advanced to such an extent that parties we trust, like banks, notaries and insurance providers, will possibly become obsolete. It is essential that confidence in these technologies is established quickly as they follow each other in rapid succession, which in my opinion is a fairly simple matter. Technology provides transparency and transparency generates confidence. Take the order to cash process – thanks to blockchain, it will be possible to improve this process in the future by replacing traditional contracts with smart contracts that are encoded in blockchain, in which agreements with customers are set out and automatically executed.
The order to cash process is of vital importance in any company. It is in this process that sales- and marketing efforts are converted to orders and eventually into revenue. In addition, an optimal customer experience can be ensured in this process. To achieve this, it is important for the processes to run correctly, but how do we do this? Human error has been unavoidable in the past, but how wonderful would it be if we could place all our trust in technology and prevent such errors? My belief is that we must get started and join the trend of the moment: blockchain.
Customisation thanks to the credit manager
What will the order to cash world look like when we work with blockchain and smart contracts? I expect, thanks to blockchain and smart contracts, that product prices and discounts will be calculated automatically and with the greatest precision based on all the available data. In addition, there’s the real-time insight into all transactions. The transactions are verified, and the process is completely reliable. Also, errors in invoices and claims will be minimal. This way, the credit manager will no longer need to invest valuable hours to solve unnecessary problems, but instead focus entirely on the customers who require customisation. The credit manager role will not disappear, but certain aspects of the job will become more in-depth.
It sounds like a perfect world and I believe that this world is within reach. A prerequisite, however, is that everyone must be willing to part with the traditional working method and must have confidence in the unknown: blockchain technology.
“Blockchain is revolutionary, but still, man’s confidence in the technology is essential.”