Blockchain as a Service (BaaS)
Aezion’s Blockchain as a Service (BaaS) is a platform that is custom-built for customers to easily consume and adapt the Blockchain Technology. The platform supports several custom solutions and offerings for clients to build innovative smart contracts and blockchain-based applications. The Aezion’s private cloud infrastructure outfits building the custom blockchain-based applications. Organizations interested in prototyping, experimenting, or going live with smart contracts or blockchain-based applications or are interested in integrating blockchain technology into existing apps, can fully utilize the platform for building innovative apps. You can trust Aezion’s custom blockchain-based applications development team to implement solutions that can be deployed on private or public blockchain nodes.
In this article, let’s try to understand the needs of using Blockchain and Smart Contracts with the help of standard use cases.
1. Employee Wellness Benefits
Anthem Inc. has a program called “Well-being Perks” where the employees are rewarded for taking preventive care steps such as –
- Get a preventive wellness exam.
- Get a flu shot.
- Complete a personal health assessment.
- Certify they are tobacco-free.
As of today, the program is managed manually and electronically. When it comes to managing the test results and reviewing and approving the medical health reports, it’s the responsibility of the concerned Anthem supervisors. Once approved, the system will give credit or reward. The employee in turn, takes benefits in terms of discounts with the monthly health insurance payments, or the employee can opt to get a gift card(s) as a reward. The wellness program also covers the whole family and is a win-win situation for both the employer and the employee. Here’s what the smart contacts can do.
Smart contracts help in managing the entire workflow of the employees participating in the wellness program and the supervisor reviewing, approving, and finally, it comes to the reward management. The rewards can be provided in terms of making a smart contract payment directly to the concerned employees if and only if they are subject to meet the necessary criteria. All the below high-level business rules can be evaluated, necessary steps or actions can be taken care and the employees can be suitably rewarded.
2. Employee Performance Rewards and Retention Program
The employee performance rewards are crucial for every organization to be considered, so they can retain the employees and can take the maximum benefit by rewarding the hard-working employees. As of today, most of these aspects are handled manually. A smart contract-based hybrid system can be built to capture the employee’s performance or feedback over time, and necessary rewards can be fulfilled. One common approach to rewarding employees is by providing company shares or bonuses. The smart contracts in coordination with blockchain technology can be developed to reward the employees, and in turn, for better retention.
3. Customer/Employee Feedback Analysis
The customer or employee feedback analysis is crucial for every organization, so necessary action can be taken care of. Generally, one can see companies sending the survey forms and asking the employees to submit them. Most of these aspects require human effort in manually reviewing and then figuring out the employee’s concerns, suggestions, etc.
Here’s how machine learning helps in performing the sentiment analysis and can easily determine the nature of feedback. Machine learning and Natural Language Processing are two aspects we can apply and get the maximum benefit in understanding the customer or employee feedback.
Smart Contracts can be utilized in addition to AI/ML. We can have a pre-defined workflow and can drive or make decisions. These smart contracts will work in conjunction with the application that’s used for capturing and analyzing the feedbacks.
The Interplanetary File System (IPFS) can be used for persisting in the electronic version of the employee feedback forms.
Note – IPFS is a protocol and peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices. https://en.wikipedia.org/wiki/InterPlanetary_File_System
4. Crowdsourcing
These days, it’s very common for start-ups or individuals to raise money through crowdsourcing. With the help of smart contracts, one can easily raise money by issuing tokens. Most of the start-up technology-driven companies that work on blockchain and crypto deals tend to raise money with the Initial Coin Offering (ICO). That’s the beauty of smart contacts.
