Blockchain is being seen as a major contributor toemerging computing paradigms. Still in its nascentstage, there is constant demand for new use casesto explore the potential and exponential value thatthis new technology can generate.We believe blockchain can bring great value tosoftware companies developing digital productsthat leverage innovative technologies and aredelivered over multiple channels. Its capabilities inenabling secure, real-time sharing of data acrossentities and automation of transactions andsettlements through smart contracts can deliver theenhanced efficiency and security critical to softwareproducts today. With adoption of the Software as aService (SaaS) model and high levels ofcustomizations becoming the norm, implementingblockchain in the products value chain could wellbecome a prerequisite for the software industry.This paper discusses three use cases for blockchainin the software product industry amidcontextualizing specific capabilities of thistechnology in solving challenges faced by theindustry.
SaaS product companies can effectively manage customer onboarding and commercials by implementing blockchain. Processes like payment management, metering functionality, validation, verification, and authentication would be automated, removing the dependency on human intervention, thereby eliminating delays and making the transaction more trustworthy and secure. With a distributed database mechanism rather than a central record keeping system, blockchain technology leverages the ecosystem by storing identical WHITE PAPER Blockchain Trustworthy Faster SaaS Product billing Onboarding Cost Models Metering
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Figure 3: Blockchain-Enabled SaaS Billing transactions at every node connected to the network. This involves transaction sign-off from a large number of participating nodes, ensuring 100% transparency and seamless tracking. It also mandates automation of transaction processing, which improves efficiency of the entire billing procedure. As no central authority or third-party mediator is involved, middle men costs are eliminated. Every record in the distributed ledger has a timestamp and unique cryptographic signature, with immutable history of all transactions in the network. Smart contracts define the business rules and penalties around the agreement made and automatically enforce those obligations. Specially formulated cryptocurrency (encrypted, decentralized digital currency) can also be used for financial transactions among entities. Thus, funds can be transferred independently and securely depending on the cost model being implemented.
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Building Trust in Next-gen Products Software products capture a lot of customers personal data such as name, email addresses, and more, along with a high amount of data around user-specific behaviors and patterns. Moreover, in the context of next-generation products, this data is being collected through multiple digital channels such as mobiles, desktops, and wearables, resulting in a huge amount of scattered personal data across the ecosystem. As more customized products are created, this kind of data will be WHITE PAPER leveraged heavily. With growing regulatory oversight in this area, the stakeholders of this data need to build in transparency and security in its usage. Blockchain Security Trustworthy Personal Data in Software Products
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Figure 4: Blockchain Brings Trust to Storage and Use of Personal Data Blockchain can play an important role in building trust in such scenarios. For example, it would be important to establish that the data being used is authentic and not from incorrect sources. A shared ledger system; along with immutable transparent transactions, can establish the level of trust of an identity based on who trusts or confirms the identity. It forms an attestation infrastructure for customer identity and data.
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