Recently there is lot of buzz around Blockchain as it is the most discussed and intriguing technology. We will not get into the specifics too deeply on how it works since that has been covered by many other sources. In the Blockchain, information, or anything of value can be stored. Its purpose is to ensure a 100% secure, verifiable and traceable database protocol.
So far, its usage has been focused on the financial sector. There is, however, a huge untapped market in the area of asset management. “Blockchain technology has tremendous potential in areas like asset tracking and maintenance and repair operations that are essential to Enterprise Asset Management. However, it is important to understand that Blockchain technology is still in its infancy. For Blockchain to penetrate in a meaningful way, Enterprise Asset Management software vendors will need to be willing to work together to guide and nurture Blockchain technology,” says Kevin M. Permenter, senior research analyst, Enterprise Applications and Digital Commerce.
As per IBM, Blockchain functionality will be included in “Asset Management Registry” in H2 2018
Below infographic details how IBM Maximo – Enterprise Asset Management customers benefit from Blockchain.
The infographic displays the few possible areas where Blockchain technology can be used for Enterprise Asset Management. As Blockchain technology matures and implementations become available, we expect the Blockchain to become an enabler for novel applications based on decentralized control and availability of full information about the assets that are maintained.