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to observe the weather conditions and monitor the performance of the forecast required with the help of Internet of Things.The above-mentioned game changers provide the power to structure the sustainable future with the collaboration of upgrading technologies. The blockchain environment ecosystem should target the right problem in order to empower the communities.
2.3 Blockchain in Business Ecosystem
By 2025, global investment in blockchain technology in energy markets is set to reach $34.7 billion. Although $35 billion seems high, it’s exceeding by the net worth of $1.85 trillion for the energy market as a whole. Key actors using blockchain and DLT in the field include Accenture, AWS, Bigchain db, Deloitte, IBM, Infosys, Microsoft, Nodal block, Oracle, SAP, Enosi, and Electron.
Blockchain is used within energy markets for data management, financial tracking and interactions. Drivers for adoption include reducing operational costs and capital expenditure. Increasing automation will see blockchain employed for data security and integrity. On top of the list are banking and financial applications whereas the Medicare businesses, regulators and retailers are progressively speeding up in this blockchain market. Interest in this technology is increasing rapidly which drives its route towards the business ecosystem. New entrepreneurs have started to look for the business solution within the blockchain business ecosystem.
2.3.1 Business Ecosystem
A business ecosystem comprises of a huge number of participants, which can either be business organization or actors. They are linked in such a manner that they can affect each other. Interrelation enables assorted interaction among the members. Interaction can be competitive or cooperative. Together with interconnectedness they proportioned consequences between the organizations. The members are reliant on each other—the downfall of one organization result in failure of other firms.
2.3.1.1 What Is Business Model?
A model which provides an overview of how the organization is going to make maximum profit in which field, whether in selling services or producing products or selling businesses without any intermediate to the right choice of consumers. It can be online or offline mode. This model includes a plan of all the expenditures arising initially on the manufacturer side, marketing and finally reaching to the customers.
2.3.1.2 Business Model—Traditional
In this type of model the consumers are physically present for purchasing the goods from the market. It is just like buying products from the local store. This model is a purely centralized one which is controlled by some regulators. Different businesses exist which are centralized by different regulators, controlled and managed by the authorities which includes:
1 a. The organization,
2 b. The stakeholder or owners,
3 c. The workers, and
4 d. The consumers.
Traditional business model are divided into the following types:
1 Manufacturer
2 Distributor
3 Need of customers fulfilled
4 Franchise.
1 ManufacturersThey are the ones who make products from the raw materials; they can also assemble the components to make the products. Common examples are computer & automobiles. This model can directly sell products to the customers, i.e., B2C or they can outsource to other businesses, i.e., B2B also. For example, dye manufacturers sell to the retailers which then sell them to the customers.
2 DistributorsThe organization with the distributor model purchases the products directly from the manufacturers and they supply to the wholesalers then to retailers or to the customers. The main responsibility of this model is to set the value which in return provides profit to the company. Adding on to that, it makes marketing strategies which can bring more sales of the products. In general, its role is an inter-mediator between the manufacturer and the local users.
3 Need of Customers FulfilledThe companies which are having retailer business model have the function to sell products directly from distributors to the customers. Retailers can supply products both via online and offline mode. Online retailers like those selling products on e-commerce website include Amazon, Flipkart, Myntra & Shopclues. Offline retailers are similar to those departmental stores, local shops which exit physically.
4 FranchiseThis model comprises of other business models which are mentioned above. The purchaser of franchise is called franchisee for e.g. Pizza Hut.A traditional business model provides services or products and gains profit from them. Consumers purchase the product or service at the recommended rate. This price is set correspondingly and it also has the description about the earnings and other expenditures aroused by the business while providing the goods or services.
2.3.2 Are Blockchain Business Models Really Needed?
The Blockchain business models provide an opportunity to the centralized platform to upgrade their businesses into decentralization. It turns the individual elements, transactions, profits, and also assures growth. This technology has the potential to give benefit to both—actors and centralized employees. Before switching to the Blockchain models certain points should be memorized about it:
Entrepreneur or startups or already established organization can implement the blockchain in their businesses.
Not easy to delete records which are already on Blockchain.
Blockchain’s main uniqueness is its transparency which helps in uplifting of the functioning of supply chain.
An application of this technology can be seen in the fourth industrial revolution where many firms have developed their own decentralization of Artificial intelligence model.
2.3.2.1 Blockchain Business Model
2.3.2.2 Model 1: Utility Token Model
A token can be regarded as a value, stake or representation of anything functioning in a particular ecosystem. Unlike crypto currencies, they are not dependent on some platform but tokens (golem) are used for a specific platform within the ecosystem called as native token. The utility token provides products and services to the users. The tokens have the potential to promote more functionality in the business. Examples of these kinds of
models are Ripple and Stellar. The utility tokens power the network and expedite the network activities. A part of the utility tokens is held by businesses and the rest is liberated for the functioning of the network. The stake of utility token changes because it works according to the supply–demand criteria; if the demand of the product increases, its supply decreases which tends to increase in value. This way, this model provides benefit to the businesses. It involves properties such as:
1 a. Role
2 b. Features
3 c. Purpose.
Crypto Token Usage and Value
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