How RPA and blockchain can function together
RPA is a newfangled, emergent technology that has been sending industry wide-shockwaves.
Blockchain and AI are another couple of technologies that are equally disrupting the system.
As the saying goes, no man is an island. Our society functions as an ecosystem, and these technologies are no different.
Combining these powerful emergent technologies promises powerful outcomes for the organization, and this article is about the combination of RPA and blockchain.
RPA automizes repetitive and tedious tasks with the help of robots so humans can focus on tasks with increased value.
Technically speaking, RPA is the tech that functions around structured inputs and business logic. RPA automates business processes. Within RPA, a bot or software is setup to understand and obtain data with regards to an application and then utilizes this data to manage all the various tasks connected to it, including data modification, responses, and communicating.
There are various advantages to RPA:
- Enhanced processes.
- Savings or cost.
- Enhanced productivity.
- Improved quality.
- Enhanced customer service.
Some other advantages consist of reliability, audit trail, consistency, retention, and many more.
Parts of RPA
What does RPA consist of?
- Bots: At its foundation, a bot is developed to achieve a desirable outcome. They are fitted with macros for enhanced efficiency.
- Orchestrator: Orchestrator ensures software deployment and schedules bots.
- IDE means integrated development environment. Devs can use this to create bots and for robot maintenance.
What is blockchain?
Blockchain is a P2P network that can function with no centralized entity. Decentralization affords a lot of features, this includes immutability, security, and transparency. There is the potential for automation on the ethereum blockchain, owing to smart contracts.
RPA and Blockchain combined
Where does RPA fit into the jigsaw puzzle of emergent technologies?
Automation is all the rage right now. Organizations are keen on automation so they can utilize the feed up time for more creative problems.
The automobile industry has a lot to gain from RPA. A regular office with monotonous tasks in the front office can benefit from automation using RPA. RPA is a type of consensus entity that can communicate with both machines and end-users. It has been developed in a way that it can communicate with real time data and provide interpretation to it,
Along with figuring out what processes can be automated, adequate training needs to be provided to workers.
How does blockchain fit into this framework?
Blockchain gives us a distributed, shared ledger for information and data processing. It is intelligent, trustworthy, and a fluid exchange platform for all the involved parties.
Advantages of using RPA in conjunction with blockchain
RPA can empower blockchain with regards to information exchange amongst various IT infrastructures.
RPA and blockchain can also function well with regards to monitoring and carrying out transactions in the system. Due to the trust afforded by blockchain, RPA can function fluidly and give data in the environment with no fuss.
The transactions can then be authenticated and then communicated with the assistance of the blockchain. The entirety of the data can be documented in the decentralized ledger, furnishing immutability to the documented data.
With regards to organizations, this implies that audit trails will be mandatory to conduct. Workflows can be automated and maximum productivity can be achieved to meet consumer demands.
Regulatory and compliance management
Staying compliant is a big issue for business today. Process compliance with regulations and guidelines in the jurisdiction they are operating is necessary. An international presence complicates matters. RPA and blockchain can function in conjunction to automate monotonous compliance tasks.
In developing regulation and compliance management, blockchain has a vital role as it provides immutability to the documented events.
All events are accessible via the network, enabling external audits also. This is applicable to presentily available regulations such as GDPR.
Automated Trusted Data Processing
An additional use-case of blockchain and RPA is to develop automated trust data processing. This has variety of use cases where blockchain functions as a core network to administer the data communicated by another process.
The decentralized ledger works miracles here as it provides a method to document process data and business transactions for the automated decisions taken by RPA. The ideal use-case for automated trusted data processing is KYC, insurance claims, HR recruiting, and so on.
RPA and blockchain can also function together to develop improved customer satisifaction with swift, automated transactions with security and reliability.
Prospects and challenges of RPA and blockchain.
RPA and blockchain are two emergent technologies that are witnessing explosive growth on their own. This speedy rate of growth brings with it its own set of obstacles. Standardization, interoperability, and scalability are some of the issues faced by the blockchain.
The primary problem is decentralization. Standardization is tough. Scalability is an additional problem. However, upcoming blockchain products are increasingly scalable but they are nowhere near the scalability provided by more conventional solutions.
As of now, blockchain is actively improved to provide solutions to these pressing issues.
Hyperledger, for example, is moving towards a unified framework that can be used by several organizations. This will drive adoption and standardization.
RPA with blockchain being beneficial to your organization is dependent on your organizational positioning. A pilot positioning should be carried out to estimate the impact of RPA and blockchain implementation.
Organizations should detect critical success metrics, ensure alignment to organizational goals, and comprehend requirements at a macro level.