ROBOTIC PROCESS AUTOMATION (RPA) AND BLOCKCHAIN; HOW DO THEY WORK TOGETHER
Advanced technologies have been providing exceptional outcomes when such software and devices are applied in an optimum situation. With the booming of science and technology, it has become difficult to identify which would fit accurately in a situation as the competitive environment requires one to be pre-equipped. Thus, it is important to have adequate knowledge in all aspects, including the latest Robotic Process Automation, or RPA, and Blockchain when applied together.
RPA is the process by which the software bot identifies repetitive and manual tasks and gets them done in no time, very efficiently, and with minimal costs as well. It is usually used by business houses to accelerate their task of processing hefty amounts of data without any human intervention. Therein comes the technology of blockchain into the picture, which comprises a decentralized P2P network that acts as a ledger for storing a wide range of data with the utmost security.
Combing these two superior technologies has paved the way for great advantages. When these are both integrated, automated repetitive tasks would be accomplished in no time, the quality of the work could be increased by many folds, and all this would come at a minimum cost for the company.
As the technology of blockchain has proved to be quite reliable and secure when it comes to the processing of data and its storage, the amalgamation of these two innovations is being implemented in a variety of day-to-day tasks such as peer-to-peer transactions and KYC processes in financial sectors or companies. The increased susceptibility to sensitive information also makes it vulnerable to monitoring all the data around the transaction processing activities. This has invariably proved to provide better feedback from customers in general.
RPA has also enabled the exchange of information within the existing systems to be extremely lucid, and this has paved the way for easy access to data across all systems. This also promotes a better manner of regulatory and compliance management across all available data and also that which is available in the blockchain. For instance, the networking between the front office and the back office has become quite automated with the implementation of such prime technologies.
Hence, rapid growth can also be visualized in the banking and financial sectors as they are ensuring that their services are quite speedy along with easier account management and proper settlements. Irrespective of their popularity, the deployment of blockchain and RPA has a few shortcomings as well. There has been a very low adoption rate of this technology as both of these technologies are relatively new to many jurisdictions. There have also been various standardization issues for blockchain with its implementation.
With the advancement of technology, companies are also under constant pressure to upgrade to better facilities for their customers however the downsides of all such inventions are also required to be measured adequately. Thus, before implementation, it is very crucial to study the current necessity model and apply it accordingly.
