and Cost prevent mandatory Certification.
The global testing, inspection and certification (TIC) market size was valued at USD 210.0 billion in 2019. technological innovations contribute to reshaping traditional inspection processes and even replacing physical testing altogether. Automated systems, drones and integrated sensors are some of the technologies that have started to replace physical inspection, which is labor-intensive and prone to human error. (EY Parhenon)
SHIFTING TO B2C
from APAC region is challenging incumbents, the process and cost of certification is now a major disadvantage for existing companies in this industry. digitization allows TIC players to reinvent or extend their business models, relying on approaches that have already changed the face of several other industries, such as e-commerce and platform models. It also enables nascent B2C models in an industry that is in essence B2B. But this may give technology driven entrants an opportunity to enter a vast market. (EY Parhenon)
Transparent ecosystems powered by blockchain
INCREASED SPEED AND TRUST
Automate significant portion their work. Decrease the time and human error associated with data collection. Monitor expiration, suspend revoke certificates in real-time, make it impossible to recipients to misuse expired certificates as these cease to be verifiable in real-time.
the proof of a certificate published to the blockchain forever, democratizes the access to the truth , facilitating every consumer to choose based on verified information .
Potentially, simplifying processes and making them traceable at every step, allows smaller entities to better compete on the T.I.C. market.