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" The rise of blockchain technology is full of promise for TIC players"

A steeper ascent Growth in the testing, inspection and certifi cation (TIC) industry

EY PARTHENON

TIC TODAY

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HIGH COSTS

Process

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)

Runner From Above

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)

TIC TOMORROW

Transparent ecosystems powered by blockchain

Building Under Construction

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. 

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DEMOCRATIZED SERVICES

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. 

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