BlockBill : The Blockchain-Powered Paperless Billing Solution
on this own setup model , as per [ 34 ], we can achieve similar per transaction costs , and can outperform in the number of transaction throughput rates . Of course , even when considering consensus protocol , it is worth noting that since NEAR uses the Proof of Stake mechanism , the energy consumption is about 0.5 to 1 % in comparison to the Proof of Work . In connection with the size of the deployed blockchain network [ 35 ], [ 36 ], we shall pay attention to the propagation delay by parameterizing with respect to the size of the block . Wherever and whenever , if the need arises , to address scalability , we shall be going in for the off-chain transactions with staged commission on the main network .
As with any new technological advent , there are obstacles in adopting the new idea and widespread usage of the product among the general public and affected organizations alike .
Analyzing from a historical perspective , two factors influence the development of a foundational technology and its business use cases [ 17 ]. The first is the novelty , i . e . how novel a certain application is to the outside world . It will take more work to make sure people grasp what problems it answers the newer it is . The level of ecosystem coordination required — the quantity and variety of partners collaborating to produce value using the technology — represents the second dimension of complexity [ 16 ].
A new product built on a relatively uncharted technology can fall under different categorization labels . Our product falls under the " Substitution " category , where we substitute an existing system without losing its original functionalities while enhancing its previous shortcomings . Products falling under this category rely heavily on public coordination for their adoption . Resolving this bottleneck becomes more crucial than any technological hurdles that crop up with the passage of time .
Disruptive technologies disrupt existing markets , displacing established market leaders by filling voids with added value and might create new markets with value networks . The blockchain-based digital transformation technology proposed in this paper is a disruptive technology that fills the void in the existing products or services in the realm of billing solutions . Our solution , which is currently an MVP , is constrained by established companies ' existing market structures or legacy systems . Thus based on our market research , we firmly believe we can improve and gain market share , ultimately leading to significant changes in the current billing systems ' ecosystem .
Though our MVP demonstrated the absence of uncertainty , like with any disruptive technology , we must overcome onerous obstacles like Cost , Resistance to change , Integration with legacy systems , Interoperability , Regulatory compliance , Data security and privacy concerns , etc .
The above-mentioned obstacles , both of technical and economic nature , can be overcome by the inherent features of our product as explained below :
106 April 2023