The point of MaaS, Cromheecke said, is about selling the outcome of the asset through machine performance metrics plus contract terms, and providing a financial transaction that benefits both parties in a secure environment where the data cannot be tampered with.
SteamChain’s smart contracts also provide a secure way to handle warranties without the possibility of people making mistakes or being manipulated.
Companies like SteamChain are working to develop applications tailored to clients’ problems and business needs. Early APIs and platforms also enable end users to easily access blockchain, similar to the way Web browsers, paired with an Internet data connection, allow users to access the Internet.
Milwaukee based SteamChain recently raised capital for a new concept called Machine-as-a-Service ("MaaS"). MaaS is a new idea of selling industrial machines based on performance metrics collected from the machine.
SteamChain Inc., an automated business process engine that leverages the Internet of Things (IoT) and blockchain to access the data from industrial machines and use it as a way to execute financial transactions. Blockchain, commonly associated with the cryptocurrency Bitcoin, is a secure and immutable digital ledger that logs machine output and calculates transactional payments.
SteamChain, founded in 2017, has developed a Machine-as-a-Service platform geared specifically to machine builders who can use the blockchain-based software to measure a variety of critical machine productivity parameters in real-time and use them to calculate transactional payments based on the machine’s overall performance.
The OEM has ventured into the MaaS model before blockchain technology existed, which meant the process was more manual. But now, implementing blockchain technology to this model has streamlined data collection and payment.
Why would an end user want to buy a machine from a company that doesn’t have a financial interest in how it performs post-delivery? And why would an OEM, that has confidence in their equipment, not want to generate revenue from their ability to outperform their competition?
SteamChain allows us to let customers buy what they want in the first place, which is output, throughput and efficiency—not packaging machinery. Senske says many of the company’s customers have indicated they would embrace the new MaaS business model that streamlines the measuring and monetizing of equipment output.
SteamChain seeks to help assuage those concerns with a MaaS model using blockchain to provide usable, helpful data for original equipment manufacturers (OEMs) and end users. Not to be confused with one of the powering forces for the first industrial revolution, the acronym in the company’s name stands for secure transaction engine for automated machinery (steam).