Blockchain has the potential to fundamentally change the way organizations do business.
In the retail sector, blockchain is finding a lot of applications: from revolutionising loyalty programs and digitising product warranties to potentially allowing for the development of peer-to-peer marketplaces that could compete with the likes of eBay or Airbnb.
Let’s see how increase sales compliance through contract automation …
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Automating controls and compliance with blockchain is the next step in the digital transformation of companies of all sizes and types. Blockchain technology can create greater efficiency than we’ve ever known, while reducing delays, costs and errors.
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Decentralization over blockchain infrastructures is a fundamental aspect in the adoption of the technology and is the main reason why it has acquired increasing importance in the last decade. The technology emerged to implement peer to peer transactions of digital money that could displace commercial banks’ gatekeeping of digital transactions of bank deposits and central banks’ monopoly over the value (and therefore supply) of fiat money. And it has gone a long way since then.
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The application of smart contracts can streamline transactions across the globe. Friction points smart contracts can solve begin with the automation of trust between parties. This is blockchain’s primary purpose.
Smart contracts can reduce the operational friction required to validate ownership, identity and contractual terms by allowing participants to interact directly with one another with no middlemen providing verification.
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