Blockchain Offers Order In the Ecosystem

Every successful business has a method. 

Transaction of any kind of value, whether it’s monetary or in service, are tracked using a business’s own records. These records are shared with other companies who need to keep track of such a transaction and would often create their own form of paperwork as a result. Consider a moving a shipment across the ocean and all the hands involved. 

This type of dynamic continues with company after company creating more and more unique records to keep track of transactions. A middleman keeps track of movements throughout the process, deciphering the transactions throughout. These interpretations are subjective in nature, adding the possibility of such things as incompetence, human error or even fraud. 

Blockchain Difference 
Enter the advantages of blockchain. The ecosystem, which includes the stakeholder businesses and their systems, use a blockchain to create transaction records that are uniform throughout the process. Interpretation is not needed since everyone is on the same page following the same rules. Another value to the blockchain approach is the transparency. 

Using blockchains means transactions are handled in an incorruptible manner. Not only are they handled in a uniform way, but once the transactions are tabulated in the blockchain they can not be changed. This means stakeholders know there are no hands behind the scenes manipulating data to get it to match their record protocol. 

Plain to See 
Another advantage is that transactions are visible. All players can see that, for instance, a shipment was delivered to San Francisco from Shanghai. Payment can then be authorized because the players involved can trust that everything processed correctly. 

Then there is the verification of transactions. Stakeholders can trust the blockchain because transactions are verifiable by everyone involved. A single transaction represents what’s called a hash and each of those are added together into a block. It all occurs in a logical manner that can be traced by any of the stakeholders. 

This makes information immutable so that businesses, governing bodies or other entities confident about how the process has evolved. The beautiful part is that everyone is on the same page.