Make Transactions More Secure
As a public ledger system, blockchain records and validates every transaction made, which makes it secure and reliable.
Transactions are made resilient to tempering
All the transactions made are authorized by miners, which makes the transactions immutable and prevents it from the threat of hacking.
Make your Transactions Free
Blockchain technology discards the need for any third-party or central authority for peer-to-peer transactions.
Blockchain Technology is yet to prove it’s industrial applications, and organizations should approach it very carefully.
A tendering process (requests for proposals, auctions, and similar) is still a constant source of irregularities. Tendering procedures usually involve one of these alternatives: Safeguarded sealed envelopes or Software solutions (enhanced with digital signatures and encryptions). Both methods require trusting that the ones receiving tender proposals won’t leak them to other bidders before the deadline.
The blockchain immutability can get utilized to resolve the problems that traditional tender solutions solely can’t.
The principle is to get a blockchain technology deployed to digitally sign and timestamp everything happening between the parties, and never to send proposals before the deadline. Instead, bidders send only the result of a cryptographic hash function that gets applied to the proposal. As a result, proposal content does not get divulged, and its resulting hash gets blockchain-recorded, impeding any change on its timestamp or value. Updating proposals work in the same way. The last signed and recorded hash becomes the valid one, inasmuch as the deadline is met.
The risk of bids getting in the wrong hands at the wrong time gets eliminated while trusting the individuals, organizations, or third parties being the part of the process is no longer needed.
Moving millions of gigantic metal boxes around the world is hard work—but circumnavigating the associated paperwork can be even harder. So the world’s largest shipping company has been trailing how it can make use of the digital technology behind the world’s most notorious cryptocurrency, Blockchain (Bitcoin), to make it a little easier.
Blockchain can help shipping companies to transform their business from keeping track of the metal boxes themselves, to track and manage their contents. For example, a single container that gets hauled from East Africa to Europe might require paperwork to be dealt with by as many as 30 different people, spread across 200 or more interactions.
Using blockchain to manage freight tracking makes a lot of sense because there are many parties and a lot of risks involved. The technology can enable all involved parties to securely access and manage shipping data remotely, including the status of belonging documents. The blockchain security can allow close management of such a distributed system, with digital signatures that would make it harder for anyone in the system to inaccurately label goods.
The new blockchain technology could potentially enable the real-time exchange of original supply chain transactions and documents through a digital infrastructure that connects the participants within the network.