Blockchain: your permanent record of business

By Peter Gersak We consider it a natural process that online transactions are getting smoother and faster day by day. Be it a purchase from your favorite webshop, an Airbnb booking or registering for a music streaming service, we want them to be quick, with as little friction in the process as possible. However as the digital economy is getting more global and complex, eliminating friction from our everyday online transactions seems to be a continuous fight. Say you are running a coffee shop in Ljubljana offering delicate flavors from all around the world and want to connect with a new coffee supplier in Brazil. The two businesses use different banks, logistics companies, and currencies – they might also be subject to different government and industry regulation. So your seemingly simple transaction is actually a lengthy chain of interactions among a number of intermediaries, where each party maintains its own systems of record. The result is a complex, inefficient process that’s costly and time consuming. But what if everyone involved in the transaction is using blockchain technology? The entire process could be handled within a single, transparent system shared among all parties, minimizing the potential for human error or fraud… Read More