Tokoin.io – As a player in the business world, every business owner would want to use all possible resources to run his/her business smoothly and eventually gain benefits. To establish reputation and credibility, businesses are expected to keep up with the latest technological trends. This could mean that businesses would build not only physical but also digital properties. These digital properties constitute valuable assets which need to be kept securely so that they can only be accessed by the parties trusted in the business network.
That said, securing valuable assets and developing business networks as the proof of reputation, while simultaneously maintaining real-time connections with stakeholders, sound like daunting tasks. Most businesses have realized that the key is to have a traceable database, and blockchain has emerged with its prominent use in crypto-currency and provides the consensus reliability in data integrity and traceability.
As an entity in a blockchain-based network, a business owner is able to create his/her own data trail that is replicable and can be distributed it to every party involved in the business network. The data trail is kept by the business owner, and there is no central database which collects the data without the owner’s permission. Thus, the chance is slim for the data to be hackable or leaked.
The activities in the blockchain
The information put in the network is stored in a block, which contains an index, a timestamp, a list of transactions, a proof, and the hash of the previous block. This is why there is no untraceable action as every change in the information will create a new block linked to the other, providing immutable audit trails on the platform.
With a consensus mechanism in the blockchain, each party involved in the business process agrees that all the things in the database are related to every activity with no control of any central authority. Therefore, trust is built based on traced, unchangeable actions.
Now imagine that you are a product manufacturer. You have a lot of bulk products waiting to be distributed all around the country, but you can only reach the market by contacting sales agents and distributors to spread the products. Without these intermediaries, you have no channel and precise information on where to deliver, how many of your products are delivered, to whom, and how they actually make use of your products. The middlemen put your products in the market, arguably their market. They sell the products to retail stores and may raise the price multiple times.
Imagine if you can access the market of your real business customers. There is a platform in which you can assess market data pertaining to the demand for your products and the spread of your customers based on their real-time requests for your products in bulk quantity. Based on these data, you can manage your supply chain directly to your customers. This circulation of business is possible to implement on a blockchain-powered platform as all data are stored as valuable assets shared only between you as the business owner and your customers.
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