Around the world,
organizations are increasingly connected.
A trusted partnership has
become the key to their success.
However, each organization has its own
stakeholders, goals and business goals, and
building trust between organizations is not easy.
Blockchain provides a secure way
to exchange goods, services and information . It externalizes the necessary trust between organizations and captures the enforceable rules organizations use to conduct business. With this approach, organizations do not have the right to unilaterally change these rules.
The core concepts of blockchain are smart contracts that automate the execution of business logic agreed upon by participants, and a shared distributed ledger that helps guarantee the quality and lineage of goods or services.
In any industry, critical points of friction or opportunity are ideal places to pilot blockchain technology. Blockchain technology requires no trust mechanism to bring together new organizations that were previously difficult or even impossible to collaborate.
Today, we use a practical example, the global coffee trade, to explain the core concepts of blockchain and how it supports collaboration and encourages the adoption of new business models.
In the global coffee trade, the value of blockchain is reflected in the following 4 aspects:
Automation and trust through smart contracts
Blockchain can reduce friction and increase efficiency by automating the execution of business logic agreed upon by participants.
Provability
Blockchain can guarantee the quality and lineage of goods or services through an immutable shared ledger.
Privacy
Participants can view transactions corresponding to their role in the network.
New business models
Different types of new players can join the network and create value and new possibilities.
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and there is a wonderful interactive demonstration video at the end of the article!