“$100 Trillion worth of transactions yearly are based on trust between business partners globally “
The 100 trillion US dollars in financial transactions over the past year were all based on trust. For eCommerce trade, trust is an essential factor. Verified business partners and certifications ensure the safety of one’s transactions, protecting the consumer to receive the goods or service and also ensuring the seller receives his payment through trusted transnational platforms. Before blockchain, records are filed and stored manually, updated manually, and verified manually in one physical location or centrally. Blockchain keeps communities’ records digitally (distributed) with updated transactions on ownership through the years, previous title owners to current title owners. For example car, land, intellectual property ownership rights and the change history over the years all available and verifiable on the digital ledger. It’s all welcomed developments, and other industry sectors besides financials are adopting blockchain technology for its immutable record keeping and easy verification methods. In the food sector here is an example of how it is utilised : How Blockchain Could Transform The Way You Buy Your Groceries“A new invention called the Blockchain will change the way we trust in business, and I believe that trust companies will destroy intermediaries and we will trust in a different way” Richie Etwaru
In the food industry , foodstuffs such as fresh vegetables, fruit and meats can have verifiable records from how they were produced on the farms. Chemicals used to farm them and the type of feed for the animals are easily verified to certify consumers that indeed they are disease free or organic. This grows TRUST.
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