From the course: How Blockchains Will Change Business
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Blockchains make it safer for everyone to work together
From the course: How Blockchains Will Change Business
Blockchains make it safer for everyone to work together
- How many organizations are involved in creating your products and services? So typically, it's quite a few. You may have suppliers and distributors and shippers and brokers and logistics providers, and so on. Now, how many of these organizations do you take at their word? And I'm not just asking how many you believe will do the right thing, I'm asking you how many you believe will always get all the transactions right, to the point where you don't need any checks and balances. Typically, as things move from organization to organization, we have accounting review invoices and reconcile the shipments. We do charge backs when something spoils. We wait until we confirm products have arrived before we pay. These checks and balances create friction. They're time consuming, they're costly, and the more steps, the more prone to errors and fraud that they can be. Each step is a speed bump that slows business down and the…
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