Bitcoin Forum

How can blockchain reduce business risks and increase trust

I think smart contracts will improve trust and transparency in companies. This is one of the main reasons we're gonna start seeing gambling startups use blockchain/smart contracts I think.

Blockchain can increase the transparency between enterprises.
People can find all kinds of information about transaction information directly in the block browser, so I think this will solve the problem of transparency.

With blockchain smart contract, a company can experience much more transparency in the records of money transaction. With that it can increase the trust of the company as well for the investors because they can just search the address and they will see complete transaction made by that address.

I think Blockchain can increase trust and transparency in the company. this is very important for the future. in order to solve the existing problem.

Yeah that's right, there's many information that we will found and to have a knowledge about the transactions online.

It reduce business risk and create  trust because blockchain cannot be reproduce or create another copy. For example if you implement land registration in blockchain, you can automatically see would is the real owner of the land. If he sell it or transfer the title, you can check if he is the real owner or if he already sell it to other person.

As i know blockchain technology offer transparancy and fair system, because this technology avoid  third party so every transaction only make between sender and receiver.

Records of transactions can be accessed by anyone who wish to view it hence improving transparency among companies and people. Trust will therefore be established because thefts and frauds will be eradicated. Aside from that, implementing blockchain technology allows less onerous auditing jobs which therefore decrease the labor cost for companies. Furthermore, the use of smart contracts reduce cost for tangible contracts and are more unsusceptible to damage nor destruction.

Blockchain and smartcontract will be very good, because it is hard to change! Most likely it will not happen unless there are too big impacts

Trust is because the system is transparent and you can even see even the conclusions from other wallets and this is good, because that's how confidence develops.

Trust is there but when my wallet can look anyone who fancies it a little annoying, it's my personal account why everyone can look

 I trust bitcoin I have never had such a thing that my purse was to be hacked or just somehow attempted, everything is fine.

I trust the block system system because I have examples of famous people who are diligently using it and knowingly they do it.

Blockchain technology offers to business the transparent system for all processes. So companies can save money and improve services quality by recording all data in blockchain and then analyzing all weaknesses and fixing them.

Also we must take into the count smart-contracts. I believe that in nearer future we will see simple solutions for integration them in corporation and small business processes.

Blockchain technology is gaining popularity and acceptance because of the advantages associated with it. Transparency is a big problem in businesses....... This will be solved with blockchain technology using its smart contract technology.

blockchain use distributed ledger system same like excel which is uneditable so we can see more transparency in the organization why because data can't be edited or manipulated

blockchain has a transparent system in the transaction. In addition, blockchain also has a security system that is no doubt. that's why many believe using blockchain and began to appear many projects with the blockchain system.

The whole point of the (bitcoin) blockchain is to be trustless, i.e it does not require you to trust the other party.

I think by using the shared ledger components. Because the Blockchain system will record all transactions that occur within its business network. Any transaction that occurs will be recorded by adding a hash of the previous transaction. The transaction will be distributed and replicated to members of its business network and only members granted access permission will be able to view/access the relevant transaction.

Hi,  I think, the smart contract would also have to be backed by a legally verified document in the real world, the title, that would update to relinquish ownership of the vehicle. Thus, it legally registers the buyer on the blockchain as the new owner of the vehicle.

blockchain can definitely boost confidence. the question is that they will keep all their promises. you can intelligently and well to paint everything and then just to deceive everyone.

you can see how the speed system for transacting is great. speed system is the icon or the benefits of blockchain. you can feel when you send a coin, and you will receive the coin with just a matter of minutes with a very large number of coins. not only that, you can also track a transaction whether the transaction is up or not yet. here all are transparent and efficient. in the presence of blockchain, sending money does not require permission or approval from the government or the bank. because blockchain is not tied to them, so you can transact anytime and anywhere.

One of the main advantages of the blockchain is in the creation of a trustless ecosystem that is automated.Everything is placed on a public ledger and can be verified by each party involved.So YES, the blockchain creates the foundation of trust for businesses.

The only financial system that is built on trust and I think that largely because of this it is popular

Business risks are given but what's good with blockchain you might love to read these;

https://www.businessnewsdaily.com/10414-blockchain-business-uses.html

https://execed.economist.com/blog/industry-trends/5-applications-blockchain-your-business

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Since it is more of a ledger with everything online, then every investor can easily get to do their own auditing, ask any questions and that apparently leads to high level of transparency and with that available, it makes the whole idea of investing in a project to come with some level of trust as long as you are confident you are leaving your funds in the hands of those who will work hard to make it work.

That of course, brings about lesser risk, which is more like the more the trust, the less you worry about risk, even though all businesses still come with risks one way or the other.

Everything is absolutely going to ball down on transparency since that is actually what the idea of blockchain brings anyway and as long as there is accountability and transparency, then there is going to be trust. With trusts, we end up seeing more investors in the arena, as people tend to assume there would be less risk in their investment even though no one can foresee the future of any. Blockchain is just a new method of distributed data maintaining method which completely eliminates the chances for an individual to change anything. Based on these facts we can expect more businesses to be build on blockchain technology in coming years.

No doubt Blockchain can benefit business in every sector & increase trust between two parties with transparency without any fraud. For example, if you have a business of selling goods to your clients (resellers) you both can sign a smart contract that once the material is delivered from origin to destination the pay is automatically transferred to you. Indeed for it, you have to opt blockchain for your business & all the movement of goods will be recorded on the blockchain. You don't have to wait for your payment nor your client can deny that they haven't received the goods because everything will be recorded on blockchain which is immune to fraud.

Apart from trust, transparency, blockchain technology negates any possibility of tampering with data, so no original docs or records can be altered or changed.

The blockchain technology platform is receiving great attention from many large corporations in the world. In addition to being the foundation of all types of crypto, blockchain technology is being applied in many areas of life to manage safely and securely. I believe blockchain technology will be the future of management technology in the new era.

The blockchain is a really innovative tool that was well thought out, planned accordingly. Satoshi Nakamoto, whether it be a pseudonym for a single guy, or an entire team collaboration, it was a real game changer. The blockchain is a decentralized publicly transparent ledger. If Bitcoin is a platform, then blockchain is a foundation.
   The whole point of the blockchain being decentralized and public, means it was conceived on the notion of trust, from peer to peer. It is an entire ecosystem, and to top it all off, the entire project was open sourced.
If that isn't the definition  of trust, then I don't know what is!

smart contracts are something that has already begun to change the modern business. This technology has allowed to increase the reliability of transactions many times over. It's amazing.

Blochain is a unique instrument where you can have free will to partake itself to people who are mindful in crypto currency particularly in bitcoin and altcoin. If the trust is what it is meant in the statement above says the literal meaning of it then yes,I also trust blockchain as it is part of the crypto to be trusted. But if the meaning turns different with blockchain and trust so I guess others can add what's on their mind.

I don't think satoshi is projecting this kind of idea on where it would be applied into businesses or any other means or benefits yet he do only focused on p2p way of payment system but now blockchain technology do really have further more benefits which can really be applied into sorts of businesses and sectors on a certain country which will cause faster accessibility and transparency which is really good.

This will be done by smart contracts . Just imagine being able to see all transactions that have taken place in the blockchain and removing unnecessary intermediaries. I believe that it will reduce business risk because the great thing about this technology is that, we are seeing use cases where security can be achieved on the blockchain

trust is actually and will be the biggest issue of crypto projects. many projects are doing solid work do build security and trusts, but others do not pay attention to this. to survive the future, it is essential that alts in general get more trust from investors. and they will do so with delivering solid, secure, work.

with blockchain all transactions will have transparency, everyone can see the data on public ledger  ;)
so, i believe this will increase the trust on any business model mate

One word. Smart contracts. They have so many applications and that is why ETH blockchain is so huge. I hope we see many more projects where they will incorporate them. They eliminated the need for intermediaries and therefore lower risks and increase trust. They "enforce" the protocol in which no side can get out of the deal.

Yes with the smart contracts it is already good its flow of this kind of business. By having transparent its transactions in this blockchain technology will creates more trust in this business. The way we see others users has good feedback on blockchain technology will proves it has good usage and it reduces risks in the business.

blockchain reduce business  risk and appliable only for determine kind or applications. The central part of which is a contract. For all kind of contracts blockchain is the best.

Blockchain can increase the transparency between enterprises.blockchain is an opportunity to who the people have knowledge about Crypto currency.

in my opinion maybe nowadays technology is in control of the transaction that makes it transparent to the investor and blockchain is using that kind of technology

Blockchain has a transparent system in the transaction, with the smart contracts it can be increased the trust through of them.
We see the good feed back of had a transparency transaction system with the blockchain technology will produce good business and trust.

When both sides can't forge the data (written into blocks), then trust is not an issue. If you are enough open minded to accept it .
It much more secure than any of current ledgers.

The blockchain was originally designed to solve the trust problem of reaching a consensus between mutually untrusted nodes.
Because the data in the case where the blockchains are all realized by strangers and anonymity is officially trusted, it cannot be tampered with. The blockchain has value, and the blockchain is born!
How to solve it, this is a very complicated issue. In simple terms, everyone operates according to the code, which first avoids some of the risks and is also a prerequisite for all trust. Then, in terms of data fraud, various consensus mechanisms have different tolerances for evil nodes. Like Bitcoin's POW mechanism, it requires more than 51% of the calculation power to tamper with. As for POS, it requires a lot of tokens. The PBFT, which is commonly used in the alliance chain, needs to control more than one-third of the nodes. When choosing different consensus mechanisms, you need to take into account various requirements such as eventual consistency and accuracy.
As for asymmetric encryption algorithms, they should all be pretty much the same. You can study the public-private key signature system and the current elliptic curve encryption algorithms. Of course, there are more advanced grid cipher encryption algorithms with anti-quantum and full-homomorphic encryption.

First of all, the blockchain transaction is transparent. This allows me to understand more clearly the time and amount of each transaction. Through smart contracts to increase its trust, they eliminate the need for intermediaries, thereby reducing the risk and increasing the Trust.

With the blockchain, transactions are secure and transparent. Smart contract ensures trust as it's triggered once the contract terms is met and if the terms are not met, then the contract doesn't execute. So with this approach, trust is ensured.

If you ever open block explorer, you would see that every single transaction is available for viewing in the form of ledger. You can track movement of funds and see coins went from which address to which address. This helps in reducing scams since movements are being tracked and person would be traced by this. So blockchain brings in more trust.