In the 1980s, President Ronald Reagan famously used the ironic Russian proverb translated "trust, but verify" in talking about negotiating nuclear disarmament. Keep this notion in mind, because it has a lot to do with Inxeption’s corporate motto "Blockchain that means business."
In order to create a system for the cryptocurrency Bitcoin, software programmers devised what is called a "trusted distributed ledger" technology called Blockchain. Basically, Blockchain uses many copies of the ledger on a global network to monitor and verify every transaction involving Bitcoin. Without Blockchain, which is virtually impossible to hack or alter after a transaction is verified, users could not confidently use Bitcoin. Blockchain is how a digital currency system ensures that a given coin value is traded only once and that all transactions are valid.
Companies associated with Blockchain and cryptocurrencies are getting a lot of attention and can be volatile investments. But this key fact is sometimes overlooked: This same technology, Blockchain, can be used to manage the movement and modification of any kind of data–not just currencies. Inxeption’s Blockchain technology can ensure that your business can operate with a high measure of security and accountability, and it’s why you can confidently share data with your customers.
Here are some key points about Blockchain’s potential to help your business.
First, it does allow for the use of digital currencies like Bitcoin in business to business transactions. Some believe that cryptocurrency’s anti-fraud features and data-rich transaction record could become the preferred payment system in business transactions in coming decades.The Inxeption platforms works with today’s payment options–and it will easily allow you to adopt cryptocurrencies as payment in the future.
Secondly, the Inxeption platform has the capacity to track every single transaction related to a product in a secure, permanent record. We have heard from many purchasers of certain kinds of products such as medical devices, food, and building materials, that they increasingly feel the need to track and verify the origins of the materials and components in the products they buy. Today’s building contractors, for example, may be asked to certify the provenance of hardwoods and guarantee that they come from sustainable forestry.
Medical supplies like sutures and bandages may seem straightforward, but the lowest price is not necessarily the best value. For example, a major healthcare chain’s chief procurement officer was quoted in the Washington Post saying she had been pitched by Amazon to buy medical products, but she preferred to buy directly from manufacturers because of her company’s concerns about "The chain of custody — the pedigree of where it starts, where it ends up. Quality is number one. To have quality products, we have to make sure they're coming from the right places."
Verifying this kind of provenance historically has been an expensive, time-consuming exercise vulnerable to fraud. Using Blockchain, any transaction involving material used to make a device or other product can be tracked back to the original supplier, and then the entire chain of transactions that results in it landing in a medical supply company’s product list can be examined.
Third, manufacturers also can use Inxeption’s Blockchain capability to reliably trace emails, orders, and other communication with suppliers and customers and verify if it has been read, forwarded, or otherwise acted upon. In this much more transparent relationship all parties can both trust and verify.
Ultimately, we envision a marketplace of Inxeption users where trust issues around payments, information access, product information, and customers, have been solved. The cumbersome technologies used today to "protect" data, will be replaced with specific, Blockchain verified access. That is going to enable flexibility to allow more customizable interactions that benefit both product maker and product buyer. This marketplace may even have its own unique currency that creates entirely new business opportunities for engagement and collaboration.
Bottom line: Things are about to get really interesting. You’re not going to want to miss this.