Blockchain

The switch to a Blockchain-based digital structure to overcome the difficulties of having multiple institutions involved in the process of international transport and foreign trade seems inevitable. This will bypass national regulations and the inefficiencies brought by the related customs document processes, saving time and increasing productivity.

Everybody knows the difficulties of managing the supply chain: production, tracking orders, managing inventory, making deliveries, cutting invoices and making payments. When we want to eliminate this crowd of documentation and recording, Blockchain technology gives us advantages which improve efficiency and provide convenience improving the processes. The fixed business records that make up the chain also provide the parties with security that improves the account balance process.

Intelligent contracts are different from the known classical contracts and consist of prewritten computer source code held in a distributed Blockchain-based book. Each step in the contractual relationship takes place with the control of this computer program, and the execution of the contract is automatically performed by the process. Mutual trust, efficiency and transparency are ensured by the contract rules and information stored in a distributed manner with Blockchain technology.

Every institution requires some kind of personal information sharing according to their own rules for every operation performed such as banking transactions, insurance services, educational services, processes in governmental institutions, loyalty program processes, and e-commerce transactions. Each institution makes their users/customers fill in and sign many printed documents during these processes. With a consensus structure running on blockchain technology, it is possible for the user to register themselves in the system once in the beginning and then be able to perform other transactions with the relevant institution without having to identify themselves again and again. Improvement and increased efficiency can be achieved in institutional processes by including this structure.