Why Blockchain’s Public and Permissioned Infrastructure Is Changing The Way We Do Business

cryptonews.com:

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

There is something profound about transparency.  Being able to share what is happening, being able to see what is happening, and being able to ensure that what you see is what you get.  This is true in relationships, in public figures, and in business.  And while it would be amazing to have our politicians’ actions fully transparent, that might take a bit longer to realize.  However, at least in a business environment, technology is enabling true transparency via the use of blockchain.  This has never been possible in a way that is truly “trustless”—a term that sounds negative but is actually an amazing innovation.  While it would be nice to have an unbroken trust with a business partner, that would require you to know them well, have a long history of being able to trust each other, and likely have aligned interests.  Even then, people can be let down and betrayed.  The term “trustless” means there is no trust, but only because there doesn’t need to be.  All parties can see what is happening, and therefore there is no opportunity for deception.

While this concept is still somewhat new in terms of how we can use blockchain to create a trustless environment, it has already shown potential and a number of use cases.  If you think about many of the business scandals that have occurred, few to none would have been possible with the correct application of transparency.  Let’s dive into what the technology is, what use cases are either available or on the horizon, and clear up a few misconceptions you may have about transparency on the blockchain.

There are a few key elements to look