USING BLOCKCHAIN TO PREVENT FRAUD
1) Blockchain is distributed
2) Blockchain is immutable
3) Blockchain can be permissioned
Hello, Smart Contracts. Goodbye, Old School Escrow
With the use of smart contracts, such as those developed by Ethereum, sellers of anything—from a simple eBay transaction to an entire building can combat fraud with blockchain technology.
How?
Smart contracts allow both buyer and seller to create “if / then” contracts in which one step of the process won’t be fulfilled until the one before it has been verified complete.
A Smarter, Tighter Supply Chain.
Companies can combat fraud with blockchain by verifying the legitimacy of every part of the supply chain process, helping both the buyer and manufacturer. You’ll never have to question that organic produce and those free-range eggs.
Goodbye, Identity Fraud
The development would be a game changer on two levels. For one, it’s so easy to combat fraud with blockchain because the ledger is constantly reconciled—and can only be updated when verified by both parties or users. And second, because blockchain allows for permissioned networks, it could finally level up the playing ground in today’s digital environment and empower users themselves to determine what personal data and information they share, where, and with whom.
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