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Blockchain Technology: Discover Why Trade Community Worldwide is adopting it

Written by Customer Service on . Posted in Public Companies.

Blockchain is a growing set of blocks linked together through cryptography. It is a modern database which stores information in the blocks and chained together. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history.

But why is the Trading world so fascinated with Blockchain?
Transparency- Blockchain can drive increased supply chain transparency to help reduce fraud for high value commodities and goods. All transactions on the site are indelible, meaning no-one can attempt to manipulate, amend, or remove any of the data which has been stored, once it has been validated by the network.

Immutability- Once, something is entered in the Blockchain, it cannot be changed or altered further. The specific property of “cryptographic hash function” aware us even the slightest change in the data, thus avoiding any kind of embezzlements and tempering of information.

Decentralized- There is no core authority to dictate or control the actions of other participants in the network. Every participant in the network can access the history of transactions or confirm new transactions.

Security- Blockchain constructs a very secure environment to carry out business and trading. It uses a digital signature feature to conduct fraud-free transactions making it impossible to corrupt or change the data of an individual by the other users without a specific digital signature.

Cost and Time Reduction- Bringing all the stakeholders on a single platform and reducing human dependency reduces immense amount of time and cost splurged during the traditional process.

Platforms like Trade Reboot has integrated blockchain technology and machine learning in to the 300 years old traditional trading process to make it more efficient, secured and cost effective. Trade Reboot is bringing all the stakeholders involved in the trading process on a single platform for a seamless, secured and easy trading process.
The complicated and time-consuming processes like Contract creation & management, LC Application, Trade Finance, raising shipping quotations, real-time tracking and document verification is being done in less than half of the time required for doing it traditionally.
It is a huge transformation initiated by Trade Reboot to modify the customary trading operations and integrating the emerging technologies like Block chain, Artificial Intelligence and Machine Learning into it to cope up with the upgradations happening in each and every sector using technology.
For more information, visit: https://www.tradereboot.com

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