The Next Layer of the Internet
Global business is something that is continuous with security, efficiency, transparency and cost effectiveness always at the forefront. Every second, minute and hour of every day businesses exchange some type of value, whether its goods, data, services or funds, with their suppliers, partners, customers and internally.
Each one of these exchanges of value are transactions that require speed, security, precision, transparency and the simplest path for parties to agree on. MegaHoot’s Advanced Blockchain Technology for Global Business allows for this to occur in a more efficient manner.
How Does MegaHoot’s Advanced Blockchain Technology Help My Business
Global business is ongoing and advanced blockchain technology provides a way for businesses to conduct, monitor and have irrefutable proof of a transaction that is easily agreed on by all parties involved in any particular transaction. Normally without blockchain involved at all each business would have their version of the truth with their own ledger which they solely have access to and monitor. Having multiple ledgers can have disastrous effects which can include fraud, inefficiency, unnecessary costs and plain clerical errors.
With MegaHoot’s advanced blockchain technology all parties involved in a transaction have the same view of the truth, as opposed to various versions of the truth, this allows for all details of a transaction to be viewed end-to-end without doubt.
Traditional vs Blockchain
Traditional transactions work as follows:
- Each party creates their own ledger, separate from the other parties, this can be a recipe for disaster and easily increases the possibility of fraud or human error.
- Each party is heavily reliant on middle men to bring clarity and truth to transactions, this is not cost effective and very inefficient.
- “Gotta Get The Papers, Get The Papers” these transactions are heavily reliant on paperwork between all parties, this can prove to be timely and could result in major losses when delays are involved due to the paper trail process.
Advanced Blockchain transactions work as follows:
- There is one single ledger between all parties involved in a transaction, its undeniable proof of every aspect of a transaction and due to each transaction being permanent there is never a worry of alterations or human error or even fraud.
- Any party involved in a particular transaction MUST be in total agreement prior to a transaction being added as a new block on the blockchain. This clarity avoids the potential for the “I Didn’t Know” syndrome.
- This is a paperless process, so its eco-friendly and this does a few things, it speeds up the processing time of a transaction, increases the efficiency and effectiveness, provides each party with the identical view of a transaction and is cost effective.
- Its scalable and can grow as the business grows without disruption.
Advanced Blockchain Solutions
MegaHoot provides customized advanced blockchain solutions for many industries to increase their efficiency, transparency, security and lower their transactional cost basis. The Korea Customs Service (KSC) along with a consortium of logistics companies and other government authorities recently concluded a very successful 7 month long blockchain logistics pilot. Major international banks are investing time and effort in exploring the implementation of blockchain technology to increase their business efficiency and security. MegaHoot’s proprietary advanced blockchain solutions can be an asset to companies in industries such as:
- Supply Chain Management and Logistics
- Real Estate
- Precious Stones
- And more