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How Blockchain offers Reliable Transactions

By CIOReview | Thursday, January 10, 2019

Intelligent devices are continuously acquiring, configuring, restocking, and optimizing every material and virtual facet of our lives. Edge commerce is transforming the way of doing transactions. Whenever we adopt a smart, connected product, buy and sell stuff over the internet, we tend to move to the edge more. However, IoT doesn’t deliver enough trust to its consumers. Because of the edge devices' communication with other devices that belong to different parties, without any pre-established trusted connection among them. This lack of connection brings concerns about confidentiality, malware, privacy, and intellectual property protection. Following are some of the levels of blockchain-functions:

Discovery: Blockchain facilitates the creation, maintenance, and enforcement of smart contracts at the time of sharing information and transaction in the business. It reduces the costs of discovering, entering into, and managing buyer and seller relationships in the e-commerce environment.

Protection: Blockchain technology protects data, which is acquired, stored and processed at the node level by verifying data cryptographically. It also tamperproof the data in a distributed hyper ledger that is shared by all edge-commerce participants. Also, validates the integrity of the transactions before accepting them.

Predictability: Blockchain support automation of complex transaction through smart contracts if deployed into cloud-to-edge environments. Smart contracts are self-executing programs and reside in the blockchain. They are protected by the cryptographic techniques applied to all persisted content. They encapsulate business logic and conditions to determine when a contract is going to be executed and stipulates the transactional buy-sell behavior of IoT devices to a fine degree.

Governance: Blockchain maintains an indelible, immutable, and shared record of all transaction in the e-commerce. This provides the trusted audit trail that is necessary for businesses and individuals. Also, provide a shared transactional record for parties who transact on e-commerce networks.

The technology blockchain can fill the gap of trust related to transactions and facilitates trusted transactions if deployed into edge commerce environments.