Source: eKapija | Tuesday, 16.11.2021.| 08:22
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How to Create an Unchangeable Truth in a Digital World?

Blockchain is a current team in the business world, which is most frequently mentioned in the context of bitcoin and other cryptocurrencies. However, blockchain is much more than that – in addition to financial transactions, blockchain has the power of transforming the widest variety of business segments, and even everyday life. This is a technology whose main advantage is the fact that it is immune to fraud and which creates the opportunity to safely transfer many transactions from the paper form into the digital sphere. Or, to put it briefly: to finally say goodbye to forgeries forever.

How many times have you heard that someone has manipulated paper documents? Paper, despite its long and glorious history, has a big flaw: it is susceptible to manipulation. On the other hand, the transformation of paper documentation into electronic documentation has brought numerous advantages, such as simpler archiving, lower administration costs and increased accessibility of information, but also challenges such as the double spending problem and proving the originality of the document (digital original). Users of electronic documents are frequently not sure whether they have before them a valid version of the document, whether the transactions have truly been made, or whether any data in the documentation have been changed.

The ease with which electronic documents can be modified is a big problem, especially in the fields where there’s a risk of abuse, such as intellectual property rights, ownership rights and financial transactions. Even in their digital reincarnation, “pens may blot, but they cannot blush”. The question is: how to use the technological possibilities for the creation of a digital world in which there is only one, unchangeable version of the truth?

World without paper, mediators and human error

Not too long ago, the mechanisms for managing electronic data and transaction were not fully harmonized with the demands of the digital economy. Then, blockchain arrived. The technology at the heart of bitcoin proved to be ideal for other situations which entail the exchange of digital goods and enabled us to imagine a world in which every contract, every process, transaction and piece of information is protected from modifications, erasure and forgetting.

In that world, each interaction that occurs between the participants is permanently recorded thanks to the blockchain and the distributed ledger technology, eliminating the possibility of covert changes.

On a network that automatically verifies each transaction, where signatures are cryptographic and data decentralized and secured for an unlimited period of time and where self-executing contracts and agreements can be set up, there is no longer any need for mediators. All the participants in the processes can finally communicate without barriers, relying on one version of the truth, available to everyone. Many repetitive manual processes, such as invoicing and shipping, can be automated, and agreements can be executed by themselves according to measurable rules. There is no room for human error, doubt, fraud, manipulation and corruption, because, unlike paper, blockchain is not susceptible to any of this.

Local blockchain solution inspired by global experience

The blockchain potential can be used in finance, administration, logistics, trade, transfer of property rights, documentation control, education or healthcare, but also for the development of new, specialized solutions. Companies which have recognized the possibilities of the blockchain technology and the expansion of the new approach in managing digital goods are ready to offer added value to their users. One such company is AIGO, which has developed a blockchain solution for securities.

Guided by world trends and looking to provide flexible e-services to legal and natural persons in a digital environment, they designed a platform for the issuing, transfer and management of securities. The platform is based on the Oracle Blockchain Cloud platform, that is, the Hyperledger Fabric private blockchain, and enables the issuing and operations with digital securities, such as e-bills of exchange and e-banking guarantees. The experience of finance institutions in the EU has shown that this solution shortens the process of the issuing of securities by 50% compared to the issuing of paper versions.

As a company dedicated to the development of intelligent solutions, AIGO seeks to put advanced technological possibilities in the local market, thereby making its contribution to a collective digital future. Everything points to it being marked by security and transparency – of the documentation, the interactions and the processes. Blockchain is a technology that enables all this in a digital environment. That makes it an important element of economic and social progress and that is why it’s worth paying attention to it today, although its time is yet to come.

Author: Andjelko Vizicanin, Team Manager for Business Applications

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