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How Blockchain helps us to fight against fraud

1. The use of Smart Contracts

Here are three ways in which businesses can combat fraud with blockchain.

One of the most powerful uses of blockchain is its ability to facilitate smart contracts. unlike a standard legal contract, which must be litigated, a smart contract is executed easily when certain pre-agreed conditions are met. In case of any breach, the contract is automatically revoked.

2. A transparent Supply Chain

By using smart contracts, from SME’s to corporate behemoths, every organization can combat fraud easily with blockchain technology. Smart contracts allow both buyers and sellers to create “if/then” conditions in which, one step of the process won’t be fulfilled unless and until the previous step is executed as per the pre-defined conditions.

3. Elimination of Identity Fraud

For example, smart contracts could enable the following scenario — if you are buying a watch online, your payment will be held in a ‘digital escrow’ until your order is shipped. This ensures that the buyer’s money is safe and the seller too can avoid the risk of not getting paid. This process can be leveraged in any exchange, agreement or deal. Thus, Blockchain helps both buyers and sellers combat fraud, without involving any physical mediator like an escrow company to ensure it. If implemented successfully, it will revolutionize the process of buying and selling goods.

The supply chain is the most obvious place where you can see the blockchain disruption. In today’s global economy, companies all over the world partner for agriculture, manufacturing, pharma development and everything in between. But, it’s often difficult to ensure the quality of the products or whether the processes agreed upon are properly followed when the final product is made. As buyers, we will never know whether the expensive free-range eggs were really created at a free-range farm, whether the vegetables labelled organic at the supermarket are really organic produce or whether the gold ring that I purchased online was indeed made with 24K gold. Blockchain can help companies combat fraud by allowing them to track every part of the supply chain. This will benefit both buyers and manufacturers.

Bringing blockchain dreams to reality

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