The human existence is based on trust especially when it calls for financial transactions. Since there are many intermediaries such as banks, financial institutions facilitate these transactions in for small fees. Similarly the mobility segment just like car rental service is also dependent on these intermediaries for smoother operations. So whether it’s mobility or commerce, there’s a huge requirement to assure the trust and transparency so that users feel more confident about the transaction security.
Uprising blockchain technology has brought a new perspective with a belief that intermediates must not have the liberty to charge transaction fees for their services; rather, sharing and trust must be the focus of both service and transactions. This shifting towards blockchain network is game changer with trust and transparency, elimination of intermediary transaction costs, and reduction of fraud risk.
The technology of blockchain is a continual growing list of records or data blocks with each block having a unique pass key. A group is formed as each newly added activity builds a block that’s added to previous blocks, hereby creating a blockchain. Since blockchain is a distributed ledger that’s not owned by any intermediate, rather it is distributed in a connected network with shared ownership. Also blockchain cannot be altered; can be attached with more blocks that are usually verified and distributed across the entire network. There is neither a centralized database nor the need for intermediaries, which adds trust and transparency to the technology.
The benefit of Blockchain technology is not limited to financial transactions only (hyped in context of Bitcoin transaction). This technology will have far-reaching impact on mobility and e-commerce sectors too. This industry has huge number of daily transactions and they are much dependent on these intermediaries. Let’s dive bit deeper to understand the role of blockchain in revolutionizing mobility and commerce.