Blockchain: Reducing Inefficiencies in Transactions | HCL Technologies

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Even as the world is witnessing rapid progress in technologies and their applicability to real-world scenarios, the transactional processes still continue to face the fundamental challenges of deficiency of trust between the involved parties, inefficient mechanisms of dispute resolution, and lack of transparency. Navigating the challenges that are associated with instilling trust and confidence in transactions between companies takes considerable time and effort, and the involvement of third parties further adds to the complexity of the process.

This whitepaper aims to suggest possible use cases of blockchain in reducing inefficiencies in such transactions. Blockchain has gained a lot of importance in the recent years and is the key focus area for several leading organizations across the globe as it aspires to put trust into technology, thus helping to solve the key problems that have plagued industries for centuries. This whitepaper especially delves into the areas of supply chain finance and contractual transactions and elaborates applicable strategies based upon blockchain.