Blockchain: Relationships May Take Back Seat To Verified Data

(Last Updated On: January 8, 2018)

 

From Todd Dills, Overdrive:

Blockchains have been called “trustless,” which isn’t intended to be as negative as it sounds. Rather, the term refers to the trust created by the structure of information contained in a blockchain, which could virtually eliminate the necessity of the personal touch that traditionally has been required to build trust in business relationships, says Blockchain alliance head Chris Burruss.

“If you and I enter into a contract, the reason we do that is because we don’t trust each other – evidence of that is that we have attorneys to represent us,” Burruss says. “In blockchain, I don’t have to trust you and know who you are.”

Burruss sees “smart contracts,” in effect “contracts that are written into code,” as the future. They could be between a shipper and a carrier, or a carrier and a 3PL or tech-enabled broker, or a broker and a shipper.

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