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Title: How blockchain can simplify partnerships
Collaborations that require information sharing and mutual trust between companies, suppliers, and clients can be tough, particularly in the remote era. But blockchain’s distributed ledger — and its use of smart contracts — can simplify the process, creating a common, reliable record of transactions and avoiding costly disputes. In doing so, blockchain changes how deals are made: Partner selection is made simpler, as establishing trust is less important; agreement formation is more important, because protocols are hard to alter once put in place; and execution is made easier, because outcomes can be automated. Blockchain isn’t a magic bullet — it works much better in some situations than others — but it can fundamentally change how collaborations work.
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Journal Name:
Harvard business review
Sponsoring Org:
National Science Foundation
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